HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Question
Chapter 2, Problem 5QC
To determine
To find: The correct journal entry
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If a business sells $2000 worth of inventory to a customer for $3000 on credit, show all of the relevant journal entries for this transaction.
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Prepare the following journal entries.
a. customer is given an allowance of $ 425.
b. A customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.
Chapter 2 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability? a....Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 5QCCh. 2 - Prob. 6QCCh. 2 - Posting a 2,500 purchase of office supplies on...Ch. 2 - Prob. 8QCCh. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathville Laundry reported assets of 800 and...
Ch. 2 - Identify the three categories of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? Whats the difference...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - When are credits increases? When are credits...Ch. 2 - Prob. 8RQCh. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - What is the purpose of the trial balance?Ch. 2 - Prob. 15RQCh. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Consider the following...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances For each account,...Ch. 2 - Prob. 2.4SECh. 2 - Prob. 2.5SECh. 2 - Prob. 2.6SECh. 2 - Prob. 2.7SECh. 2 - Prob. 2.8SECh. 2 - Prob. 2.9SECh. 2 - Using accounting vocabulary March the accounting...Ch. 2 - Creating a chart of accounts Raymond Autobody Shop...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents For each transaction,...Ch. 2 - Analyzing and journalizing transactions As the...Ch. 2 - Prob. 2.17ECh. 2 - Prob. 2.18ECh. 2 - Analyzing transactions from T-accounts The first...Ch. 2 - Prob. 2.21ECh. 2 - Prob. 2.22ECh. 2 - Prob. 2.23ECh. 2 - Prob. 2.24ECh. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Prob. 2.27ECh. 2 - Prob. 2.28ECh. 2 - Prob. 2.29APCh. 2 - Prob. 2.30APCh. 2 - Prob. 2.31APCh. 2 - Prob. 2.32APCh. 2 - Prob. 2.33APCh. 2 - Prob. 2.34APCh. 2 - Prob. 2.35BPCh. 2 - Prob. 2.36BPCh. 2 - Prob. 2.37BPCh. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Prob. 2.41CPCh. 2 - Prob. 2.42PSCh. 2 - Prob. 2.1CTDCCh. 2 - Prob. 2.1CTEICh. 2 - Prob. 2.1CTFCCh. 2 - Prob. 2.1CTCA
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- The debits and credits for four related entries for a purchase of 40,000, terms 2/10, n/30, are presented in the following T accounts. Describe each transaction.arrow_forwardBeth uses the net invoice method to record sales on account. Beth made sales of $40,000 with terms 3/15, net 45. The customer pays after 25 days. Journalize: Date Accounts Debit Creditarrow_forwardSales and notes receivable transactionsThe following were selected from among the transactions completed byCaldemeyer Co. during the current year. Caldemeyer Co. sells andinstalls home and business security systems. (attached) InstructionsJournalize the entries to record the transactions.arrow_forward
- Which Journal? If you received a check from Mr. Jones for $500 for work you performed last week, which journal wouldyou use to record receipt of the amount they owed you? What would be recorded?arrow_forwardApril 29 Received Cash from client for merchandise amounting to 2,050. 1. What is the entry for this and why?arrow_forwardSales and notes receivable transactionsThe following were selected from among the transactions completedduring the current year by Danix Co., an appliance wholesale company: Instructions Journalize the entries to record the transactions.arrow_forward
- Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000arrow_forwardOn January 12th, Gates Gems returned merchandise they received on account from Gem Warehouse in the amount of $800. What is the journal entry to record this transaction? Debit Accounts Payable/Gem Warehouse, $800; credit Purchases Returns and Allowances, $800 Debit Accounts Receivable/Gem Warehouse, $800; credit Purchases, $800 Debit Purchases, $800; credit Accounts Payable/Gem Warehouse, $800 Debit Accounts Receivable/Gem Warehouse, $800; credit Purchases Returns and Allowances $800arrow_forwardTravel Planners, Incorporated borrowed $5,000 from First State Bank and signed a promissory note. What entry should Travel Planners record when the note is repaid?arrow_forward
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