College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 11, Problem 9SPA
PURCHASES TRANSACTIONS J. B. Speck, owner of Speck’s Galleria, made the following purchases of merchandise on account during the month of September:
Sept. 3 Purchase Invoice No. 415, $2,650, from Smith Distributors.
8 Purchase Invoice No. 132, $3,830, from Michaels Wholesaler.
11 Purchase Invoice No. 614, $3,140, from J. B. Sanders & Co.
18 Purchase Invoice No. 329, $2,250, from Bateman & Jones, Inc.
Sept. 23 Purchase Invoice No. 767, $4,160, from Smith Distributors.
27 Purchase Invoice No. 744, $1,980, from Anderson Company.
30 Purchase Invoice No. 652, $2,780, from Michaels Wholesaler.
Required
- 1. Record the transactions starting with page 16 of a general journal.
- 2. Post from the general journal to the general ledger accounts and to the accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.
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Journal Entries for Merchandise Transactions on Seller’s and Buyer’s Records—Periodic System
The following are selected transactions for Jefferson, Inc., during the month of April:
April 20
Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 1/10, n/30.
April 27
Lind Stores returned defective merchandise billed at $300 on April 20.
April 29
Received from Lind Stores a check for full settlement of the April 20 transaction.
Required
Prepare the necessary journal entries for (a) Jefferson, Inc., and (b) Lind Stores. Both companies use the periodic inventory system.
Sellers journal entries
Buyer's journal entries
JEFFERSON, INC. GENERAL JOURNAL
Date
Description
Debit
Credit
Apr.
20
Answer
Answer
Answer
Answer
Answer
Answer
Sold merchandise to Lind Stores terms 1/10, n/30.
27
Answer
Answer
Answer
Answer
Answer
Answer
Merchandise returned by Lind Stores.
29…
Journalizing Purchases Transactions
Journalize the following transactions in a general journal:
May 3
Purchased merchandise from Reed, $6,230. Invoice No. 321, dated May 1, terms n/30.
9
Purchased merchandise from Omana, $2,600. Invoice No. 614, dated May 8, terms 2/10, n/30.
18
Purchased merchandise from Yao Distributors, $2,130. Invoice No. 180, dated May 15, terms 1/15, n/30.
23
Purchased merchandise from Brown, $5,230. Invoice No. 913, dated May 22, terms 1/10, n/30.
Journalizing Purchases Transactions
Journalize the following transactions in a general journal:
May 3
Purchased merchandise from Reed, $6,100. Invoice No. 321, dated May 1, terms n/30.
9
Purchased merchandise from Omana, $2,500. Invoice No. 614, dated May 8, terms 2/10, n/30.
18
Purchased merchandise from Yao Distributors, $2,200. Invoice No. 180, dated May 15, terms 1/15, n/30.
23
Purchased merchandise from Brown, $5,300. Invoice No. 913, dated May 22, terms 1/10, n/30.
If an amount box does not require an entry, leave it blank.
Page:
DATE
ACCOUNT TITLE
DOC. NO.
POST. REF.
DEBIT
CREDIT
1
20-- May 3
1
2
2
3
Invoice No. 321
3
4
9
4
5
5
6
Invoice No. 614
6
7
18
7
8
8
9
Invoice No. 180
9
10
23
10
11
11
12
Invoice No. 913
12
What is the correct way to fill this journal out?
Can you please explain your process.
Chapter 11 Solutions
College Accounting, Chapters 1-27
Ch. 11 - Prob. 1TFCh. 11 - Prob. 2TFCh. 11 - A trade discount is a reduction from the list or...Ch. 11 - Prob. 4TFCh. 11 - FOB shipping point means that transportation...Ch. 11 - Prob. 1MCCh. 11 - In the income statement, Freight-In is (a) added...Ch. 11 - Prob. 3MCCh. 11 - The difference between merchandise available for...Ch. 11 - Prob. 5MC
Ch. 11 - Prob. 1CECh. 11 - Prob. 2CECh. 11 - Prob. 3CECh. 11 - Prob. 4CECh. 11 - Identify the major documents commonly used in the...Ch. 11 - Prob. 2RQCh. 11 - What is a voucher system?Ch. 11 - Prob. 4RQCh. 11 - Describe how each of the following accounts is...Ch. 11 - How are cost of goods sold and gross profit...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - What steps are followed in posting purchases...Ch. 11 - What steps are followed in posting cash payments...Ch. 11 - Prob. 11RQCh. 11 - If the total of the schedule of accounts payable...Ch. 11 - Prob. 1SEACh. 11 - Prob. 2SEACh. 11 - Prob. 3SEACh. 11 - Prob. 4SEACh. 11 - JOURNALIZING PURCHASES TRANSACTIONS Journalize the...Ch. 11 - JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND...Ch. 11 - Prob. 7SEACh. 11 - SCHEDULE OF ACCOUNTS PAYABLE Ryans Express, a...Ch. 11 - PURCHASES TRANSACTIONS J. B. Speck, owner of...Ch. 11 - CASH PAYMENTS TR ANS ACTIONS Sam Santiago operates...Ch. 11 - PURCHASES AND CASH PAYMENTS TRANSACTIONS Emily...Ch. 11 - SCHEDULE OF ACCOUNTS PAYABLE Based on the...Ch. 11 - Prob. 1SEBCh. 11 - TRADE DISCOUNT AND CASH DISCOUNTS Merchandise was...Ch. 11 - PURCHASE TRANSACTIONS AND T ACCOUNTS Using T...Ch. 11 - COMPUTING GROSS PROFIT The following data were...Ch. 11 - JOURNALIZING PURCHASES TRANSACTIONS Journalize the...Ch. 11 - JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND...Ch. 11 - Prob. 7SEBCh. 11 - SCHEDULE OF ACCOUNTS PAYABLE Crystals Candles, a...Ch. 11 - PURCHASES TRANSACTIONS Ann Benton, owner of...Ch. 11 - CASH PAYMENTS TRANSACTIONS Kay Zembrowski operates...Ch. 11 - PURCHASES AND CASH PAYMENTS TRANSACTIONS Debbie...Ch. 11 - SCHEDULE OF ACCOUNTS PAYABLE Based on the...Ch. 11 - You are working as a summer intern at a rapidly...Ch. 11 - Prob. 1ECCh. 11 - Michelle French owns and operates Books and More,...Ch. 11 - Prob. 1CP
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