12th Edition

ISBN: 9780134486444

Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura

Publisher: PEARSON

Concept explainers

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…

Videos

Textbook Question

Chapter 7, Problem S7.8SE

Recording transactions in a purchases journal
Learning Objective 3

Oct. 1 Purchased merchandise Inventory on account with credit terms of 4/10,
n/30 from Mayer Co.. $2.200.
11 Purchased office supplies on account from Bird Co., $600. Terms were n/EOM.
24 Purchased furniture on account with credit terms of 3/10. n/60 from Silly
Co., $900.

Use the following purchases journal to record the preceding transactions.

							other	Accounts	DR
Date	Vendor Account Credited	Terms	Post, Ref.	Accounts Payable CR	Merchandise Inventory DR	Office Supplies DR	Account Title	Post, Ref.	Amount
2018

NOTE: SHORT EXERCISE S7-8 must be completed before attempting SHORT EXERCISE S7-9.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 7, Problem S7.7SE

Chapter 7, Problem S7.9SE

Students have asked these similar questions

Merchandising Business using Periodic Inventory System Instruction: Prepare journal entries for the following transactions using the general journal format given in class discussion. KIKAY HARDWARE CHART OF ACCOUNTS ASSETS INCOME 100 Cash and Cash Equivalents 400 Sales 101 Accounts Receivable 401 Sales Returns and Allowances 102 Merchandise Inventory 402 Sales Discount 103 Supplies 104 Equipment EXPENSES 500 Purchases LIABILITIES 501 Purchase returns and Allowances 200 Accounts Payable 502 Purchase Discounts 201 Bonds Payable 503 Freight In EQUITY 504 Advertising 300 Mark Reyes, Capital 505 Freight Out 301 Mark Reyes, Drawings 506 Salaries 507 Utilities 508 Income Summary Kikay HARDWARE STORE completed the following merchandising transactions in the month of May. At the beginning…

Chapter 12 Homework еBook Show Me How Print Item Journalizing Purchases Transactions Enter the following transactions in a purchases journal. Jan. Purchased merchandise from Feng, $5,500. Invoice No. 416, dated January 1, terms 3 2/10, n/30. Purchased merchandise from Schneider, $9,100. Invoice No. 624, dated January 10, 12 terms n/30. Purchased merchandise from J. B. Barba, $5,800. Invoice No. 190, dated January 18, 19 terms 1/10, n/30. Purchased merchandise from Ramirez, $3,800. Invoice No. 923, dated January 25, 26 terms 1/15, n/30. Page: 1 PURCHASES DEBIT INVOICE NO. POST. REF. FROM WHOM PURCHASED ACCTS. PAY. CREDIT DATE М.d 1 1 М.d 2 2 М. d 3 М. d 4 4 3.

Q 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. W Jun. 20 20 Jul. 4 14 & 16 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. 4+ 8 144 ( F5-56 A B insert ← prt sc backspace 9:28 PM 9/21/2022 delete hom

Chapter 7 Solutions

Horngren's Accounting (12th Edition)

Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QC Ch. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QC Ch. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QC Ch. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ

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.