Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Chapter 8, Problem 6PB
To determine
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Sales and notes receivable transactionsThe following were selected from among the transactions completedduring the current year by Danix Co., an appliance wholesale company:
Instructions
Journalize the entries to record the transactions.
Sales and notes receivable transactionsThe following were selected from among the transactions completed byCaldemeyer Co. during the current year. Caldemeyer Co. sells andinstalls home and business security systems. (attached)
InstructionsJournalize the entries to record the transactions.
Oriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable
subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below.
Estes
Bal. 305
245
Truong
0
Bal.
225
Gehrke
Bal. 275
170
Weiser
Bal. 155
310
160
230
225
275
155
Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.
Chapter 8 Solutions
Financial And Managerial Accounting
Ch. 8 - What are the three classifications of receivables?Ch. 8 - Dans Hardware is a small hardware store in the...Ch. 8 - What kind of an account (asset, liability, etc.)...Ch. 8 - After the accounts are adjusted and closed at the...Ch. 8 - A firm has consistently adjusted its allowance...Ch. 8 - Which of the two methods of estimating...Ch. 8 - Neptune Company issued a note receivable to...Ch. 8 - If a note provides for payment of principal of...Ch. 8 - Prob. 9DQCh. 8 - Prob. 10DQ
Ch. 8 - Direct write-off method Journalize the following...Ch. 8 - Allowance method Journalize the following...Ch. 8 - Percent of sales method At the end of the current...Ch. 8 - Analysis of receivables method At the end of the...Ch. 8 - Note receivable Prefix Supply Company received a...Ch. 8 - Accounts receivable turnover and days sales in...Ch. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Entries for uncollectible accounts, using direct...Ch. 8 - Entries for uncollectible receivables, using...Ch. 8 - Entries to write off accounts receivable Creative...Ch. 8 - Providing for doubtful accounts At the end of the...Ch. 8 - Number of days past due Toot Auto Supply...Ch. 8 - Aging of receivables schedule The accounts...Ch. 8 - Estimating allowance for doubtful accounts Evers...Ch. 8 - Adjustment for uncollectible accounts Using data...Ch. 8 - Estimating doubtful accounts Outlaw Bike Co. is a...Ch. 8 - Entry for uncollectible accounts Using the data in...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Effect of doubtful accounts on net income During...Ch. 8 - Effect of doubtful accounts on net income Using...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Determine due date and interest on notes Determine...Ch. 8 - Entries for notes receivable Valley Designs issued...Ch. 8 - Entries for notes receivable The series of five...Ch. 8 - Entries for notes receivable, including year-end...Ch. 8 - Entries for receipt and dishonor of note...Ch. 8 - Entries for receipt and dishonor of notes...Ch. 8 - Prob. 25ECh. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - Prob. 6PBCh. 8 - Prob. 1MADCh. 8 - Analyze Ralph Lauren Ralph Lauren Corporation (RL)...Ch. 8 - Analyze L Brands L Brands, Inc. (LB) sells womens...Ch. 8 - Compare Ralph Lauren and L Brands Use the data in...Ch. 8 - Prob. 5MADCh. 8 - Prob. 1TIFCh. 8 - Interest computations Bev Wynn, vice president of...Ch. 8 - Prob. 4TIFCh. 8 - Allowance for doubtful accounts For several years,...
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- Entries for notes receivable The series of five transactions, (a) through (e), recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.arrow_forwardNOTES RECEIVABLE ENTRIES M. L. DiMaurizio had the following notes receivable transactions: REQUIRED Record the transactions in a general journal.arrow_forwardNOTES RECEIVABLE ENTRIES J. K. Pratt Co. had the following transactions: 20-1 REQUIRED Record the transactions in a general journal.arrow_forward
- Entries for notes receivable, including year-end entries The following selected transactions were completed by Interlocking Devices Co., a supplier of zippers for clothing: Journalize the entries to record the transactions.arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.arrow_forwardJOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.arrow_forward
- Kelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardPURCHASES JOURNAL Ann Benton, owner of Bentons Galleria, made the following purchases of merchandise on account during the month of October: REQUIRED 1. Record the transactions in the purchases journal. Total and rule the journal. 2. Post from the purchases journal to the general ledger and accounts payable ledger accounts. Use account numbers as shown in the chapter.arrow_forward
- SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivableledger shown, prepare a schedule of accounts receivable for Pheng Co.as of August 31, 20--.arrow_forwardSales-related and purchase-related transactions using perpetualinventory systemThe following were selected from among the transactions completed byBabcock Company during November of the current year: Instructions Journalise the transations.arrow_forwardMacDonald Bookshop had the following transactions that occurred during February of this year: Required 1. Journalize the transactions for February in the cash payments journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journal. Prove the equality of the debit and credit totals.arrow_forward
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