FUND.ACCT.PRIN.
25th Edition
ISBN: 9781260247985
Author: Wild
Publisher: RENT MCG
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Textbook Question
Chapter 9, Problem 16E
Exercise 9-16 Selling and pledging
On November 30, Petrov Co. has S12S=700 of accounts receivable and uses the perpetual inventory system. (1) Prepare
27 Borrowed $10,000 cash from Main Bank, pledging S12.50O of accounts receivable as security for the loan.
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23.2A You are required to prepare a purchases ledger control account from the following infor-
mation for the month of April. The balance of the account is to be taken as the amount of accounts
as on 30 April.
payable
April
1
30
Purchases ledger balances
Totals for April:
Purchases day book
Returns outwards day book
Cheques paid to suppliers
Discounts received from suppliers
Purchases ledger balances
23,700
14,200
950
16,695
845
Obj. 2
PR 5-2A Sales-related transactions using perpetual inventory system
The following selected transactions were completed by Amsterdam Supply Co., which sells office
supplies primarily to other businesses and occasionally to retail customers:
Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the
goods sold was $13,300.
3.
Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was
$7,000.
4.
Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the
goods sold was $33,200.
5.
Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the
goods sold was $19,400.
12. Received check for amount due from Equinox Co. for sale on March 2.
Exercise 7-12 (Algo) Posting to subsidiary
ledger accounts; preparing a schedule of
accounts receivable LO P1
At the end of May, the sales journal of
Mountain View appears as follows. Assume
beginning inventory balance for May to be
$7,398.
Date:
May 6
May 10
May 17
May 25
May 31
Account Debited
Aaron Reckers
Sara Reed
Anna Page.
Sara Reed
Totals
Date
May 20
Sales Journal
Invoice
Number PR
190
191
192
193
Accounts
Receivable Debit
Sales Credit
2,470
1,530
681
272
4,953
General Journal
Sales Returns and Allowances
Accounts Receivable-Anna Page
Record allowance to customer.
Page 2
Cost of Goods
Sold Debit
Inventory Credit
1,877
1,262
Mountain View also recorded an allowance
(price reduction) given to Anna Page with the
following entry.
400
160
3,699
Debit
200
Credit
200
Required:
1. Post to the customer accounts the entries in
the sales journal and any portion of the
general journal entry that affects a customer's
account.
2. Post the sales journal and any portion of the
general journal…
Chapter 9 Solutions
FUND.ACCT.PRIN.
Ch. 9 - Credit card sales Prepare journal entries for the...Ch. 9 - Direct write-off method P1 Solstice Company...Ch. 9 - Recovering a bad debt P1 Solstice Company...Ch. 9 - Distinguishing between allowance method and direct...Ch. 9 - Prob. 5QSCh. 9 - Allowance method for bad debts P2 Gomez Corp. uses...Ch. 9 - Reporting allowance for doubtful accounts P2 On...Ch. 9 - Prob. 8QSCh. 9 - Prob. 9QSCh. 9 - Aging of receivables method P3 ^ Net Zero...
Ch. 9 - Prob. 11QSCh. 9 - Prob. 12QSCh. 9 - Prob. 13QSCh. 9 - Prob. 14QSCh. 9 - Prob. 15QSCh. 9 - Prob. 16QSCh. 9 - Prob. 17QSCh. 9 - Prob. 18QSCh. 9 - Prob. 19QSCh. 9 - Prob. 20QSCh. 9 - Prob. 21QSCh. 9 - Exercise 9-1
Accounts receivable subsidiary...Ch. 9 - Prob. 2ECh. 9 - Exercise 9-3
Sales on store credit card
C1
Z-Mart...Ch. 9 - Exercise 9-4
Direct write-off method
Dexter...Ch. 9 - Exercise 9-5 Writing off receivables P2
On January...Ch. 9 - Exercise 9-6 Percent of sales method; write-off...Ch. 9 - Exercise 9-7 Percent of accounts receivable...Ch. 9 - Exercise 9-8 Aging of receivables method P3
Daley...Ch. 9 - Exercise 9-9 Percent of receivables method...Ch. 9 - Exercise 9-10 Aging of receivables schedule...Ch. 9 - Exercise 9-10
Estimating bad debts
P3
At December...Ch. 9 - Exercise 9-11
Notes receivable...Ch. 9 - Exercise 9-12
Notes receivable transactions...Ch. 9 - Exercise 9-14 Honoring a note P4
Prepare journal...Ch. 9 - Exercise 9-15 Dishonoring a note P4
Prepare...Ch. 9 - Exercise 9-16 Selling and pledging accounts...Ch. 9 - Exercise 9-17 Accounts receivable turnover A1 Q...Ch. 9 - Prob. 18ECh. 9 - Prob. 19ECh. 9 - Prob. 20ECh. 9 - Prob. 21ECh. 9 - Prob. 22ECh. 9 - Prob. 23ECh. 9 - Problem 9-1A Sales on account and credit card...Ch. 9 - Problem 9-2A Estimating and reporting bad debts P2...Ch. 9 - Problem 9-3A Aging accounts receivable and...Ch. 9 - Problem 9-4A Accounts receivable transactions and...Ch. 9 - Problem 9-5A Analyzing and journalizing notes...Ch. 9 - Problem 9-1B Sales on account and credit card...Ch. 9 - Problem 9-2B Estimating and reporting bad debts P2...Ch. 9 - Problem 9-3B Aging accounts receivable and...Ch. 9 - Problem 9-4B Accounts receivable transactions and...Ch. 9 - Prob. 5PSBCh. 9 - SP 9 Santana Rey: owner of Business Solutions,...Ch. 9 - Prob. 1GLPCh. 9 - Prob. 1AACh. 9 - Prob. 2AACh. 9 - Prob. 3AACh. 9 - Prob. 1DQCh. 9 - Why does the direct write-off method of accounting...Ch. 9 - Prob. 3DQCh. 9 - Why might a business prefer a note receivable to...Ch. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Anton Blair is the manager of a medium-size...Ch. 9 - Prob. 2BTNCh. 9 - Prob. 3BTNCh. 9 - Prob. 4BTNCh. 9 - Prob. 5BTN
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