Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 2, Problem 15EA
a.
To determine
Calculate the total purchase of supplies if A flower shop recognizes the purchases while the orders are shipped.
b.
To determine
Calculate the total purchase of supplies if A flower shop recognizes the purchases while the orders are received.
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Hayashi Flower Shop uses a large amount of supplies in its business. The attatched table summarizes selected transaction data for supplies that Hayashi purchased.
Determine the total purchases of supplies for July alone under each of the following assumptions:
1.Hayashi recognizes purchases when orders are shipped.
2.Hayashi recognizes purchases when orders are received.
The following transactions occurred during the month of November in the operation of Wonderful Buy, Inc, a retailer of electronic merchandise. Record each transaction listed below to show its impact on the accounting equation in the table provided on the next page for that purpose. For any entry that impacts Retained Earnings, write a brief description in the column provided.
November 4 Purchased merchandise for $6,000 on account from International
Fragrance Corporation, terms: 3/10, n/60.
November 16 Sold merchandise to a customer on account for $8,000,
terms 2/10, n/30. The merchandise had cost Wonderful Buy’s $4,000.
November 18 Sold merchandise to a customer for cash, $850. The merchandise had cost
Wonderful Buy’s $350.
November 19 Customer returned $200 of the merchandise from the sale on
November 18 and was given a refund. The…
The following transactions occurred during the month of November in the operation of Wonderful Buy, Inc, a retailer of electronic merchandise. Record each transaction listed below to show its impact on the accounting equation in the table provided on the next page for that purpose. For any entry that impacts Retained Earnings, write a brief description in the column provided.
November 4 Purchased merchandise for $7,000 on account from International
Fragrance Corporation, terms: 3/10, n/60.
November 16 Sold merchandise to a customer on account for $6,500,
terms 2/10, n/30. The merchandise had cost Wonderful Buy’s $3,200.
November 18 Sold merchandise to a customer for cash, $850. The merchandise had cost
Wonderful Buy’s $350.
November 19 Customer returned $200 of the merchandise from the sale on
November 18 and was given a refund. The…
Chapter 2 Solutions
Principles of Accounting
Ch. 2 - A company incurs a cost for a part that is needed...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - How are assets and expenses related, and why are...Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Tell whether each of the following accounts is an...Ch. 2 - Prob. 2SE
Ch. 2 - Prob. 3SECh. 2 - Prob. 4SECh. 2 - Prob. 5SECh. 2 - Prob. 6SECh. 2 - Prob. 7SECh. 2 - Prepare a general journal form like the one in...Ch. 2 - Prepare three ledger account forms like the one in...Ch. 2 - Prob. 10SECh. 2 - Prob. 11SECh. 2 - Prob. 12SECh. 2 - Which of the following events would be recognized...Ch. 2 - You are given the following list of accounts with...Ch. 2 - The following ledger accounts are for Afocentric...Ch. 2 - Prob. 4EACh. 2 - The accounts that follow are applicable to Harolds...Ch. 2 - Prob. 6EACh. 2 - Prob. 7EACh. 2 - Prob. 8EACh. 2 - After recording the transactions in E6A, prepare a...Ch. 2 - The list that follows presents Shah Companys...Ch. 2 - Which of the following errors would cause a trial...Ch. 2 - Prob. 12EACh. 2 - Record the transactions in E6A in the general...Ch. 2 - Prob. 14EACh. 2 - Prob. 15EACh. 2 - Prob. 16EACh. 2 - Highland Design Company creates radio and...Ch. 2 - The following accounts are applicable to Georges...Ch. 2 - Jennifer Lopez opened a school for administrative...Ch. 2 - Sid Patel bid for and won a concession to rent...Ch. 2 - Nordtown Company is a marketing firm. The companys...Ch. 2 - Prob. 6APCh. 2 - The following accounts are applicable to Raymonds...Ch. 2 - Prob. 8APCh. 2 - David Roberts began an upholstery cleaning...Ch. 2 - Prob. 10APCh. 2 - Prob. 1CCh. 2 - Prob. 2CCh. 2 - Prob. 3CCh. 2 - Prob. 4CCh. 2 - Prob. 5CCh. 2 - Prob. 6CCh. 2 - Prob. 7C
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