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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Textbook Question
Chapter B, Problem 29BP
Using all journals, posting, and balancing the ledgers
Atlanta Computer Security uses the perpetual inventory system and makes all credit sales on terms of n/30. During March, Atlanta completed these transactions:
Requirements
- 1. Open four-column general ledger accounts using Atlanta Computer Security’s account numbers and balances as of March 1, 2018, that follow. All accounts have normal balances.
- 2. Open four-column accounts in the subsidiary ledgers with beginning balances as of March 1, if any.
Accounts receivable subsidiary ledger: Arrundel Co., $1,900; Common Co., $0; L. E. Kingston, $0; and Suarez, $0. Accounts payable subsidiary ledger: High, $0; Mann Corp, $0; James Swenson, $0; and Young Co., $900. - 3. Enter the transactions in a sales journal (page 8), a cash receipts journal (page 3, omit Sales Discounts Forfeited column), a purchases journal (page 6), a cash payments journal (page 9), and a general journal (page 4), as appropriate.
- 4. Post daily to the accounts receivable subsidiary ledger and to the accounts payable subsidiary ledger.
- 5. Total each column of the special journals. Show that total debits equal total credits in each special journal. On March 31, post to the general ledger.
- 6. Prepare a
trial balance as of March 31, 2018, to verify the equality of the general ledger. Balance the total of the customer account ending balances in the accounts receivable subsidiary ledger against Accounts Receivable in the general ledger. Do the same for the accounts payable subsidiary ledger and Accounts Payable in the general ledger.
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determine the correct amount of the end-of-month posting the sales journal to the
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subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below.
Estes
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Truong
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Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
SALES JOURNAL
Page: 79
Date
Account
InvoiceNo.
Ref.
DR Accts.ReceivableCR Sales
DR COGSCR MerchandiseInventory
2019
Feb. 4
Evert Company
17433
E123
2,000.00
Feb. 8
King Inc.
17434
K331
775.30
Feb. 14
Martina Inc.
17435
M132
2,301.99
Feb. 16
Shriver Company
17436
S101
700.00
Total
fill in the blank 1
CASH RECEIPTS JOURNAL
Page: 102
Date
Account
InvoiceNo.
Ref.
CashDR
SalesDiscountsDR
AccountsReceivable,Sales, or OtherAccounts CR
2019
Feb. 1
Cash Sales
475.00
475.00
Feb. 5
Payment from Evert Co.
17433
1,960.00
40.00
2,000.00
Feb. 15
Bank loan
230
1,500.00
1,500.00
Feb. 21
Payment from…
Current Attempt in Progress
Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Świfty uses a perpetual inventory system.
(List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.
If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Jan.
2
Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $20,720. Swifty
expected a return rate of 15%.
The appropriate company paid freight costs of $740.
Xtra returned $4,900 of the merchandise purchased from Świfty on January 2, because it was not needed. The cost of
the merchandise returned was $2,744, and it was restored to inventory.
11
Świfty received the balance due from Xtra.
Date Account Titles and Explanation
Debit
Credit
Jan. 2
(To record credit sale)
2
(To record cost of goods sold)
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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