ACNT 1371 PRINT UPGRADE
10th Edition
ISBN: 9781260906554
Author: SPICELAND
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Question
Chapter 2, Problem 2.7E
To determine
Introduction: The financial statements of a company include
To state: The accounts that needs to be debited and credited for each transaction.
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Prepare the journal entries to record the following transactions on Crane Company’s books using a perpetual inventory system.
On March 2, Blue Company sold $999,000 of merchandise to Crane Company, terms 3/10, n/30. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system.
(a)
On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the
merchandise sold was $603,000. (List all debit entries before credit entries. Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
(To record credit sale)
(To record cost of merchandise sold)
Debit
Credit
IN T
The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers. Amsterdam Supply uses the net method under a perpetual inventory system. Also note that the company uses a clearing house to take care of all bank as well as non-bank credit cards used by its customers.
Record on page 10 of the journal
Mar.
2
Sold merchandise on account to Equinox Co., $19,100, terms FOB destination, 1/10, n/30. The cost of the goods sold was $14,470.
3
Sold merchandise for $11,000 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,260.
4
Sold merchandise on account to Empire Co., $50,410, terms FOB shipping point, n/eom. The cost of the goods sold was $32,900.
5
Sold merchandise for $28,550 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $18,220.
12
Received check for amount due from Equinox Co. for sale on March 2.…
Chapter 2 Solutions
ACNT 1371 PRINT UPGRADE
Ch. 2 - Explain the difference between external events and...Ch. 2 - Each economic event or transaction will have a...Ch. 2 - What is the purpose of a journal? What is the...Ch. 2 - Explain the difference between permanent accounts...Ch. 2 - Describe how debits and credits affect assets,...Ch. 2 - Describe how debits and credits affect temporary...Ch. 2 - What is the first step in the accounting...Ch. 2 - Prob. 2.8QCh. 2 - Prob. 2.9QCh. 2 - Prob. 2.10Q
Ch. 2 - What is an unadjusted trial balance? An adjusted...Ch. 2 - Define adjusting entries and discuss their...Ch. 2 - Define closing entries and their purpose.Ch. 2 - Define prepaid expenses and provide at least two...Ch. 2 - Deferred revenues represent liabilities recorded...Ch. 2 - Define accrued liabilities. What adjusting journal...Ch. 2 - Prob. 2.17QCh. 2 - [Based on Appendix A] What is the purpose of a...Ch. 2 - [Based on Appendix B] Define reversing entries and...Ch. 2 - [Based on Appendix C] What is the purpose of...Ch. 2 - Prob. 2.21QCh. 2 - Transaction analysis LO21 The Marchetti Soup...Ch. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Prob. 2.3BECh. 2 - Journal entries LO22 Prepare journal entries for...Ch. 2 - Adjusting entries LO25 Prepare the necessary...Ch. 2 - Adjusting entries; income determination LO24,...Ch. 2 - Prob. 2.12BECh. 2 - Journal entries LO22 Prepare journal entries to...Ch. 2 - T-accounts and trial balance LO23 Post the...Ch. 2 - Prob. 2.5ECh. 2 - Debits and credits LO22 Indicate whether a debit...Ch. 2 - Prob. 2.7ECh. 2 - Prob. 2.8ECh. 2 - Reversing entries Appendix 2B The employees of...Ch. 2 - Special journals Appendix 2C The White Companys...Ch. 2 - Prob. 2.24ECh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.12PCh. 2 - Judgment Case 21 Cash versus accrual accounting;...Ch. 2 - Communication Case 23 Adjusting entries LO24 I...Ch. 2 - Prob. 2.1DA
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