Financial Accounting: Tools for Business Decision Making, 8th Edition
8th Edition
ISBN: 9781118953808
Author: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Publisher: WILEY
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Question
Chapter 5, Problem 5.1E
(a)
To determine
The perpetual inventory approach keeps the detailed records of every inventory transactions related to purchases and sales. It shows the exact on-hand-inventory at any point of time.
To Prepare: The journal entries using perpetual inventory system in the books of Company R.
(b)
To determine
To Record: The journal entry for the payment of balance due on a different date.
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This information relates to Kingbird Co.
1.
On April 5, purchased merchandise from Blossom Company for $25,000, terms 2/10, n/30.
2.
On April 6, paid freight costs of $500 on merchandise purchased from Blossom.
3.
On April 7, purchased equipment on account for $30,000.
4.
On April 8, returned $3,500 of April 5 merchandise to Blossom Company.
5.
On April 15, paid the amount due to Blossom Company in full.
(a)Prepare the journal entries to record the transactions listed above on Kingbird Co.’s books. Kingbird Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Debit
Credit
1.
choose a transaction date
April 5April 6April 7April 8April 15May 4
enter an account title
enter a debit amount
enter a credit amount…
This information relates to Cullumber Co..
1.
On April 5, purchased merchandise from Oriole Company for $26,600, terms 4/10, n/30.
2.
On April 6, paid freight costs of $630 on merchandise purchased from Oriole Company.
3.
On April 7, purchased equipment on account for $33,900.
4.
On April 8, returned $5,100 of April 5 merchandise to Oriole Company.
5.
On April 15, paid the amount due to Oriole Company in full.
(a)Prepare the journal entries to record the transactions listed above on Cullumber Co.’s books. Cullumber Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
No.
Date
Account Titles and Explanation
Debit
Credit
1.
choose a transaction date…
This information relates to Sage Hill Co.
1.
On April 5, purchased merchandise from Oriole Company for $26,800, terms 3/10, n/30.
2.
On April 6, paid freight costs of $750 on merchandise purchased from Oriole.
3.
On April 7, purchased equipment on account for $32,800.
4.
On April 8, returned $3,600 of April 5 merchandise to Oriole Company.
5.
On April 15, paid the amount due to Oriole Company in full.
(a)Prepare the journal entries to record the transactions listed above on Sage Hill Co.’s books. Sage Hill Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
No.
Date
Account Titles and Explanation
Debit
Credit
1.
choose a transaction date April 5April 6April 7April 8April 15May 4
enter an account title…
Chapter 5 Solutions
Financial Accounting: Tools for Business Decision Making, 8th Edition
Ch. 5 - Prob. 1QCh. 5 - Prob. 2QCh. 5 - Prob. 3QCh. 5 - Prob. 4QCh. 5 - Waymon Co. has net sales of 100,000, cost of goods...Ch. 5 - Masie Ascot believes revenues from credit sales...Ch. 5 - (a) What is the primary source document for...Ch. 5 - Prob. 8QCh. 5 - As the end of Smyle Companys fiscal year...Ch. 5 - To encourage bookstores to buy a broader range of...
Ch. 5 - Goods costing 1,900 are purchased on account on...Ch. 5 - Prob. 12QCh. 5 - Prob. 13QCh. 5 - Prob. 14QCh. 5 - Prob. 15QCh. 5 - Prob. 16QCh. 5 - Prob. 17QCh. 5 - What merchandising account(s) will appear in the...Ch. 5 - What types of businesses are most likely to use a...Ch. 5 - Prob. 20QCh. 5 - In the following cases, use a periodic inventory...Ch. 5 - Prob. 22QCh. 5 - What factors affect a companys gross profit...Ch. 5 - Prob. 24QCh. 5 - Prob. 25QCh. 5 - On July 15, a company purchases on account goods...Ch. 5 - Presented here are the components in Salas...Ch. 5 - Prob. 5.2BECh. 5 - Prob. 5.3BECh. 5 - Prob. 5.4BECh. 5 - Prob. 5.5BECh. 5 - Explain where each of these items would appear on...Ch. 5 - Prob. 5.7BECh. 5 - Prob. 5.8BECh. 5 - Prob. 5.9BECh. 5 - Prob. 5.10BECh. 5 - Prob. 5.11BECh. 5 - Prob. 5.12BECh. 5 - Prob. 5.13BECh. 5 - Prob. 5.14BECh. 5 - Prob. 5.1DIECh. 5 - Prob. 5.2DIECh. 5 - Prob. 5.3DIECh. 5 - Prob. 5.4DIECh. 5 - Prob. 5.5DIECh. 5 - Prob. 5.6DIECh. 5 - Prob. 5.1ECh. 5 - Assume that on September 1, Office Depot had an...Ch. 5 - Prob. 5.3ECh. 5 - Prob. 5.4ECh. 5 - Prob. 5.5ECh. 5 - Prob. 5.6ECh. 5 - Prob. 5.7ECh. 5 - Prob. 5.8ECh. 5 - Prob. 5.9ECh. 5 - Prob. 5.10ECh. 5 - Prob. 5.11ECh. 5 - Prob. 5.12ECh. 5 - Prob. 5.13ECh. 5 - Prob. 5.14ECh. 5 - Prob. 5.15ECh. 5 - Prob. 5.1APCh. 5 - Prob. 5.2APCh. 5 - Prob. 5.3APCh. 5 - Prob. 5.4APCh. 5 - Prob. 5.5APCh. 5 - Prob. 5.6APCh. 5 - Prob. 5.7APCh. 5 - Prob. 5.8APCh. 5 - Prob. 5.9APCh. 5 - Prob. 5.1CACRCh. 5 - Prob. 5.2CACRCh. 5 - Prob. 5.1EYCTCh. 5 - Prob. 5.2EYCTCh. 5 - Prob. 5.3EYCTCh. 5 - Prob. 5.4EYCTCh. 5 - Prob. 5.6EYCTCh. 5 - Prob. 5.7EYCTCh. 5 - Prob. 5.8EYCTCh. 5 - Prob. 5.9EYCTCh. 5 - Explain the difference between the...Ch. 5 - For each of the following income statement line...Ch. 5 - Prob. 5.3IFRSCh. 5 - Prob. 5.4IFRS
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