College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 15, Problem 2.4COP
To determine
Prepare schedules of
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TASK 4
Record the transactions below in the sales journal. Make your own
sales journal sheets.
The following are the credit sales transactions of Lolly Co. for the month of
January:
Jan 5
Lolly Co. sold merchandise on credit to Twinbee Enterprise,
P32,000 exclusive of 12% VAT, Terms: 1/15,n/30
Merchandise was sold on credit to Luke Merchants, P16,000 exclusive of
12% VAT, Terms 2/10, n/30.
11
Merchandise was sold on credit to Ronald Shop, P10,000 exclusive of
12% VAT,Terms: 3/15, n/30.
12
Lolly Co. sold merchandise on account to MA Merchants, P15,000
exclusive of 12% VAT, Terms: 2/10,n/30.
14
Lolly Co., sold merchandise on account to AA Trading, P60,000 exclusive
of 12% VAT, Terms: 2/15, n/30.
TASK 5
Record the transactions in the purchase journal. Prepare your own
purchase journal sheets.
The following are the credit purchase transactions of Lolly Co. for the
month of January:
Jan 4
Lolly Co. purchased merchandise on account from Noble Yum
Shop, P14,000 exclusive of 12% VAT, Terms:…
Questions:
1. Given the following, Journalize, record, post and prepare
a schedule of accounts receivable at the end of April for
Friends Co.
Partial General Ledger
Cash 110
Inventory 130
Sales Discounts 430
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Bal. 1,060
Bal. 5,000
Accounts Receivable 120
Sales 410
Cost of Goods Sold 510
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Bal. 600
Accounts Receivable Subsidiary Ledger
Blue Co.
Pete Long Co.
Dr.
Cr.
Dr.
Cr.
Bal. 400
Bal. 200
April 9
Receíved cheque from Blue Co, for balance due less 2% discount.
April 12
Cash sale collected, $500. Cost of the inventory sold was $400.
Tip: Calculate Sales Discount and debit it in first transaction.
ook
ne
nces
Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products used by businesses and individual
consumers. During July 2024, it started a loyalty program through which qualifying customers can accumulate points and redeem
those points for discounts on future purchases, Redemption of a loyalty point reduces the price of one dollar of future purchases by
20% (equal to 20 cents) Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based
on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July
2021, the company redeemed 12,400 points and sold additional product of $155,000, so it recorded $167,400 of revenue. The
aggregate stand-alone selling price of the purchased products is $167,400. Eighty percent of sales were cash sales, and the remainder
were credit sales
Required:
1. & 2. Prepare Supply Club's journal entry to record…
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
Ch. 15 - Prob. 1CECh. 15 - Prob. 2CECh. 15 - Prob. 3CECh. 15 - Prob. 4CECh. 15 - Prob. 5CECh. 15 - Prob. 6CECh. 15 - Prob. 1RQCh. 15 - Prob. 2RQCh. 15 - Describe how to calculate the following ratios (a)...Ch. 15 - Where is the information obtained that is needed...Ch. 15 - Explain the function of each of the four closing...Ch. 15 - What is the purpose of a post-closing trial...Ch. 15 - What is the primary purpose of reversing entries?Ch. 15 - What is the customary date for reversing entries?Ch. 15 - What adjusting entries should be reversed?Ch. 15 - REVENUE SECTION. MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial statements...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - REVERSING ENTRIES From the spreadsheet used in...Ch. 15 - ADJUSTING, CLOSING, AND REVERSING ENTRIES Prepare...Ch. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the spreadsheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - REVENUE SECTION, MULTIPLE-STEP INCOME STATEMENT...Ch. 15 - COST OF GOODS SOLD SECTION, MULTIPLE-STEP INCOME...Ch. 15 - MULTIPLE-STEP INCOME STATEMENT Use the following...Ch. 15 - FINANCIAL RATIOS Based on the financial...Ch. 15 - CLOSING ENTRIES Using the spreadsheet and...Ch. 15 - Prob. 6SEBCh. 15 - Prob. 7SEBCh. 15 - INCOME STATEMENT, STATEMENT OF OWNERS EQUITY, AND...Ch. 15 - FINANCIAL RATIOS Use the work sheet and financial...Ch. 15 - END-OF-PERIOD SPREADSHEET, ADJUSTING, CLOSING, AND...Ch. 15 - Prob. 1MYWCh. 15 - Dominique Fouque owns and operates Dominiques Doll...Ch. 15 - Prob. 1CPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.1COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.4COPCh. 15 - Prob. 2.5COPCh. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Comprehensive Problem 2: Accounting Cycle with...Ch. 15 - Prob. 2.8COP
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