College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 15, Problem 1.9COP
Comprehensive Problem 2:
Accounting Cycle with Subsidiary Ledgers, Part 1
During the second half of December 20-1, TJ’s Specialty Shop engaged in the following transactions:
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Dec. 16 Received payment from Lucy Greene on account, $1,960.
16 Sold merchandise on account to Kim Fields, $160, plus sales tax of $8. Sale No. 640.
17 Returned merchandise to Evans Essentials for credit, $150.
18 Issued Check No. 813 to Evans Essentials in payment of December 1 balance of $1,250, less the credit received on December 17.
19 Sold merchandise on account to Lucy Greene, $620, plus tax of $31. Sale No. 641.
22 Received payment from John Dempsey on account, $1,560.
23 Issued Check No. 814 for the purchase of supplies, $120. (Debit Supplies)
24 Purchased merchandise on account from West Wholesalers, $1,200.
Invoice No. 465, dated December 24, terms n/30.
26 Purchased merchandise on account from Nathen Co., $800.
Invoice No. 817, dated December 26, terms 2/10, n/30.
27 Issued Check No. 815 to KC Power & Light (Utilities Expense) for the month of December, $630.
27 Sold merchandise on account to John Dempsey, $2,020, plus tax of $101. Sale No. 642.
29 Received payment from Martha Boyle on account, $2,473.
29 Issued Check No. 816 in payment of wages (Wages Expense) for the two-week period ending December 28, $1,100.
30 Issued Check No. 817 to Meyers Trophy Shop for a cash purchase of merchandise, $200.
As of December 16, TJ’s account balances were as follows:
TJ’s also had the following subsidiary ledger balances as of December 16:
9. Journalize and
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Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
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Exercise 133 a-b
CALCULATOR
PRINTER VERSION
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On September 30, after all monthly postings had been completed, the Accounts Receivable control account in the general ledger had a debit balance of $245,000; the Accounts
Payable control account had a credit balance of $109,000.
The October transactions recorded in the special journals are presented below.
Special Journals
October Transactions
Sales journal
Total sales
$183,000
Purchases journal
Total purchases
75,000
Cash receipts journal
Accounts receivable column total
128,000
Cash payments journal
Accounts payable column total
49,000
Compute the balance of the accounts rsceivable control accounts after the monthly postings on October 31.
Accounts Receivable
Compute the balances of the accounts payable control accounts after the monthly postings on October 31.
Accounts Payable
SUBMIT…
Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
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CALCULATOR
PRINTER VERSION
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Exercise 9-04 a-f (Part Level Submission)
At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period,
had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as
uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries.
(a - d)
(a) Prepare the entries to record sales and collections during the period.
(b) Prepare the entry to record the write-off of uncollectible accounts during the period.
(c) Prepare the entries to record the recovery of the uncollectible account during the…
Guardian
Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year:
Accounts Receivable
Beginning Balance
6,000,000
Allowance for Uncollectible
Accounts
2,000,000
Beginning Balance
Question content area top right
Part 1
Requirement
Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance.
Question content area bottom
Part 1
Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…
Chapter 15 Solutions
College Accounting, Chapters 1-27
Ch. 15 - LO1 A multiple-step form of income statement...Ch. 15 - Prob. 2TFCh. 15 - Prob. 3TFCh. 15 - Prob. 4TFCh. 15 - LO4 Accounts receivable turnover is the number of...Ch. 15 - Prob. 1MCCh. 15 - Prob. 2MCCh. 15 - Prob. 3MCCh. 15 - Prob. 4MCCh. 15 - Prob. 5MC
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