Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337587358
Author: Cathy J. Scott
Publisher: Cengage Learning
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Question
Chapter 10, Problem 1CP
1.
To determine
Journalize the transactions using special journals for August.
2.
To determine
Post the entries to the accounts receivable, accounts payable and general ledger.
3.
To determine
Prepare
4.
To determine
Prepare a schedule of accounts receivable for 31st August.
5.
To determine
Prepare a schedule of accounts payable for 31st August.
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Your client left the cash receipts journal open after year-end for an extra day and included January 1 cash receipts in the 12/31/XX totals. All of those cash receipts were due to cash sales. Assuming the client uses a periodic inventory system with a 12/31/XX count of the physical inventory, which of the following is most likely to be true relating to the year XX financial statements?
a. Sales are understated.
b. Accounts receivable are understated.
c. Inventory is overstated.
d. Net income is overstated.
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to
account for merchandise inventory.
February 2 Wrote a $350 check to establish a petty cash fund.
February 5
February 9
Purchased paper for the copier for $16.55 that is immediately used.
Paid $34.50 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These
costs are added to merchandise inventory.
Paid $8.85 postage to deliver a contract to a client.
February 12
February 14 Reimbursed Adina Sharon, the manager, $65 for mileage on her car.
February 20 Purchased office paper for $69.77 that is immediately used.
February 23 Paid a courier $19 to deliver merchandise sold to a customer, terms FOB destination.
February 25 Paid $11.60 shipping charges (transportation-in) on merchandise purchased for resale, terms FOB shipping point. These
costs are added to merchandise inventory.
February 27 Paid $52 for postage…
Chapter 10 Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
Ch. 10 - What do credit terms of 2/10, n/30 mean? 210 days...Ch. 10 - What is the entry to record the cash received on a...Ch. 10 - Prob. 3QYCh. 10 - Which of the following is not an advantage of the...Ch. 10 - Prob. 5QYCh. 10 - What is the normal balance for each of the...Ch. 10 - What does an X under the total of a special...Ch. 10 - Prob. 3DQCh. 10 - In a cash receipts journal, both the Accounts...Ch. 10 - If a cash payments journal is supposed to save...
Ch. 10 - Describe the posting procedure for a cash payments...Ch. 10 - Prob. 7DQCh. 10 - Prob. 8DQCh. 10 - For the following purchases of merchandise,...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Describe the transactions recorded in the...Ch. 10 - Record the following transactions in general...Ch. 10 - Prob. 5ECh. 10 - Record general journal entries to correct the...Ch. 10 - Label the blanks in the column heads as either...Ch. 10 - Prob. 8ECh. 10 - Prob. 9ECh. 10 - Indicate the journal in which each of the...Ch. 10 - The following transactions were completed by...Ch. 10 - Preston Company sells candy wholesale, primarily...Ch. 10 - MacDonald Bookshop had the following transactions...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by...Ch. 10 - The following transactions were completed by Yang...Ch. 10 - C. R. McIntyre Company sells candy wholesale,...Ch. 10 - Prob. 3PBCh. 10 - The following transactions were completed by Yang...Ch. 10 - The following transactions were completed by...Ch. 10 - Prob. 1ACh. 10 - You are the manager of the Accounts Receivable...Ch. 10 - Prob. 3ACh. 10 - Suppose we collected cash from a charge customer...Ch. 10 - Prob. 1CP
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