Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem E5.21E
E5-21 Journalizing sales transactions
Learning Objective 3
Jan. 4 Sold $16,000 of antiques on account, credit terms ore n/30 Cost of goods is $8,000.
8 Received) SJOO sales return on damaged goods from the customer. Cost of goods damaged is $1$0.
13 Antique Mall received payment from the customer on the amount due from Jan. 4, less the return,
20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450.
20 Antique Mall paid $70 on freight out,
29 Received payment from the customer on the amount due from Jan. 20, less the discount.
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E-F:5-22 Journalizing purchase transactions (Learning Objective 2)
Howie Jewelers had the following purchase transactions. Journalize all
necessary transactions. Explanations are not required.
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Jun. 20
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Jul. 4
14
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18
Received a $300 allowance from Southboro Diamonds for damaged but
usable goods.
24 Paid Southboro Diamonds, less allowance and discount.
4-
Purchased inventory of $5,100 on account from Sanders Diamonds, a
jewelry importer. Terms were 2/15, n/45, FOB shipping point.
Paid freight charges, $400.
Returned $600 of inventory to Sanders.
7
Paid Sanders Diamonds, less return.
Purchased inventory of $3,500 on account from Southboro Diamonds, a
jewelry importer. Terms were 2/10, n/EOM, FOB destination.
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8
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E5-21 Journalizing sales transactions
Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month.
Jan. 4 Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods is $8,000.
8. Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150.
13. Antique Mall received payment from the customer on the amount due from Jan. 4, less the return.
20. Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450.
20. Antique Mall paid $70 on freight out.
29. Received payment from the customer on the amount due from Jan. 20, less the discount.
7:28S W
□
e6-20
Learning Objectives 2, 3
1. COGS $2,140
⠀⠀⠀
Assume that AB Tire Store completed the following perpetual inventory
transactions for a line of tires:
May 1 Beginning merchandise inventory
11
Purchase
23 Sale
26 Purchase
29 Sale
QAA
C
16 tires @ $65 each
363/ 1480
10 tires @ $78 each
12 tires @ $88 each
14 tires @ $ 80 each
Requirements
1. Compute cost of goods sold and gross profit using the FIFO inventory
costing method.
18 tires @ $ 88 each
5G 70%
Ę
2. Compute cost of goods sold and gross profit using the LIFO inventory
costing method.
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Chapter 5 Solutions
Horngren's Accounting (12th Edition)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Austin sold inventory for $2/10, n/30. Cost of...Ch. 5 - Prob. 6QCCh. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - Prob. 10AQC
Ch. 5 - (
11B_ The journal entry for the purchase of...Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - 8. What account is debited when recording a...Ch. 5 - Prob. 9RQCh. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - 17. What is freight out and how is it recorded by...Ch. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - What financial statement is merchandise inventory...Ch. 5 - Prob. 23RQCh. 5 - Prob. 24ARQCh. 5 - Prob. 25BRQCh. 5 - Prob. 26BRQCh. 5 - Prob. 27BRQCh. 5 - Prob. 28BRQCh. 5 - Prob. 29BRQCh. 5 - Prob. 30BRQCh. 5 - Prob. 31BRQCh. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Journalizing purchase transactions Learning...Ch. 5 - Prob. S5.3SECh. 5 - Journalizing sales transactions Learning Objective...Ch. 5 - Estimating sales returns Learning Objective 3 On...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Adjusting for inventory shrinkage Learning...Ch. 5 - ournalizing closing entries Learning Objective 4...Ch. 5 - Preparing a merchandiser’s income statement...Ch. 5 - Preparing a merchandiser’s statement of owner’s...Ch. 5 - Computing the gross profit percentage Learning...Ch. 5 - Prob. S5A.13SECh. 5 - Journalizing purchase transactions—periodic...Ch. 5 - Journalizing sales transactions—periodic inventory...Ch. 5 - Journalizing closing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - E5-18 Using accounting vocabulary Learning...Ch. 5 - Prob. E5.19ECh. 5 - Howie Jewelers had the following purchase...Ch. 5 - E5-21 Journalizing sales transactions Learning...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing closing entries Learning Objective 4...Ch. 5 - Preparing a single-step income statement Learning...Ch. 5 - Preparing a multi-step income statement. Learning...Ch. 5 - Journalizing adjusting entries including estimate...Ch. 5 - Prob. E5.27ECh. 5 - Journalizing multiple performance obligations and...Ch. 5 - Prob. E5B.29ECh. 5 - Prob. E5B.30ECh. 5 - Prob. E5B.31ECh. 5 - Prob. E5B.32ECh. 5 - Prob. E5B.33ECh. 5 - Prob. P5.34APGACh. 5 - Journalizing purchase and sale transaction...Ch. 5 - P5-36A Preparing a multi-step income statement,...Ch. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Preparing Single-Step income statement, preparing...Ch. 5 - Journalizing purchase and sale...Ch. 5 - Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transaction...Ch. 5 - Prob. P5.42BPGBCh. 5 - Prob. P5.43BPGBCh. 5 - Prob. P5.44BPGBCh. 5 - Prob. P5.45BPGBCh. 5 - Journalizing purchase and sale transation-periddic...Ch. 5 - Preparing a multi-step income statement and...Ch. 5 - Using Excel to prepare a multi-step income...Ch. 5 - Journalizing and posting purchase and sale...Ch. 5 - Prob. P5.50CP2Ch. 5 - Prob. P5.51PSCh. 5 - Tying It All Together Case 5-1 Before you begin...Ch. 5 - Prob. 5.1DCCh. 5 - Prob. 5.1EICh. 5 - Prob. 5.1FCCh. 5 - Financial Statement Case 51 This cause uses both...
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