College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
bartleby

Concept explainers

bartleby

Videos

Textbook Question
Book Icon
Chapter 10, Problem 5PA

The following transactions were completed by Nelson’s Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point.

Chapter 10, Problem 5PA, The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on

Required

  1. 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used.
  2. 2. Total and rule the journals.
  3. 3. Prove the equality of debit and credit totals.
Blurred answer
Students have asked these similar questions
Prepare journal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Lee.) July 1 Purchased merchandise from Lee Company for $7,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Parker Company for $1,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,080. July 3 Paid $485 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,100 for $3,500 cash. July 9 Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $600 of merchandise purchased on July 9 from Thompson Company and debited its account payable for that amount. July 12 Received the balance…
Requirement No. General Journal No. Date July 01 Date June 30 General Ledger Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Cash Debit Common stock Debit Trial Balance Credit Credit 000 Schedule of Receivables General Ledger Account Balance 27,000 Balance 1 of 1 Income Statement MacBook Air F6 Merchandise Inventory Debit Impact on Income Next F7 Credit DII FO Balance 13,000
Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden.  July   1   Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1.     2   Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $550.     3   Paid $115 cash for freight charges on the purchase of July 1.     8   Sold merchandise that had cost $1,900 for $2,300 cash.     9   Purchased merchandise from Leight Co. for $2,300 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.     11   Returned $300 of merchandise purchased on July 9 from Leight Co. and debited its account payable for that amount.     12   Received the…

Chapter 10 Solutions

College Accounting (Book Only): A Career Approach

Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
Text book image
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Text book image
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Text book image
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Text book image
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Text book image
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
The accounting cycle; Author: Alanis Business academy;https://www.youtube.com/watch?v=XTspj8CtzPk;License: Standard YouTube License, CC-BY