Horngren's Accounting (12th Edition)
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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Chapter 5, Problem P5.49CP1

Journalizing and posting purchase and sale transactions.

This problem continues the canyon canoe company situation from Chapter 4. At the beginning of the new Canyon canoe Company decided to carry and sell T-Shirts with its logo printed on them. Canyon Canoe Company uses the perpetual inventory System to account for the inventory. During January 2019, Canyon canoe Company completed the following merchandising transactions:

Chapter 5, Problem P5.49CP1, Journalizing and posting purchase and sale transactions. This problem continues the canyon canoe , example  1

Jan.1
Purchased 10 T-Shirts at $4 each and paid cash.
2 Sold 6 T-Shirts for $10 each, total cost $24. Received cash.
3 Purchased 50 T-Shirts on account at $5each. Terms 2/10, n/30.
7 Paid the supplier for the T-Shirts purchased on January 3, less discount.

8 Realized 4 T-Shirts from the January 1 order were printed wrong and returned them for a case refund.

10 Sold 40 T-Shirts on account for $10 each, total cost of $200. Terms 3/15.
12 Received payment for the the T-Shirts sold on account on January 10, less discount.

14 Purchased 100 T-Shirts on account at $4 each. Terms 4/15, n/30.
18 Canyon Company called the supplier from the January 14 purchase and told them that some of the T-Shirts were the wrong color. The Supplier offered a $50 purchase allowance.
20 Paid the supplier for the T-Shirts purchased on January 14, less the allowance and discount.

21 Sold 60 T-Shirts on account for $10 each, total cost of $220. Terms 2/20, n/30.
23 Received a payment on account for the T-Shirts sold on January 21. Less discount.
25 Purchased 320 T-Shirts on account at $5 each. Terms 2/10, n/30, FOB shipping point.
27 Paid freight associated with the January 25 purchase, $48.

29 Paid for the January 25 purchase, less discount.

30 Sold 275 T-Shirts on account for $10 each, total cost of $1,300. Terms 2/10, n/30.
31 Received payment for the T-Shirts sold on January 30, less discount.
Chapter 5, Problem P5.49CP1, Journalizing and posting purchase and sale transactions. This problem continues the canyon canoe , example  2

Requirements

  1. Open the following T-accounts in the ledger, using the post-closing balances from Chapter 4. Accounts Receivable, Merchandise Inventory, Estimated Returns Inventory, Office Supplies, Prepaid Rent, Land Building, Accumulated Depreciation-Building, Canoes, Accumulated Depreciation-Canoes, Accounts Payable, Telephone Payable, Wages Payable, Refunds payable, Interest Payable, Unearned Revenue, Notes Payable, Wilson, Capital, Income Summary, Sales Revenue, Canoe Rental Revenue, Cost of Goods Sold, Rent Expense, Wages Expense, Unities Expense, Telephone Expense, Supplies Expense, Depreciation Expense-Building, Depreciation Expense-Canoes, Interest Expense.
  2. Journalize and post the transactions. Compute each account balance, and denote the balance as Balance. Omit explanations.

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Chapter 5 Solutions

Horngren's Accounting (12th Edition)

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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