College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 10, Problem 3PB
1.
To determine
Journalize the transactions in cash payments journal using periodic inventory method.
2.
To determine
Show the equality of credits and debits in the cash payment journal
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Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).
April 2
Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60.
April 3 (a)
Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000).
April 3 (b)
Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30.
April 4
Issued Check Number 587 to World View for advertising expense of $904.
April 5
Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500).
April 6
Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount.
April 9
Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30.
April 11
Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100).
April 12
Issued Check Number 588 to Noth Company in payment…
The following items were selected from among the transactions completed by Shin Co. during the current year:
Jan.
10
Purchased merchandise on account from Beckham Co., $420,000, terms n/30.
Feb.
9
Issued a 30-day, 6% note for $420,000 to Beckham Co., on account.
Mar.
11
Paid Beckham Co. the amount owed on the note of February 9.
May
1
Borrowed $240,000 from Verity Bank, issuing a 45-day, 5% note.
June
1
Purchased tools by issuing a $312,000, 60-day note to Rassmuessen Co., which discounted the note at the rate of 5%.
15
Paid Verity Bank the interest due on the note of May 1 and renewed the loan by issuing a new 45-day, 7% note for $240,000. (Journalize both the debit and credit to the notes payable account.)
July
30
Paid Verity Bank the amount due on the note of June 15.
30
Paid Rassmuessen Co. the amount due on the note of June 1.
Dec.
1
Purchased office equipment from Lambert Co. for $700,500 paying $160,500 and issuing a series of ten 5% notes for $54,000…
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).
April 2
Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60.
April 3 (a)
Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000).
April 3 (b)
Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30.
April 4
Issued Check Number 587 to World View for advertising expense of $904.
April 5
Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500).
April 6
Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount.
April 9
Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30.
April 11
Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100).
April 12
Issued Check Number 588 to Noth Company in payment…
Chapter 10 Solutions
College Accounting (Book Only): A Career Approach
Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QYCh. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QYCh. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQCh. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...
Ch. 10 - Describe the posting procedure for a cash payments...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - For the following purchases of merchandise,...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Record the following transactions in general...Ch. 10 - Prob. 5ECh. 10 - Record general journal entries to correct the...Ch. 10 - Label the blanks in the column heads as either...Ch. 10 - Prob. 8ECh. 10 - Prob. 9ECh. 10 - Indicate the journal in which each of the...Ch. 10 - The following transactions were completed by...Ch. 10 - Preston Company sells candy wholesale, primarily...Ch. 10 - MacDonald Bookshop had the following transactions...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by Yang...Ch. 10 - C. R. McIntyre Company sells candy wholesale,...Ch. 10 - Prob. 3PBCh. 10 - The following transactions were completed by Yang...Ch. 10 - The following transactions were completed by...Ch. 10 - Prob. 1ACh. 10 - You are the manager of the Accounts Receivable...Ch. 10 - Prob. 3ACh. 10 - Suppose we collected cash from a charge customer...Ch. 10 - Prob. 1CP
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