Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 16, Problem E16A.29E
Computing
Learning Objective 4 Appendix 16A
- Cash Receipts from Oust. $72,000
Consider the following facts:
- Beginning and ending Accounts Receivable are $24,000 and $20,000, respectively. Credit sales for the period total $68,000.
- Cost of goods sold is $77,000.
- Beginning Merchandise Inventory balance is $29,000, and ending Merchandise Inventory balance is $26,000.
- Beginning and ending Accounts Payable are $12,000 and $16,000, respectively.
Requirements
- Compute cash collections from customers.
- Compute cash payments for merchandise inventory.
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Chapter 12 Homework
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Journalizing Cash Payments
Sandcastles Northwest uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter.
Record the following payments for merchandise purchased:
Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased April 3, $8,700, terms 2/10, n/30. Payment is made within the discount period.
19 Issued Check No. 430 to Finest Company for merchandise purchased April 10, $4,500, terms 1/10, n/30. A credit memo had previously been received
from Finest Company for merchandise returned, $300. Payment is made within the discount period after deduction for the return dated April 12.
21 Issued Check No. 431 to Funny Follies for merchandise purchased March 21, $2,800, terms n/30.
29 Issued Check No. 432 to Classic Data for merchandise purchased April 20, $6,600, terms 2/10, n/30. Payment is made within the discount period.
Page:
POST, GENERAL…
Lesson 4: Cash Discounts: Ordinary Dating
6. Complete the table.
Terms
Date Paid Net Price Cash
Last Date Last Date
to Pay
Invoice
Invoice
Cash Price
Date
to Take
Discount
Discount
|May 25
| 2/10, n/30
May 30
$806.50
March 13
| 6/10, n/30
March 24
$941.22
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b. What is the amount recorded for the day's sales?
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Recording Cash Sales; Cash Over/Short
The actual cash received from the day's cash sales was $14,346, and the amount indicated by the cash register total was $14,300.
a. What is the amount deposited in the bank for the day's sales?
d. If a cashier is consistently over or short, what action should be taken?
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Chapter 16 Solutions
Horngren's Accounting (12th Edition)
Ch. 16 - Prob. 1QCCh. 16 - Prob. 2QCCh. 16 - Prob. 3QCCh. 16 - Prob. 4QCCh. 16 - Prob. 5QCCh. 16 - The Plant Assets account and Accumulated...Ch. 16 - Mountain Water Corp issued common stock of $28,000...Ch. 16 - Prob. 8QCCh. 16 - Maxwell Furniture Center had accounts receivable...Ch. 16 - Prob. 10BQC
Ch. 16 - Prob. 1RQCh. 16 - Prob. 2RQCh. 16 - Prob. 3RQCh. 16 - Prob. 4RQCh. 16 - Prob. 5RQCh. 16 - Prob. 6RQCh. 16 - Prob. 7RQCh. 16 - Prob. 8RQCh. 16 - Prob. 9RQCh. 16 - Prob. 10RQCh. 16 - Prob. 11RQCh. 16 - Prob. 12RQCh. 16 - Prob. 13RQCh. 16 - Prob. 14RQCh. 16 - Prob. 15ARQCh. 16 - Prob. 16BRQCh. 16 - Prob. S16.1SECh. 16 - S16-2 Classifying items on the statement of cash...Ch. 16 - Prob. S16.3SECh. 16 - Prob. S16.4SECh. 16 - Prob. S16.5SECh. 16 - Prob. S16.6SECh. 16 - Prob. S16.7SECh. 16 - Prob. S16.8SECh. 16 - Prob. S16.9SECh. 16 - Prob. S16.10SECh. 16 - Preparing a statement of cash flows using the...Ch. 16 - Prob. S16A.12SECh. 16 - Prob. S16A.13SECh. 16 - Prob. S16A.14SECh. 16 - Prob. S16B.15SECh. 16 - Prob. E16.16ECh. 16 - Prob. E16.17ECh. 16 - Classifying items on the indirect statement of...Ch. 16 - Prob. E16.19ECh. 16 - Prob. E16.20ECh. 16 - Preparing the statement of cash flows—indirect...Ch. 16 - Prob. E16.22ECh. 16 - E16-23 Computing the cash effect Learning...Ch. 16 - Preparing the statement of cash flows—indirect...Ch. 16 - Identifying and reporting non-cash transactions...Ch. 16 - Prob. E16.26ECh. 16 - Prob. E16A.27ECh. 16 - Prob. E16A.28ECh. 16 - Computing cash flow items—direct method Learning...Ch. 16 - Prob. E16A.30ECh. 16 - Prob. E16B.31ECh. 16 - Prob. P16.32APGACh. 16 - Prob. P16.33APGACh. 16 - Prob. P16.34APGACh. 16 - Prob. P16.35APGACh. 16 - Preparing the statement of cash flows—direct...Ch. 16 - Prob. P16A.37APGACh. 16 - Prob. P16B.38APGACh. 16 - Prob. P16.39BPGBCh. 16 - Prob. P16.40BPGBCh. 16 - Prob. P16.41BPGBCh. 16 - Prob. P16.42BPGBCh. 16 - Prob. P16A.43BPGBCh. 16 - Prob. P16A.44BPGBCh. 16 - Prob. P16B.45BPGBCh. 16 - Prob. P16.46CTCh. 16 - Prob. P16.47CPCh. 16 - Prob. 16.1TIATCCh. 16 - Decision Case 16-1 Theater by Design and Show...Ch. 16 - Ethical Issue 16-1 Moss Exports is having a bad...Ch. 16 - Prob. 16.1FSC
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