Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 3, Problem 20EB
Prepare
A. November 19, purchased merchandise inventory, on account, $12,000
B. November 29, paid creditor for part of November 19 purchase, $10,000
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Please Make All Relevant Journal Entries Related To Above Transactions
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Aug. 1 Purchased merchandise with an invoice price of $60,000 and credit terms of 3∕10, n∕30. 11 Paid supplier the amount owed from the August 1 purchase.
The journal entry to record the receipt of a payment from customer within the discount period on a sale of
$2325 with terms of 3/10, n/30 will include a credit to
O a. Sales discounts for $70
O b. Accounts receivable for $2325
O c. Sales Revenue for $2325
O d. Cash for $2255
Chapter 3 Solutions
Principles of Accounting Volume 1
Ch. 3 - That a business may only report activities on...Ch. 3 - That companies can present useful information in...Ch. 3 - The system of using a monetary unit, such as the...Ch. 3 - Which of the following terms is used when assuming...Ch. 3 - The independent, nonprofit organization that sets...Ch. 3 - The standards, procedures, and principles...Ch. 3 - These are used by the FASB, and it is a set of...Ch. 3 - This is the independent federal agency protecting...Ch. 3 - Which of the following is the principle that a...Ch. 3 - Which of the following is the principle that a...
Ch. 3 - Also known as the historical cost principle,...Ch. 3 - Which of the following principles matches expenses...Ch. 3 - Which of the following does not accurately...Ch. 3 - Which of these statements is false? A. B. C. D.Ch. 3 - Which of these accounts is an asset? A. Common...Ch. 3 - Which of these accounts is a liability? A....Ch. 3 - If equity equals $100,000, which of the following...Ch. 3 - Which process of the accounting cycle often...Ch. 3 - The step-by-step process to record business...Ch. 3 - One operating cycle of a business, which could be...Ch. 3 - ________ takes all transactions from the journal...Ch. 3 - Which of these events will not be recognized? A. A...Ch. 3 - A company purchased a building twenty years ago...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - What is the impact on the accounting equation when...Ch. 3 - Which of the following accounts is increased by a...Ch. 3 - Which of the following accounts does not increase...Ch. 3 - Which of the following pairs increase with credit...Ch. 3 - Which of the following pairs of accounts are...Ch. 3 - Which of the following accounts will normally have...Ch. 3 - What type of account is prepaid insurance? A....Ch. 3 - Unearned service revenue occurs when which of the...Ch. 3 - Which set of accounts has the same type of normal...Ch. 3 - Which of these transactions requires a debit entry...Ch. 3 - Which of these transactions requires a credit...Ch. 3 - Which of these accounts commonly requires both...Ch. 3 - Which of the following accounting records is the...Ch. 3 - Which of the following financial statements should...Ch. 3 - Explain what conservatism means, and give an...Ch. 3 - State the accounting equation, and explain what...Ch. 3 - How do revenues and expenses affect the accounting...Ch. 3 - Does every transaction affect both sides of the...Ch. 3 - Which is the book of original entry?Ch. 3 - What is the effect on the accounting equation when...Ch. 3 - What is the effect on the accounting equation when...Ch. 3 - Is it still necessary to record a transaction if...Ch. 3 - Why does the combined total of the companys...Ch. 3 - What do the terms debit and credit mean?Ch. 3 - Will an accounts receivable balance increase with...Ch. 3 - What types of accounts will increase with a...Ch. 3 - What is a journal?Ch. 3 - Why is a journal referred to as the book of...Ch. 3 - What does the term recognize mean?Ch. 3 - What are the rules you should follow when...Ch. 3 - What is the general ledger?Ch. 3 - Explain the steps in posting.Ch. 3 - What is a T-account? When would we use T-accounts?Ch. 3 - Explain normal balances. Give three examples of...Ch. 3 - What is a prepaid account? What type of account is...Ch. 3 - What is an unearned account? What type of account...Ch. 3 - Explain what a T-account is and what purpose it...Ch. 3 - Can a credit entry be described as a generally...Ch. 3 - What types of accounts are increased with a debit?Ch. 3 - What types of accounts are increased with a...Ch. 3 - What does an accounts normal balance indicate?Ch. 3 - Does the order in which financial statements are...Ch. 3 - Answer the following questions about the trial...Ch. 3 - Match the correct term with its definition. A....Ch. 3 - Consider the following accounts, and determine if...Ch. 3 - Provide the missing amounts of the accounting...Ch. 3 - Identify the financial statement on which each of...Ch. 3 - Cromwell Company has the following trial balance...Ch. 3 - From the following list, identify which items are...Ch. 3 - Indicate what impact the following transactions...Ch. 3 - For the following accounts please indicate whether...Ch. 3 - Indicate what impact the following transactions...Ch. 3 - Identify the normal balance for each of the...Ch. 3 - Identify whether each of the following...Ch. 3 - Identify whether each of the following...Ch. 3 - Identify whether ongoing transactions posted to...Ch. 3 - Determine whether the balance in each of the...Ch. 3 - Journalize for Harper and Co. each of the...Ch. 3 - Discuss how each of the following transactions for...Ch. 3 - For each item that follows, indicate whether a...Ch. 3 - Indicate whether each account that follows has a...Ch. 3 - A business has the following transactions: The...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Post the following February transactions to...Ch. 3 - Post the following November transactions to...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Match the correct term with its definition. A....Ch. 3 - Consider the following accounts and determine if...Ch. 3 - Provide the missing amounts of the accounting...Ch. 3 - From the following list, identify which items are...Ch. 3 - Indicate what impact the following transactions...Ch. 3 - For the following accounts indicate whether the...Ch. 3 - Which two accounts are affected by each of the...Ch. 3 - Identify the normal balance for each of the...Ch. 3 - Identify whether each of the following...Ch. 3 - Identify whether each of the following...Ch. 3 - Identify whether ongoing transactions posted to...Ch. 3 - West End Inc., an auto mechanic shop, has the...Ch. 3 - State whether the balance in each of the following...Ch. 3 - Journalize each of the following transactions or...Ch. 3 - Discuss how each of the following transactions...Ch. 3 - For each of the following items, indicate whether...Ch. 3 - Indicate whether each of the following accounts...Ch. 3 - Krespy Corp. has a cash balance of $7,500 before...Ch. 3 - A business has the following transactions: A. The...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Post the following August transactions to...Ch. 3 - Post the following July transactions to T-accounts...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - For each of the following situations write the...Ch. 3 - Assuming the following account balances, what is...Ch. 3 - Assuming the following account balance changes for...Ch. 3 - Assuming the following account balance changes for...Ch. 3 - Identify the financial statement on which each of...Ch. 3 - Indicate what impact ( for increase; for decrease)...Ch. 3 - Indicate how changes in the following types of...Ch. 3 - Identify the normal balance (Dr for Debit; Cr for...Ch. 3 - Indicate the net effect ( for increase; for...Ch. 3 - Identify whether the following transactions would...Ch. 3 - The following information is provided for the...Ch. 3 - Sewn for You had the following transactions in its...Ch. 3 - George Hoskin started his own business, Hoskin...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Post the following July transactions to T-accounts...Ch. 3 - Post the following November transactions to...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Assuming the following account balances, what is...Ch. 3 - Assuming the following account balance changes for...Ch. 3 - Assuming the following account balance changes for...Ch. 3 - Identify the financial statement on which each of...Ch. 3 - Indicate what impact ( for increase; for decrease)...Ch. 3 - Indicate how changes in these types of accounts...Ch. 3 - Identify the normal balance (Dr for Debit; Cr for...Ch. 3 - Indicate the net effect ( for increase; for...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Prepare journal entries to record the following...Ch. 3 - Post the following November transactions to...Ch. 3 - Post the following July transactions to T-accounts...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Prepare an unadjusted trial balance, in correct...Ch. 3 - Is it possible to be too conservative? Explain...Ch. 3 - Why is it important to learn all of this...Ch. 3 - Assume that you are the controller of a business...Ch. 3 - Is the order in which we place information in the...Ch. 3 - Analyze Trusty Companys trial balance and the...
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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
- Prepare journal entries to record the following transactions. A. January 22, purchased, an asset, merchandise inventory B. on account for $2,800. C. February 10, paid creditor for part of January 22 purchase, $1,600arrow_forwardSold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardPURCHASES JOURNAL Ann Benton, owner of Bentons Galleria, made the following purchases of merchandise on account during the month of October: REQUIRED 1. Record the transactions in the purchases journal. Total and rule the journal. 2. Post from the purchases journal to the general ledger and accounts payable ledger accounts. Use account numbers as shown in the chapter.arrow_forward
- answer the balance column of the general ledger (periodic)arrow_forwardJournalizing Sales Returns and Allowances Selected transactions are shown: June 1 John B. Abramowitz returned merchandise previously purchased on account (Sale No. 329), $76. 6 Marie L. Perez returned merchandise previously purchased on account (Sale No. 321), $41. 8 L. B. Gruder returned merchandise previously purchased on account (Sale No. 299), $28. Post the transactions to the appropriate general ledger and accounts receivable ledger accounts.arrow_forward26-Mr. Salman bought Merchandise Inventory worth OMR 25,000 on credit. Which books of prime entry will record the above transaction? a. Purchase journal b. Cash disbursement journal c. Sales journal d. General journalarrow_forward
- Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. September 15 Purchased merchandise with an invoice price of $47,500 and credit terms of 3/5, n/15. September 29 Paid supplier the amount owed on the September 15 purchase. View transaction list Journal entry worksheet 1 2 Purchased merchandise with an invoice price of $47,500 and credit terms of 3/5, n/15. Note: Enter debits before credits. Date General Journal Debit Credit Sept 15 Record entry Clear entry View generaarrow_forwardPrepare journal entries to record the following transactions entered into by the Marrow Company: accurately only the following account names (not case sensitive): Inventory, A/Rec, N/Rec, Cash, Sales, Sales R/A, Sales/Disc, CGS, Int/Rec, Int/Rev. June 1 Received a $6,000, 12%, 1-year note from Sue Forest as full payment on her account. Account Dr. Account Cr. Nov. 1 Sold merchandise on account to Reeves, Inc., for $7,000, terms 2/10, n/30.Account Dr. Account Cr. Nov. 5 Reeves, Inc., returned merchandise worth $1,000.Account Dr. Account Cr. Nov. 9 Received payment in full from Reeves, Inc.Account Dr. Account Dr. Account Cr. Dec. 31 Accrued interest on Forest's note.Account Dr. Account Cr.arrow_forwardPrepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. August 1 Purchased merchandise with an invoice price of $117,000 and credit terms of 3/10, n/30. August 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet 1 2 Purchased merchandise with an invoice price of $117,000 and credit terms of 3/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01 Record entry Clear entry View generaarrow_forward
- Prepare the Journal Entries for the following purchase transactions: I. Purchase of merchandise for cash:a. Merchandise is purchased for cash, P35,000b. Merchandise listed at P50,000, subject to a trade discount of 10%, is purchased for cash. II. Purchase of merchandise on account:a. Merchandise purchased on account, credit terms 2/10, n/30, P40,000.b. Merchandise purchased on account, credit terms 3/10, n/30, P28,000.c. Payment is made on invoice (a) within the discount period.d, Payment is made on invoice (b) beyond the discount period.arrow_forwardPrepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. May 1 Purchased merchandise with a price of $800 and credit terms of n/30. May 7 Returned merchandise that had a price of $100. May 31 Paid the amount due from the May 1 purchase, minus the May 7 return.arrow_forwardPrepare the journal entry 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330. Apr.arrow_forward
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