College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter 10, Problem 5PB
1.
To determine
Journalize the transaction in cash receipt journal, general journal or the cash payment journal using periodic inventory method.
2.
To determine
Show the total of the journals.
3.
To determine
Show the equality of debit and credit totals in the cash payments journal
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Enter the following transactions in the appropriate journal (purchases journal and cash payment journal)
*October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65.
*15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751.
* 21 Paid amount due Lafferty Company, less discount. Check No. 752.
1. Determine the total amount credited to cash account in cash payments journal.
2. Determine the balance of accounts payable - clifford company as of october 31
Record the following transactions in the cash receipts journal.
Jun. 12
Your company received payment in full from Jolie Inc. in the amount of $1,323 for merchandise purchased on June 4 for $1,350, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment.
Jun. 15
Portman Inc. mailed you a check for $2,900. The company paid for invoice #1027, dated June 1, in the amount of $2,900, terms offered 3/10, n/30.
Jun. 17
Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $52. The Utility Expense account number is #450. Record receipt of the refund.
If an amount box does not require an entry, leave it blank.
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 - Describe the transaction recorded.Ch. 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 - Prob. 5PBCh. 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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