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 31P
1.
To determine
Record the transactions in a sales journal, purchase journal, cash receipt journal and cash payment journal.
Requirement 2:
To determine
Calculate the total each column of the sales journal.
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Using all journals
This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4.
Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal Clear completed the following transactions:
Requirements
Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column), a cash receipts journal (omit Sales Discounts Forfeited column), a purchases journal, a cash payments journal (omit the Check No. column), and a general journal.
Total each column of the special journals. Show that total debits equal total credits in each special journal.
All problems can be completed manually or by using either MyAccountingLab General Ledger or QuickBooks.
Using the sales, cash receipts, and general journals
Assume Peaceful Spring Company uses the perpetual inventory system. The general ledger of Peaceful Springs Company includes the Following selected accounts, along with their account numbers:
Sales and cash receipts transactions in November were as follows:
Requirements
Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column) and a cash receipts journal (omit the Sales Discounts Forfeited column).
Total each column of the sales journal and the cash receipts journal. Determine that total debits equal total credits.
Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals.
A retailer uses the perpetual inventory and First in, First Out method to value its inventory and cost of goods sold. The business recorded the following inventory transactions during the month of May.
Instructions: Write you answers by hand, scan your working papers and upload to the link on the main page of the Moodle website as a PDF file. Show any calculations. Printing the problem information is permitted but only for personal use during the exam.
a) Use the FIFO (first in, first out) cost method to calculate the cost of goods sold and ending inventory for May. Calculate inventory and cost of goods sold to the nearest dollar ($1).b) Prepare the journal entries to record sales transactions on May 7 and 19. All sales were on account
c) If the retailer uses a periodic inventory and Average cost method to value its inventory and cost of goods sold. Calculate the cost of goods sold for the month of May.
Instructions: Write you answers by…
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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