FINANCIAL ACCT.FUND.(LOOSELEAF)
7th Edition
ISBN: 9781260482867
Author: Wild
Publisher: MCG
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Chapter 4, Problem 16E
To determine
Introduction: A balance sheet is a summary
:
Classified balance sheet of the business.
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Exercise 7-12 (Algo) Posting to subsidiary
ledger accounts; preparing a schedule of
accounts receivable LO P1
At the end of May, the sales journal of
Mountain View appears as follows. Assume
beginning inventory balance for May to be
$7,398.
Date:
May 6
May 10
May 17
May 25
May 31
Account Debited
Aaron Reckers
Sara Reed
Anna Page.
Sara Reed
Totals
Date
May 20
Sales Journal
Invoice
Number PR
190
191
192
193
Accounts
Receivable Debit
Sales Credit
2,470
1,530
681
272
4,953
General Journal
Sales Returns and Allowances
Accounts Receivable-Anna Page
Record allowance to customer.
Page 2
Cost of Goods
Sold Debit
Inventory Credit
1,877
1,262
Mountain View also recorded an allowance
(price reduction) given to Anna Page with the
following entry.
400
160
3,699
Debit
200
Credit
200
Required:
1. Post to the customer accounts the entries in
the sales journal and any portion of the
general journal entry that affects a customer's
account.
2. Post the sales journal and any portion of the
general journal…
Accounts Receivable Subsidiary Ledger
The debits and credits from two transactions are presented in the following customer account:
Mobility Products Inc.
NAME
46 W. Main St.
ADDRESS
Debit
Date
Item
Post. Ref.
Credit
Balance
Aug. 1
Balance
463
Aug. 10
Invoice No. 51
CR32
84
379
143
Aug. 17
Invoice No. 45
R22
522
Select the choice that describes each transaction and the source of each posting.
Journal page
Date
Action
Invoice No.
Posted From
Aug. 10
Aug. 17
Instructions
Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account itles. CNOW journals do not use ines for jounal
explanations. Every Nne on a journal page is used for debit or aredit ents. CNOW journals will automaticaly indent a credit entry when a credit amount s entered.
1 Sold merchandise on account, $94,800 with terms 2/10, n30. The sost.ot the merchandise nold was
Mar.
$56,900.
Received payment les the discount.
13
Issued a $500 oredit memo for damaged merchandise. The customer agreed to keep the merchandise
Chapter 4 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
Ch. 4 - Prob. 1MCQCh. 4 - A company purchased $4,500 of merchandise on May 1...Ch. 4 - Prob. 3MCQCh. 4 - Prob. 4MCQCh. 4 - Prob. 5MCQCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Prob. 5DQ
Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 10DQCh. 4 - Prob. 11DQCh. 4 - Prob. 12DQCh. 4 - Prob. 13DQCh. 4 - Prob. 14DQCh. 4 - Prob. 15DQCh. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Prob. 3QSCh. 4 - Prob. 4QSCh. 4 - Prob. 5QSCh. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QSCh. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Prob. 3ECh. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Computing net sales for multiple-step income...Ch. 4 - Impacts of inventory error on key accounts P3 A...Ch. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 24ECh. 4 - Prob. 25ECh. 4 - Prob. 1PSACh. 4 - Preparing journal entries for merchandising...Ch. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 1PSBCh. 4 - Prob. 2PSBCh. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Santana Rey created Business Solutions on October...Ch. 4 - Prob. 1GLPCh. 4 - Prob. 2GLPCh. 4 - Prob. 3GLPCh. 4 - Prob. 1AACh. 4 - Prob. 2AACh. 4 - Prob. 3AACh. 4 - Prob. 1BTNCh. 4 - Prob. 2BTNCh. 4 - Prob. 3BTNCh. 4 - Prob. 4BTNCh. 4 - Prob. 5BTNCh. 4 - Prob. 6BTN
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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
- SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12B, prepare a schedule of accounts receivable for Paul Jackson as of April 30, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardPurchase-related transactions Based on the data presented in Excrd.sc 6-14, journalize Ha I boa Co.s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice.arrow_forward
- Purchase-related transactions Based on the data presented in Exercise 5-15, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.arrow_forwardQuestion 12 of 20 Which one of the following statements is NOT true? A. Details from the purchases journal are posted to the debtors ledger. B. Details from the sales journal are posted to the debtors ledger. C. When subsidiary journals for a month have been completed, the joumal columns are added up and the totals are posted to the general ledger. D. The combined totals of the individual accounts contained in the debtors ledger must balance with the balance of the debtors contral account in the general ledger.arrow_forwardQUESTION 10 The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory system would be Oa. Jan. 1 Cash 1,500 Accounts Receivable Ob. Jan. 1 Purchases Accounts Payable c. Jan. 1 Office Supplies Cash 1,500 1,500 Od. Jan. 1 Merchandise Inventory 1,500 Cash 1,500 1,500 1,500 1,500arrow_forward
- Identify Transactions in Accounts Receivable Subsidiary Ledger The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger: Mission Design NAME 1319 Elm Street ADDRESS Post. Ref. Date Item Debit Credit Balance 20Υ7 Apr. 3 R44 740 740 Apr. 6 J11 60 680 Apr. 24 CR81 680 Describe each transaction and identify the source of each posting. Describe each transaction Identify the source Apr. 3 Apr. 6 Apr. 24arrow_forwardProblem 5-10A Journal entries for merchandising transactions-periodic LO7 Prepare General Journal entries to record the following periodic system merchandising transactions for Safety Merchandising. Use separate account for each receivable and payable: October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, n/30, $15,800. 2 Sold merchandise for cash, $2,100. 7 Purchased merchandise on credit from Billings Co., terms 2/10, n/30, $11,600, FOB the seller's factory. 7 Paid $450 cash for freight charges on the merchandise shipment of the previous transaction. 8 Purchased delivery equipment from Finlay Supplies on credit, $24,000. 12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/60, $5,800. 13 Received a $1,500 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $620, n/30. 15 Sold merchandise on credit to Tom Willis, terms 2/10, 1/30, n/60, $4,650. 15 Paid for the merchandise…arrow_forwardQuestion 28 The sum of customers' unpaid balances that is compared to the general ledger comes from: the total of sales invoices a total of shipping orders the sales journal the accounts receivable trial balancearrow_forward
- Problem 7.4A Recording sales transactions, posting to the accounts receivable ledger, and preparing a schedule of accounts receivable. The Problem is attached.arrow_forwardAccounts Receivable Subsidiary Ledger The debits and credits from two transactions are presented in the following customer account: NAME Horizon Entertainment ADDRESS 125 Wycoff Ave. Debit Credit Date Item Post. Ref. Balance Feb. 1 Balance 280 Feb. 22 Invoice No. 422 CR106 120 160 Feb. 27 Invoice No. 445 R92 170 330 Select the choice that describes each transaction and the source of each posting. Journal page Date Action Invoice No. Posted From Feb. 22 Feb. 27arrow_forwardQuestion 3 You are required to prepare a sales ledger control account from the following for the month of May. The balance of the account is to be taken as the total of accounts receivable as on 31 May. 2019 May 1 Debit balances Totals for May: Sales journal Cash and cheques received from accounts Discounts allowed receivable Debit balances in the sales ledger set off against credit balances in the purchase ledger 31 Credit balances RM 6,420,000 12,800,000 10,370,000 395,000 145,000 50,000 REQUIRED: Indicate whether the balance of accounts payable is right or wrong. Prepare the sales control accounts.arrow_forward
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