College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 9, Problem 8E
Toby Company had the following sales transactions for March:
Mar. 6 Sold merchandise on account to Osbourne, Inc., invoice no. 1128, $563.17.
14 Sold merchandise on account to Ortiz Company, invoice no. 1129, $823.50.
20 Sold merchandise on account to Bailey Corporation, invoice no. 1130, $2,350.98.
24 Sold merchandise on account to Shannon Corporation, invoice no. 1131, $1,547.07.
Assume that Toby Company had beginning balances on March 1 of $3,569.80 (Sales 411) and $2,450.39 (
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Azure Company has the following sale transaction:
Aug. 15
Sold merchandise on account to Jade Company, invoice no. 5324, $1,900
The company records the transaction on page number 41 in the sales journal. On posting to the Accounts Receivable and Sales accounts in the general ledger, an
accountant will write
in the Post Ref. column.
a. SJ8/15
Ob. 5324/41
c. S41
Od. 5324
XYZ Company was established in Decemberof the current year. Its sales of merchandise on account, related returnsand allowances during the remainder of the month are described below.
Dec.15 Sold merchandise on account to A Co., Rs 8500.
19 Sold merchandise on account to B Co., Rs 8000.
20 Sold merchandise on account to C Co., Rs 12,000.
22 Issued Credit memo for Rs 400 to B Co. for merchandise return.
24 Sold merchandise on account to B Co., Rs 16,500.
25 Sold additional merchandise on account to B. Co, Rs 9000.
26 Issued Credit memo for Rs 250 to A Co. for merchandise return.
27 Sold additional merchandise on account to C Co., Rs 16,000.
Record the transactions for December in the sales journal and/ generaljournal
Basie Company engaged in the following transactions:
June 2-Received merchandise purchased on credit from Ranbaxy Company, terms 2/10, n/30, FOB destination, invoice dated June 1, $4,000.
June 6- Returned some merchandise to Ranbaxy for full credit, $500.
June 11- Paid Ranbaxy for purchase of June 2 less return and discount.
June 14- Received merchandise purchased on credit from Ranbaxy, terms 2/10, n/30, FOB destination, invoice dated June 12, $4,500.
June 30- Paid amount owed Ranbaxy for purchase of June 14.
Prepare journal entries and, assuming the perpetual inventory system, determine the total amount paid to Ranbaxy.
Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
Ch. 9 - Which of the following is true about the Sales...Ch. 9 - What is the accounts receivable ledger? a. A...Ch. 9 - Using the information contained in the accounts...Ch. 9 - Prob. 4QYCh. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QYCh. 9 - The schedule of accounts payable lists each...Ch. 9 - If the seller assumes the entire cost of...Ch. 9 - Under the perpetual inventory system, how does the...Ch. 9 - Purchases on account of merchandise for resale...
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Prob. 1PBCh. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Sales and Purchases Ms. Valli of All About You Spa...
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