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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Chapter B, Problem 30P
1.
To determine
Record the transactions in a sales journal, purchase journal, cash receipts journal, cash payments journal and general ledger.
2.
To determine
Calculate each column of the sales journal.
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StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020:
Sept.
3
Purchased merchandise on credit for $6,200 from Pacer Co.
7
Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000.
9
Borrowed $5,500 by giving a note to the bank.
13
The owner, Dale Trent, invested an additional $7,000 cash into the business.
18
Sold merchandise to B. Baird for $460 cash. Cost, $280.
22
Paid Pacer Co. $6,200 for the merchandise purchased on September 3.
27
Received $1,764 from J. Namal in payment of the September 7 purchase.
30
Paid salaries of $3,200.
Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order)
Image attached…
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred:
January Transactions:
Jan.
11
Howard purchased merchandise on account for $12,000.
15
Howard returned some of the merchandise purchased on Jan. 11, and the supplier credited Howard’s account. The cost of the merchandise returned was $700.
20
Howard sold merchandise that cost $3,500 for $5,000 in cash.
Required:
1.
Assume that Howard uses a perpetual inventory system. Prepare the journal entries to record the January inventory transactions.
2.
Assume that Howard uses a periodic inventory system. Prepare the journal entries to record the January inventory transactions. Be sure to include any adjusting entries necessary.
3.
Next Level Howard’s CEO states that a perpetual inventory system would result in a better inventory valuation. Evaluate this statement and provide a discussion of the benefits of each type of inventory…
NIZWA ELECTRONICS is doing a merchandise business. The business selling all electronics items. The business has made the following purchases and sales during the month of May 2019. The following information was taken from the inventory records during May 2019. The business had Opening inventory of 20 Sar ung Galaxy Mobile at OMR 60 each on 1st May 2019. On May 3, Purchase 25 numbers at OMR 50 each and May 31 Sold 25 numbers at 70 each. What will be the Cost of goods sold at the end of May 31 assumes that business uses LIFO method?
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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