COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
expand_more
expand_more
format_list_bulleted
Question
Chapter 8, Problem 2PA
To determine
Prepare the general journal for recording the transactions.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Home Appliances allows customers to pay for merchandise with cash, debit cards, bank credit
cards, or a Home Appliance Credit Card. The bank charges Home Appliances $1.00 for each debit
card sale and a 4% fee for bank credit card sales. On September 25 a customer makes a $1,200
purchase from Home Appliances using her debit card.
1.
Instructions:
Prepare Home Appliances' journal entry to record this transaction.
b. Assume instead the customer pays for her purchase using her Mastercard. Record the
a.
transaction.
С.
Assume instead the customer uses her Home Appliances store credit card. Record the
transaction.
Prepare the following journal entries.
a. customer is given an allowance of $ 425.
b. A customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.
You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. Balance all accounts.
2009
July 1 Credit purchases form: K Hill $380; M Norman $500; N Senior $106.
3 Credit sales to: E Rigby $510; E Phillips $246; F Thompson $356.
5 Credit purchases from: R Morton $200; J Cook $180; D Edwards $410; C Davies $66.
8 Credit sales to: A Green $307; H George $250; J Ferguson $185.
12 Returns outwards to: M Norman $30; N Senior $16.
14 Return inwards from: E Phillips $18; F Thompson $22.
20 Credit sales to: E Phillips $188; F Powell $310; E Lee $420.
24 Credit purchases from: C Ferguson $550; K Ennevor $900.
31 Return inwards from: E Phillips $27; E Rigby $30.
31 Return outwards to: J Cook $13; C Davies $11.
Chapter 8 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 8 - What is the name of the account used to record...Ch. 8 - What does FOB shipping point mean?Ch. 8 - Prob. 1.3SRQCh. 8 - Prob. 1.4SRECh. 8 - Prob. 1.5SRECh. 8 - Prob. 1.6SRACh. 8 - Prob. 2.1SRQCh. 8 - Prob. 2.2SRQCh. 8 - The total of the schedule of accounts payable...Ch. 8 - In the accounts payable ledger, a suppliers...
Ch. 8 - Prob. 2.5SRECh. 8 - Prob. 2.6SRACh. 8 - What is the name of the account used to record...Ch. 8 - What type of account is Purchases Returns and...Ch. 8 - Prob. 3CSRCh. 8 - Prob. 4CSRCh. 8 - Prob. 5CSRCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - What type of accounts are kept in the accounts...Ch. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Why is using the Purchases Returns and Allowances...Ch. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 17DQCh. 8 - Prob. 18DQCh. 8 - Identify the normal balance of the following...Ch. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Record the following transactions of J. Min...Ch. 8 - Record the following transactions of Allen Inc.:Ch. 8 - Bushard Company (buyer) and Schmidt, Inc. (seller)...Ch. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Record the following transactions of Fashion Park...Ch. 8 - On April 1, Moloney Meat Distributors sold...Ch. 8 - Bushard Company (buyer) and Schmidt, Inc. (seller)...Ch. 8 - Annettes Photo Shop is a retail store that sells...Ch. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - NewTech Medical Devices is a medical devices...Ch. 8 - Prob. 5PACh. 8 - Bowden Company (buyer) and Song, Inc. (seller),...Ch. 8 - The following transactions took place at Fine...Ch. 8 - Prob. 1PBCh. 8 - Taras Card and Novelty Shop is a retail card,...Ch. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - Belladonna Company (buyer) and Sachi, Inc....Ch. 8 - The following transactions took place at The...Ch. 8 - William Evans began Evans Distributors, a sporting...Ch. 8 - Prob. 2CTPCh. 8 - Prob. 1MFCh. 8 - Prob. 2MFCh. 8 - Prob. 3MFCh. 8 - Prob. 4MFCh. 8 - Prob. 5MFCh. 8 - Prob. 6MFCh. 8 - Prob. 1ED
Knowledge Booster
Similar questions
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.arrow_forwardOn January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardCatherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forward
- Your company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardYou returned damaged goods you had previously purchased from C.C. Rogers Inc. and received a credit memo for $250. Which journal would your company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardReview the following transactions and prepare any necessary journal entries for Olinda Pet Supplies. A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for forty dog food dishes (from their Dish inventory), costing $25 each. Olinda had yet to supply the dog food bowls as of March 2. B. On April 4, Olinda provides all of the dog food bowls to the customer.arrow_forward
- Transactions related to purchases and cash payments completed by Wisk Away Cleaning Services Inc. during the month of May 20Y5 are as follows: Prepare a purchases journal and a cash payments journal to record these transactions. The forms of the journals are similar to those illustrated in the text. Place a check mark () in the Post. Ref. column to indicate when the accounts payable subsidiary ledger should be posted. Wisk Away Cleaning Services Inc. uses the following accounts:arrow_forwardStar Company uses a purchases journal to record all purchases on account, including merchandise purchases. The company purchases merchandise and office supplies on a frequent basis. On November 12, Star Company purchased merchandise on account from Moon Company for $6,500, terms 2/10, n/30. How would this transaction be recorded in the purchases journal of Star Company?arrow_forwardThe cash payments and purchases journals for Bill's Landscaping Co. are shown below. The accounts payable control account has an April 1, 2019, balance of $6,986, consisting of an amount owed to Augusta Sod Co. CASH PAYMENTS JOURNAL Page 38 Other Accounts Ck. Post. Accounts Payable Cash Date No. Account Debited Ref. Dr. Dr. Cr. 2019 Apr. 4 106 Augusta Sod Co. 107 Utilities Expense 6,986 6,986 Apr. 5 54 642 642 Apr. 15 108 Kimble Lumber Co. 3,644 3,644 2,872 13,502 Apr. 27 109 Schott's Fertilizer 2,872 Apr. 30 642 14,144 (V) (21) (11) PURCHASES JOURNAL Page 22 Landscaping Supplies Accounts Other Post. Payable Accounts Post. Date Account Debited Ref. Cr. Dr. Dr. Ref. Amount 2019 Apr. 3 Kimble Lumber Co. 3,644 3,644 7,807 Apr. 5 Apr. 14 Cooke Equipment Co. Equipment 18 7,807 Schott's Fertilizer 2,872 2,872 Apr. 24 Augusta Sod Co. 4,251 4,251 Apr. 29 Kimble Lumber Co. 9,091 9,091 Apr. 30 27,665 19,858 7,807 (21) (14) (V) Prepare the accounts payable subsidiary ledger, and determine that…arrow_forward
- High Country Ski Shop is a retail store that sells ski equipment and clothing. High Country Ski Shop commenced business on September 1, 2OX1. The firm purchases merchandise on open account. The firm's purchases, purchase returns and allowances, and cash payments on account during September 20X1 follow: DATE TRANSACTIONS 20X1 Sept. 2 Purchased ski boots for $7,600 plus a freight charge of $310 from Colorado Ski Shop, Invoice 6672, terms n/30. 3 Purchased skis for $13,200 from Black Ice Supply Company, Invoice 5916; terms 3/10, n/30. 7 Received Credit Memorandum 165 for $1,100 from Colorado Ski Shop for return of damaged ski boots; the boots were originally purchased September 2 on Invoice 6672. 11 Purchased ski jackets for $4,000 from Cold Mountain Clothing Company, Invoice 4091, terms n/30. 12 Issued Check 104 to Black Ice Supply Company in payment of Invoice 5916, dated September 3, less the cash discount. 22 Purchased ski poles for $5,760 plus a freight charge of $170 from Black Ice…arrow_forwardCatherine's cookies has a beginning balance in the accounts payable total account of $8,200. In the cash disbursements journal, the accounts payable column has total debits of $6,800 for november. The accounts payable credit column in the purchases journal reveals a total of $10,500 for the current . Based on this information what is the ending balance in the accounts payable account in the general ledger?arrow_forwardCatherine’s Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger? Record the following transactions in the sales journal: Jan. 15 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Jan. 22 Invoice #326, sold goods on credit for $3,500 to BTS, account # 5032 Jan. 27 Invoice #327, sold goods on credit for $1,250 to Imagine Fireflies, account # 3896arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeIndividual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
- Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage LearningFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning