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 S5.9SE
ournalizing closing entries
Learning Objective 4
Rocky RV Center’s accounting records include the following accounts at December 31, 2018.
| Cost of Goods Sold | $ 372,000 | Accumulated Depreciation-Building | $ 38,000 |
| Accounts Payable | 16,000 | Cash | 47,000 |
| Rent Expense | 26,000 | Sales Revenue | 636,500 |
| Building | 113,000 | Depreciation Expense-Building | 13,000 |
| Rocky, Capital | 198,100 | Rocky, Withdrawals | 58,000 |
| Merchandise Inventory | 239,600 | Interest Revenue | 14,000 |
| Notes Receivable | 34,000 |
Requirements
- Journalize the required closing entries for Rocky.
- Determine the ending balance in the capital account.
Use the following information to answer Short Exercises S5-10 and S5-11 Camilla Communications reported the following figures from its adjusted trail balance for its first year of business, which ended on July 31, 2018.
| Cash | $ 2,900 | Cost of Goods Sold | $ 18,700 |
| Selling Expenses | 1,400 | Equipment, net | 9,500 |
| Accounts Payable | 4,300 | Accrued Liabilities | 1,800 |
| Camilia, Capital | 4,365 | Net Sales Revenue | 29,200 |
| Notes Payable, long-term | 500 | 3,200 | |
| Merchandise Inventory | 1,100 | Interest Expense | 65 |
| Administrative Expenses | 3,300 |
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Learning Objective 3: Purchase inventory, accrue interest, and pay a short-termnote) On August 1, 2019, The Shoppes at Mill Lake, Inc., purchased inventory costing $40,000by signing a 6%, six-month, short-term note payable. The company will pay the entire note(principal and interest) on the note’s maturity date.Requirements1. Journalize the company’s purchase of inventory.2. Make the adjusting entry for accrual of interest on the note payable on December 31, 2019.3. At December 31, 2019, what is reported on the balance sheet related to this note payable?4. Record the payment of the note payable (principal and interest) on its maturity date
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eyPLUS Course for Bronx Community c
Exercise 5A-9 a-b
Presented below is information for Ayayai Company for the month of March 2017.
Purchases
$212,426
Rent expense
$30,000
Freight-in
8,000
Sales discounts
9,000
Purchase returns and allowances
7,000
Sales returns and allowances
12,000
Salaries and wages expense
58,000
Sales revenue
375,000
Beginning inventory was $47,000, and ending inventory was $59,000.
Prepare a multiple-step income statement.
AYAYAI COMPANY
Income Statement
For the Month Ended March 31, 2017
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e5-20
Learning Objective3
Journalize the following sales transactions for Antique Mall. Explanations are
not required. The company estimates sales returns at the end of each month.
Jan. Sold $16,000 of antiques on account, credit terms are n/30. Cost of
4 goods is $8,000.
8
QAA
Received a $300 sales return on damaged goods from the customer.
Cost of goods damaged is $150.
5G+ lll 62%
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13 Antique Mall received payment from the customer on the amount due
from Jan. 4, less the return.
C
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.
301/ 1480
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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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