Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 7, Problem 8DQ
To determine
Explain if the
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When a general journal is used to record sales returns, the credit of the entry must be posted twice. Does this cause the trial balance to be out of balance? Explain.
Errors can occur in posting debits and credits from the journal to the ledger. One way to detect errors is by transferring the balances in each account to summary report called the _____________________ and by adding the debit column and the credit column to see if the totals equal (or balance).
Group of answer choices
ledger
journal
balance sheet
trial balance
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
Chapter 7 Solutions
Principles of Financial Accounting.
Ch. 7 - What are five basic components of an accounting...Ch. 7 - Prob. 2DQCh. 7 - 3. What are the five fundamental principles of...Ch. 7 - Prob. 4DQCh. 7 - Prob. 5DQCh. 7 - Prob. 6DQCh. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Prob. 9DQCh. 7 - Prob. 10DQ
Ch. 7 - Prob. 11DQCh. 7 - Prob. 12DQCh. 7 - Prob. 13DQCh. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Prob. 3QSCh. 7 - Prob. 4QSCh. 7 - Prob. 5QSCh. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - Prob. 9QSCh. 7 - Prob. 10QSCh. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 1ECh. 7 - Prob. 2ECh. 7 - Prob. 3ECh. 7 - Prob. 4ECh. 7 - Following is information from Jesper Company for...Ch. 7 - Prob. 6ECh. 7 - Prob. 7ECh. 7 - Prob. 8ECh. 7 - Prob. 9ECh. 7 - Prob. 10ECh. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - Prob. 13ECh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 5BTN
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- Which of the following accounts is closed by debiting the account? a. Purchases b. Sales returns and allowances c. Transportation in d. Purchase returns and allowancesarrow_forwardAt the time of the event, which of the following does not result in a journal entry and an update of information in the general ledger? A. Shipping and billing the customer B. Receiving cash from the customer C. Approving payment for the vendor D. Processing of a sales order E. Making a payment to the vendorarrow_forwardNormally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changesarrow_forward
- A journal entry that requires a debit to Accounts Receivable and a credit to Sales goes in which special journal?arrow_forwardWhich one of the following documents is not needed to process a payment to a vendor? A. vendor invoice B. packing slip C. check request D. purchase orderarrow_forwardThe following errors were made in journalizing transactions. In each case, calculate the amount of the error and indicate whether the debit or the credit column of the trial balance will be understated or overstated.arrow_forward
- A revenue account is closed by debiting Income Summary and crediting Service Revenue. True or Falsearrow_forwardEach time an entry is recorded in the purchases journal, the credit would be entered in the A. purchase column B. accounts payable column C. accounts receivable column D. none of the abovearrow_forwardWhich of the following accounts is closed by debiting the account? Purchases Purchase Returns and Allowances Sales returns and Allowances Transportation Inarrow_forward
- At the beginning of the current season on April 1, the ledger of Riverbed's Discorama showed Cash $1,800, Inventory $2,400, and Owner's Capital $4,200. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf discs, bags, and other inventory on account from Mumford Co. $1,200, FOB shipping point, terms 2/10, n/60. Paid freight on the Mumford purchase $50. Received credit from Mumford Co. for merchandise returned $100. Sold merchandise on account for $980, terms n/30. The merchandise sold had a cost of $588. Purchased disc golf shirts and other accessories on account from Saucer Sportswear $640, terms 1/10, n/30. Paid Mumford Co. in full, less discount. Received credit from Saucer Sportswear for merchandise returned $40. Made sales on account for $700, terms n/30. The cost of the merchandise sold was $400. Paid Saucer Sportswear in full, less discount. Granted an allowance to customers for clothing that did not fit $10. Received…arrow_forward(b) Prepare the journal entry required, if any, to record the adjustment from cost to net realizable value. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List debit entry before credit entry.) Account Titles Debit Creditarrow_forwardThe following transactions involving intangible assets of Oriole Corporation occurred on or near December 31, 2020. Minton paid Grand Company $440,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Oriole is in business. 1. Oriole spent $600,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. 2. 3. In January, 2021, Oriole's application for a patent (#2 above) was granted. Legal and registration costs incurred were $249,900. The patent runs for 20 years. The manufacturing process will be useful to Minton for 10 years. Oriole incurred $180,800 in successfully defending one of its patents in an infringement suit. The patent expires during December, 2024. 5. Oriole incurred $470,400 in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $241,920, is…arrow_forward
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