Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter C, Problem C.6SE
To determine
Special Journal: It is a book where only specific type of monetary transactions such as cash receipts, cash payments, credit sales, and credit purchases are recorded.
Cash receipts journal: It is a special book where only cash receipts transactions that are received from customers or other sources are recorded.
To record: The transactions in a cash receipts journal
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Enter the following transactions in the appropriate journal (purchases journal and cash payment journal)
*October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65.
*15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751.
* 21 Paid amount due Lafferty Company, less discount. Check No. 752.
Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter.
1. Purchase of merchandise with cash. Post the transactions in the given order.
Merchandise is purchased for cash, $1,600.
Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash.
2. Purchase of merchandise on account with credit terms.
Merchandise is purchased on account, credit terms 2/10, n/30, $2,000.
Merchandise is purchased on account, credit terms 3/10, n/30, $1,220.
Payment is made on invoice (1) within the discount period.
Payment is made on invoice (2) too late to receive the cash discount.
3. Purchase of merchandise on account with return of merchandise.
Merchandise is purchased on account, credit terms 2/10, n/30, $4,200.
Merchandise is returned for credit before payment is made, $500.
Payment is made within the…
Select a description for each transaction recorded in the following T accounts:
Cash
(c)
5,042.10
Accounts Receivable
(a)
5,320
(b)
175
(c)
5,145
Sales
(a)
5,320
Sales Returns andAllowances
(b)
175
Sales Discounts
(c)
102.90
descriptions available:
Issued credit memo for merchandise returned or as an allowance for damaged merchandise.
Received check from customer for amount paid within the discount period less the return.
Sold merchandise for cash.
Sold merchandise on account.
Sold supplies for cash.
Chapter C Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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- A customer pays on credit for $1,250 worth of merchandise, terms 4/15, n/30. If the customer pays within the discount window, how much will they remit in cash to the retailer? A. $1,250 B. $1,200 C. $50 D. $500arrow_forwardThe following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.arrow_forwardournalizing Cash Receipts Enter the following transactions in a cash receipts journal: July 6 Daren Chesbrough made payment on account, $527. 10 Made cash sales for the week, $2,470. 14 Adam Casady made payment on account, $394. 15 Yue Zou made payment on account, $203. 17 Made cash sales for the week, $2,360. If no entry is required, select "No entry". If an amount box does not require an entry, leave it blank or enter “0” for ‘General Credit’ column also. Page: 1 DATE ACCOUNT CREDITED POST.REF. GENERAL ACCOUNTSRECEIVABLECREDIT SALESCREDIT CASHDEBIT DEBIT CREDIT 1 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 1 2 fill in the blank 9 fill in the blank 10 fill in the blank 11 fill in the blank 12 2 3 fill in the blank 15 fill in the blank 16 fill in the blank 17 fill in the blank 18 3 4 fill in the blank 21 fill in the blank 22 fill in the blank 23 fill in…arrow_forward
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