Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 5, Problem E5A.28E
Journalizing multiple performance obligations and sales transactions
Learning Objective 3, 7 Appendix 5A
Journalize the following sales transactions for Morris Supply. Explanations are not required.
______________________________________________________________________________
Mar. 1 Morris Supply sold merchandise inventory for $3,000. The cost of the inventory was $1,800. The customer paid cash. Morris Supply was running a promotion and the customer received a $ 150 award at the time of sale that can be used at a future date on any Morris Supply merchandise.
3 Sold $6,000 of supplies on account. Credit terms are 2/10, n/45, FOB destination. Cost of goods is $3,600.
10 Received payment from the customer on the amount due from March 3, less the discount.
Apr. 15 The customer used the $150 award when purchasing merchandise inventory for $200, the cost of the inventory was $120. The customer paid cash.
_____________________________________________________________________________
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
IFAB 2e - Chapter 4 - Set B Exercises and Problems - Student Active Learning Worksheets
Exercise 4-6B Determining which party is responsible for transportation cost
Required
Determine which party (buyer or seller) is responsible for transportation charges in each of the
following situations:
a. Purchased merchandise, transportation terms, FOB destination.
b. Purchased merchandise, transportation terms, FOB shipping point.
C. Sold merchandise, transportation terms, FOB destination.
d. Sold merchandise, transportatoin terms, FOB shipping point.
seller
a.
b.
C.
d.
thernets12 amoonl
TsaY TE hedms390 bebrs 163y ari 101
Exercise 4-8B Accounting for product costs: perpetual inventory systemsls?
botstogtoonlopsml
Which of the following would be added to the Inventory account for a merchandising business using the
perpetual inventory system?
Required
a. Transportation-in.
b. Allowance received for damaged inventory.
C. Purchase of inventory.
d. Purchase of office supplies.
e.…
Multiple choice
1.The document authorizing the issuance of materials from the storeroom is the:
A. Materials requisition
B. Purchase requisition
C. Receiving report
D. Purchase order
2. Revenues earned from rendering services are recorded in this account.
A. Sales
B. Service fees
C. Interest income
D. Gains
8. How does Aritzia recognize revenue if a product is purchased on-line and will either be delivered or picked up by the customer at the store? need ans in txt form
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...
Knowledge Booster
Learn more about
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
- ! Required information [The following information applies to the questions displayed below.] Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance Materials Direct labor Overhead June 30 balance. Debit Work in Process-Mixing Department View transaction list 27,000 151, 13 95,500 113,000 ? The June 1 work in process inventory consisted of 4,400 units with $14,100 in materials cost and $12,900 in conve cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,900 units were started into production. The June 30 work in process inventory consisted of 8,800 units that were 100%…arrow_forwardYou are the floor manager of Channel and have read the following learning outcomes: “Purchase Returns and Allowances”, “Customer Refunds and Allowances”, and “Merchandise Returns” (pg 149 – 155). As the manager, briefly explain the difference between Purchase Returns and Allowances and Merchandise Returns. Customer Refunds and Customer Allowances. Explain the difference between FOB Shipping Point and FOB Destination.arrow_forwardQuèstion 14 Selling expenses DOES NOT include: OA. Making sales OB. Accounting and Human Resources expense OC. Delivering goods to customers OD. Advertising expense Quèstion 16 Net Sales are calculated using: OA. Gross sales, sales returns & allowances, sales discount OB. Gross sales, cost of good available for sale, cost of goods sold OC. Gross sales, cost of goods sold, sales expenses OD. Gross sales, cost of sales, purchasesarrow_forward
- History Bookmarks Window Help A education.wiley.c WP NWP Assessment Player UI Application Question 18 of 42 View Policies Current Attempt in Progress The double-entry system requires that each transaction must be recorded in a journal and in a ledger. in two sets of books. first as a revenue and then as an expense. in at least two different accounts. Save for Laterarrow_forward24. The written statements with details of prices and terms of the offer for products is_______ a. Purchase Returns Note b. Material Requisition Note c. Quotation d. Purchase Orderarrow_forwardExercise 16-44 (Algo) (Appendix used in requirement [b]) Variable Cost Variances (LO 16-5, 7) Rankin Fabrication reports the following information with respect to its direct materials: Actual quantities of direct materials used Actual costs of direct materials used. Standard price per unit of direct materials. Flexible budget for direct materials. Rankin Fabrication holds no materials inventories. 35,500 gallons $ 201,680 $ 5.79 $ 213,100 Required: a. Compute the direct material price and efficiency variances. b. (Appendix) Prepare the journal entries to record the purchase and use of the direct materials using standard costing. Direct materials price variance Direct materials efficiency variance Complete this question by entering your answers in the tabs below. Required A Required B Compute the direct material price and efficiency variances. Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either…arrow_forward
- Activity 1. Classify Me Instruction: Identify each element or account title if it can be found on a service or merchandising business. Complete the table by putting a (v) check mark or (X) cross mark in the corresponding columns. ACCOUNTS SERVICE MERCHANDISING BUSINESS BUSINESS Ex. Professional Fees Sales Consulting Revenue Purchases Cost of Sales Inventory Beginning Referral Revenue Freight-In Purchase Returns and Allowances Advertising Revenue Purchase Discount Freight-out Unearned Revenue Utilities Expense Depreciation Expense Allowance for Bad debts Sales discount Supplies Sales Returns and allowances Advances to suppliers Advertising Expensearrow_forwardJournal entry for salesarrow_forwardJournalizing multiple performance obligations and sales transactions Journalize the following sales transactions for Morris Supply. Explanations are not required.arrow_forward
- Question 15 Which feature helps streamline the purchasing process once a customer approves an estimate? Create invoice from estimate O Price Rules O Create purchase order from an estimate Create invoice from purchase orderarrow_forwarddocs.google.com/forms choose the right answer Net profit is calculated in which of the following account? Trading account O Trial balance Profit and loss account C Balance sheet choose the right answer Goods returned by customer will be debited to which account? Return outward Purchases A/C O Return inward Customer's A/c Oarrow_forwardQUESTION 3 Which of the following financial statement line items would be found on a manufacturer's financial statement but not on a merchandiser or service company's? (Select all that apply.) O Cost of Goods Sold O Finished Goods Inventory O Raw Materials Inventory Work-in-process Inventoryarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning- Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
GE McKinsey Matrix for SBU Strategies; Author: Wolters World;https://www.youtube.com/watch?v=FffD1Ze76JQ;License: Standard Youtube License