Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
6th Edition
ISBN: 9780134486857
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Question
Chapter B, Problem 1COMP
Requirement 1 and 3
To determine
Open four - column general ledger accounts using A’s account numbers and balances.
Requirement 2 and 3:
To determine
Enter the transactions in a sales journal (page 4), a cash receipts journal (page 11), a purchase journal (page 8), a cash payment journal (page 5), and a general journal (page 9).
To determine
Record the transactions in a cash receipts journal.
To determine
Record the transactions in a purchases journal.
To determine
Record the transactions in a cash payments journal.
Requirement 4
To determine
Prepare an unadjusted
To determine
Balance the total of the customer account balances in the accounts receivable subsidiary ledger against Accounts receivable in the general ledger.
To determine
Balance the total of the customer account balances in the accounts payable subsidiary ledger and Accounts Payable in the general ledger.
Requirement 5
To determine
Journalize the
To determine
Requirement 6.
To determine
Prepare an adjusted trial balance.
Requirement 7:
To determine
Prepare the followings:
- Income statement
- Statement of retained earnings
- Classified balance sheet
Requirement 8.
To determine
Prepare closing entries.
Requirement 9:
To determine
Prepare post closing trial balance.
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Warton Company posts individual sales to the accounts receivable subsidiary ledger immediately. At the end of each month, Warton posts the end-of-month totals to the general ledger. July 2 Mary Mack . . . . . . . . . . . . . . . . $ 8,600 8 Eric Horner . . . . . . . . . . . . . . . . 11,100 10 Troy Wilson . . . . . . . . . . . . . . . . 13,400 14 Hong Jiang . . . . . . . . . . . . . . . . 20,500 20 Troy Wilson . . . . . . . . . . . . . . . . 11,200 29 Mary Mack . . . . . . . . . . . . . . . . 7,300 Total credit sales . . . . . . . . . . . . $72,100 1. Open an accounts receivable subsidiary ledger with a T-account for each customer. Post the amounts to the subsidiary ledger. 2. Open an Accounts Receivable controlling T-account and a Sales T-account to reflect general ledger accounts. Post the end-of-month total to these accounts. 3. Prepare a schedule of accounts receivable and prove (confirm) that its total equals the Accounts Receivable controlling account balance.
Questions:
1. Given the following, Journalize, record, post and prepare
a schedule of accounts receivable at the end of April for
Friends Co.
Partial General Ledger
Cash 110
Inventory 130
Sales Discounts 430
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Bal. 1,060
Bal. 5,000
Accounts Receivable 120
Sales 410
Cost of Goods Sold 510
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Bal. 600
Accounts Receivable Subsidiary Ledger
Blue Co.
Pete Long Co.
Dr.
Cr.
Dr.
Cr.
Bal. 400
Bal. 200
April 9
Receíved cheque from Blue Co, for balance due less 2% discount.
April 12
Cash sale collected, $500. Cost of the inventory sold was $400.
Tip: Calculate Sales Discount and debit it in first transaction.
Chapter B Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (6th Edition)
Ch. B - Match the benefit of an effective accounting...Ch. B - Prob. 2TICh. B - Prob. 3TICh. B - Prob. 4TICh. B - Prob. 5TICh. B - Prob. 6TICh. B - Prob. 7TICh. B - Prob. 8TICh. B - Prob. 1QCCh. B - Prob. 2QC
Ch. B - Prob. 3QCCh. B - Prob. 4QCCh. B - Prob. 5QCCh. B - Prob. 6QCCh. B - Prob. 7QCCh. B - When using a manual accounting information system,...Ch. B - Prob. 9QCCh. B - Prob. 1RQCh. B - Prob. 2RQCh. B - Prob. 3RQCh. B - Prob. 4RQCh. B - What is the purpose of a subsidiary ledger?Ch. B - Prob. 6RQCh. B - List the four special journals often used in a...Ch. B - Explain the posting process of the sales journal.Ch. B - Prob. 9RQCh. B - What are the columns that are typically used in...Ch. B - Explain the posting process of the cash payments...Ch. B - When is the general journal used in a manual...Ch. B - Prob. 13RQCh. B - Prob. 14RQCh. B - Prob. 15RQCh. B - How is QuickBooks organized?Ch. B - How would a business record a sale of services on...Ch. B - How would a business record a bill received in...Ch. B - Prob. 1SECh. B - Prob. 2SECh. B - Identifying special journals Use the following...Ch. B - Prob. 4SECh. B - Prob. 5SECh. B - Prob. 6SECh. B - Prob. 7SECh. B - Prob. 8SECh. B - Prob. 9SECh. B - Prob. 10SECh. B - Prob. 11SECh. B - Prob. 12SECh. B - Prob. 13SECh. B - Prob. 14ECh. B - Prob. 15ECh. B - Prob. 16ECh. B - Prob. 17ECh. B - Identifying transactions in the accounts...Ch. B - Prob. 19ECh. B - Prob. 20ECh. B - Prob. 21ECh. B - Prob. 22ECh. B - Prob. 23ECh. B - Prob. 24APCh. B - Prob. 25APCh. B - Using all journals, posting, and balancing the...Ch. B - Prob. 27BPCh. B - Using the purchases, cash payments, and general...Ch. B - Using all journals, posting, and balancing the...Ch. B - Prob. 30PCh. B - Prob. 31PCh. B - Prob. 1COMPCh. B - Prob. 1TIATCCh. B - Prob. 1DCCh. B - Prob. 1FCCh. B - Prob. 1CA
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