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 7, Problem E7.16E
Using the sales and cash receipts journals
Learning Objective 2
The sales and cash receipts journals of Caverly Office Products include the following entries:
| Sales Journal | |||||
| Date | Invoice No. | Customer Account Debited | Post, Ref. | Cost Of Goods Sold DR Merchandise Inventory CR | |
| 2018 | |||||
| May 7 | 601 | L. Ebert | ( | 110 | 63 |
| 10 | 602 | T. Ross | ( | 65 | 33 |
| 10 | 603 | E. Loop | ( | 95 | 37 |
| 12 | 604 | B. Goebel | ( | 120 | 76 |
| May 31 | Total | 390 | 209 | ||
| Cash Receipts Journal | ||||||||
| Date | Account Credited | Post, Ref. | Cash DR | Account Receivable CR | Sales Revenue CR | Sales Discount For Forfeited CR | Other accounts CR | Cost Of Goods Sold DR Merchandise Inventory CR |
| 2018 | ||||||||
| May 16 | L. Ebert | ( | ||||||
| 19 | E. Loop | ( | ||||||
| 24 | 320 | 320 | 250 | |||||
| 30 | T. Ross | ( | ||||||
| May 31 | Total | |||||||
Identify the missing information in the cash receipts journal for those transaction listed. All credit sales are terms n/30. Assume all the accounts are paid in full. Also, total the columns in the cash receipts journal and show that total debits equal total credits.
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A company reports the following:
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L 1.2.7 Quiz: Accounts Payable Process
Question 2 of 10
Which of the following is recorded in the purchases journal?
A. orders made by the customer paid for with cash
B. orders made by the business paid for with cash
C. orders made by the customer on credit or account
D. orders made by the business on credit or account
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You 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.
Chapter 7 Solutions
Horngren's Accounting (12th Edition)
Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QCCh. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QCCh. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QCCh. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ
Ch. 7 - Prob. 2RQCh. 7 - Explain the three basic components of an...Ch. 7 - What is a special journal?Ch. 7 - What is the purpose of a subsidiary ledger?Ch. 7 - Prob. 6RQCh. 7 - List the four special journals often used in a...Ch. 7 - Explain the posting process of the sales journal.Ch. 7 - Provide some examples of transactions that would...Ch. 7 - What are the columns that are typically used in...Ch. 7 - Prob. 11RQCh. 7 - When is the general journal used in a manual...Ch. 7 - Explain the two components of a computerized...Ch. 7 - Prob. 14RQCh. 7 - What is an enterprise resource planning (ERP)...Ch. 7 - Prob. 16RQCh. 7 - How would a business record a sale of services on...Ch. 7 - How would a business record a bill received in...Ch. 7 - Prob. S7.1SECh. 7 - Defining components of an accounting information...Ch. 7 - Identifying special journals Learning Objective 2...Ch. 7 - Prob. S7.4SECh. 7 - Posting transactions from a sales journal to a...Ch. 7 - Prob. S7.6SECh. 7 - Posting transactions from a cash receipts journal...Ch. 7 - Recording transactions in a purchases journal...Ch. 7 - Posting transactions from a purchases journal to a...Ch. 7 - Prob. S7.10SECh. 7 - Prob. S7.11SECh. 7 - Prob. S7.12SECh. 7 - Prob. S7.13SECh. 7 - Prob. E7.14ECh. 7 - Prob. E7.15ECh. 7 - Using the sales and cash receipts journals...Ch. 7 - Prob. E7.17ECh. 7 - Prob. E7.18ECh. 7 - Prob. E7.19ECh. 7 - Recording transactions-cash payments journal...Ch. 7 - Posting from the purchases journal; balancing the...Ch. 7 - Identifying transactions in the accounts payable...Ch. 7 - Prob. E7.23ECh. 7 - Prob. P7.24APGACh. 7 - Prob. P7.25APGACh. 7 - Prob. P7.26APGACh. 7 - Prob. P7.27BPGBCh. 7 - Using the purchases, cash payments, and general...Ch. 7 - Using all Journals, posting, and balancing the...Ch. 7 - Continuing Problem P7-3D Using aft journals This...Ch. 7 - Using all journals 2 This problem continues the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Tying It All Together Case Before you begin this...Ch. 7 - Decision Case 7-1 A fire destroyed certain...Ch. 7 - Fraud Case 7-1 Didrikson Rubin, the auditor of Red...
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