Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 5, Problem 5.27E
Journalizing sales transactions-periodic inventory system
Journalize the following sales transactions for Double Z Archery using the periodic inventory system. Explanations are not required.
| Aug. 1 | Sold $7,800 of equipment on account, credit terms are 2/10, n/30. |
| 3 | Received a $300 sales return on damaged goods from the custome r. |
| 8 | Double z received payment from the customer on the amount due f rom Aug. 1, less the return and discount. |
| 15 | Sold $3,200 of equipment on account, credit terms are 2/10, n/45, FOB destination. |
| 15 | Double Z paid $140 on freight out. |
| 20 | Double Z negotiated a $700 allowance on the goods sold on Aug. 15. |
| 24 | Received payment from the customer on the amount due from Aug. 15, less the allowance and discount. |
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Sales transaction
Journalize the following merchandise transaction using the net method under a perpetual inventory system.
A . Sold merchandise on account $18,000 with terms 1/10, and/30. Because of the goods sold was $10,800. If an amount box does not require an entry leave it blank.
B. Received payment less the discount. If an amount box does not require an entry, Leave it blank.
See. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.
Journalize the following merchandise transactions, using the net method under a perpetual inventory system.
a. Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an entry, leave it blank.
Accounts Receivable
Sales
Purchases
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(a) When the perpetual inventory system is used, two entries are recorded each time sale is made. In the first entry, accounts receivable and the sale are recorded, less the discount. A second entry
records the cost of the merchandise sold and the reduction of inventory on hand.
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b. Received payment less the discount. If an amount box does not require an entry, leave it blank.
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(b) The exercise assumes the invoice will be paid within the discount period, so the seller records the sale at the discounted amount.
c. Refunded $390 to customer for defective merchandise that was not returned. If an amount box does not require an entry,…
Consider the following transactions for RC Photo:
• September 2 RC Photo Shop sold $44,700 of camera equipment on account, credit terms 3/15,
n/EOM.
.
September 12 RC Photo Shop received a sales returns totaling $1,100 for damaged goods from the
customer.
.
September 18 RC Photo Shop receives payment from the customer on the amount due, less the
return and discount.
Journalize the purchase transactions assuming RC Photo Shop uses the periodic inventory system.
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September 2
September 12
September 18
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Chapter 5 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - The two main inventory accounting systems are the...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC Manufacturing purchase d inventory for 5,300...Ch. 5 - Prob. 5QCCh. 5 - Suppose Daves Discounts Merchandise Inventory...Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Prob. 9QCCh. 5 - The journal entry for the purchase of inventory on...
Ch. 5 - What is a merchandiser, and what is the name of...Ch. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods Sold (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - What are the two types of inventory accounting...Ch. 5 - What is an invoice?Ch. 5 - What account is debited when recording a purchase...Ch. 5 - Prob. 9RQCh. 5 - What is a purchase return? How does a purchase...Ch. 5 - Prob. 11RQCh. 5 - How is the net cost of inventory calculated?Ch. 5 - What are the two journal entries involved when...Ch. 5 - When granting a sales allowance, is there a return...Ch. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - What are the four steps involved in the closing...Ch. 5 - Prob. 19RQCh. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23ARQCh. 5 - When recording purchase returns and purchase...Ch. 5 - What account is debited when recording the payment...Ch. 5 - Prob. 26ARQCh. 5 - Is an adjusting entry needed for inventory...Ch. 5 - Highlight the differences in the closing process...Ch. 5 - Describe the calculation of cost of goods sold...Ch. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Journalizing purchase transactions Consider the...Ch. 5 - Journalizing purchase transactions Consider the...Ch. 5 - Journalizing sales transactions Journalize the...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Adjusting for inventory shrinkage Carlas...Ch. 5 - Journalizing closing entries Rockwall RV Centers...Ch. 5 - Use the following information to answer Short...Ch. 5 - Use the following information to answer Short...Ch. 5 - Computing the gross profit percentage Morris...Ch. 5 - Journalizing purchase transactions-periodic...Ch. 5 - Prob. 5.12SECh. 5 - Journalizing closing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - For all exercises, assume the perpetual inventory...Ch. 5 - Journalizing purchase transactions from an invoice...Ch. 5 - Journalizing purchase transactions Hartford...Ch. 5 - Computing missing amounts Consider the following...Ch. 5 - Journalizing sales transactions Journalize the...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing adjusting entries and computing gross...Ch. 5 - Use the following information to answer Exercises...Ch. 5 - Prob. 5.23ECh. 5 - Use the following information to answer Exercises...Ch. 5 - Computing the gross profit percentage Cupcake...Ch. 5 - Journalizing purchase transactionsperiodic...Ch. 5 - Journalizing sales transactions-periodic inventory...Ch. 5 - Journalizing purchase and sales...Ch. 5 - Journalizing dosing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Preparing a multi-step income statement,...Ch. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Preparing a single-step income statement,...Ch. 5 - Journalizing purchase and sale...Ch. 5 - A Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transactions...Ch. 5 - Prob. 5.39BPCh. 5 - Prob. 5.40BPCh. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Prob. 5.42BPCh. 5 - Prob. 5.43BPCh. 5 - Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transactions,...Ch. 5 - Journalizing purchase and sale transactions,...Ch. 5 - Comprehensive Problem for Chapters 1-5 Completing...Ch. 5 - Prob. 5.1CTDCCh. 5 - Dobbs Wholesale Antiques makes all sales under...Ch. 5 - Rae Philippe was a warehouse manager for Atkins...Ch. 5 - Prob. 5.1CTFSC
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