College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 10, Problem 5PA
The following transactions were completed by Nelson’s Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point.
July 3 Received cash from J. Smith in payment of June 29 invoice of $350, less cash discount.
6 Issued Ck. No. 1718, $742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for $750, less cash discount of $7.50.
July 9 Sold 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.
10 Issued 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.
12 Received $180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied.
18 Received $1,575 cash in payment of a $1,500 note receivable and interest of $75.
21 Voided Ck. No. 1720 due to error.
25 Received and paid utility bill, $152; Ck. No. 1721, payable to City Utilities Company.
31 Paid 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.
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Chapter 10 Solutions
College Accounting (Book Only): A Career Approach
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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