FUNDAMENTAL ACCOUNTING PRINCIPLES
24th Edition
ISBN: 9781264044375
Author: Wild
Publisher: McGraw-Hil
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Chapter 5, Problem 9E
Exercise 5-9
Recording purchases, sales, returns, and shipping
P1 P2
Prepare
Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1.
5 Dollar Store pays cash for the November 1 purchase.
7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund.
10 Dollar Store pays $90 cash for transportation costs for the November 1 purchase.
13 Dollar Store sells merchandise for $i,6oo with terms ff30. The cost of the merchandise is $800.
16 Merchandise is returned to the Dollar Store from the November 13 transaction.
The returned items are priced at $160 and cost $80; the items were not damaged and were returned to inventory.
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7. Hampton Computers has the following transactions in April related to purchase of merchandise inventory.
A (Click the icon to view the transactions.)
Journalize the purchase transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the
explanation on the last line of the journal entry table.)
Apr. 1: Purchase of $25,000
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- X
Date
Apr. 1
April 1 Purchase of $25,000 worth of computers on account, term of 1/10, n /60.
3 Return of $2,500 of the computers to the vendor.
9 Payment made on account.
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This course (BA2223section4) is based on Nobles/Mattison: Horngren's Accounting, 11e Global Edition
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Question 5
Exercise 5-4 Recording journal entries for merchandise sales transactions-perpetual LO3
Journalize each of the following transactions assuming a perpetual inventory system. You are not required to identify the account number in your journal entries.
April
May
5 Sold merchandise to a customer for $6,400; terms 3/10, n/30 (cost of sales $3,680).
7
Made a cash sale of $4,700 of merchandise to a customer today (cost of sales $2,660).
8
Sold merchandise for $12,000; terms 3/10, n/30 (cost of sales $7,040).
15
4
Feb.
Collected the amount owing from the credit customer of April 5.
The customer of April 8 paid the balance owing.
The company's chart of accounts include the following:
101
106
119
201
401 Sales
414 Sales returns and allowances
415 Sales discounts
500 Cost of goods sold
Cash
Accounts Receivable
Merchandise inventory
Accounts Payable
Exercise 5-5 Recording journal entries for merchandise sales transactions-perpetual LO3
Journalize each of the following transactions assuming a…
Chapter 5 Solutions
FUNDAMENTAL ACCOUNTING PRINCIPLES
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - 5. How does a company that uses a perpetual...Ch. 5 - Prob. 6DQCh. 5 - What is the difference between a sales discount...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - What is the difference between the single-step and...
Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - Prob. 13DQCh. 5 - Refer to the income statement of Samsung in...Ch. 5 - Prob. 15DQCh. 5 - Applying merchandising terms C1 P1 Enter the...Ch. 5 - Identifying inventory costs C2 Costs of $5.000...Ch. 5 - Merchandise accounts and computations C2 Use the...Ch. 5 - Computing net invoice amounts P1 Compute the...Ch. 5 - Recording purchases, returns, and discounts taken...Ch. 5 - Recording purchases and discounts taken P1 Prepare...Ch. 5 - Recording purchases and discounts missed Pl...Ch. 5 - Recording sales, returns, and discounts taken P2...Ch. 5 - Accounting for shrinkage—perpetual system P3...Ch. 5 - Closing entries P3 Refer to QS 5-9 and prepare...Ch. 5 - Multiple-step income statement P4 For each item...Ch. 5 - Preparing a multiple-step income statement P4...Ch. 5 - Exercise 5-13 Physical count error and profits A2...Ch. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Recording purchases, returns, and...Ch. 5 - Recording sales. returns, and discounts—periodic &...Ch. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - QS 5-23 Sales transactions P2
Prepare journal...Ch. 5 - Exercise 5-1 Computing revenues, expenses, and...Ch. 5 - Prob. 2ECh. 5 - Exercise 5-3 Recording purchases, purchases...Ch. 5 - Exercise 5-4 Recording sales, sales returns, and...Ch. 5 - Exercise 5.5 Recording purchases, purchases...Ch. 5 - Exercise 5-6 Recording sales, purchases, and cash...Ch. 5 - Exercise 5-7 Recording sales, purchases, shipping,...Ch. 5 - Exercise 5-8 Inventory and cost of sales...Ch. 5 - Exercise 5-9 Recording purchases, sales, returns,...Ch. 5 - Exercise 5-10 Preparing adjusting and closing...Ch. 5 - Prob. 11ECh. 5 - Exercise 5-12 Impacts of inventory error on key...Ch. 5 - Exercise 5-13 Physical count error and profits...Ch. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Prob. 22ECh. 5 - Prob. 23ECh. 5 - Prob. 24ECh. 5 - Prob. 25ECh. 5 - Problem 5-1A
Preparing journal entries for...Ch. 5 - Problem 5-2A
Preparing journal entries for...Ch. 5 - Problem 5-3A Computing merchandising amounts and...Ch. 5 - Problem 5-4A Preparing closing entries and...Ch. 5 - Prob. 5APSACh. 5 - Problem 5-1 B
Preparing journal entries for...Ch. 5 - Problem 5-2B
Preparing journal entries for...Ch. 5 - Problem 5-3B Computing merchandising amounts and...Ch. 5 - Problem 5-4B Preparing closing entries and...Ch. 5 - Problem 5-5B Preparing adjusting entries and...Ch. 5 - SP 5 Santana Rey created Business Solutions on...Ch. 5 - Prob. 1GLPCh. 5 - Prob. 2GLPCh. 5 - Prob. 3GLPCh. 5 - Prob. 1AACh. 5 - Key comparative figures for Apple and Google...Ch. 5 - Prob. 3AACh. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 4BTNCh. 5 - Prob. 5BTNCh. 5 - Prob. 6BTN
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