Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)
7th Edition
ISBN: 9780136714194
Author: Tracie Miller-Nobles, Brenda Mattison
Publisher: PEARSON+
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Chapter 2, Problem 7QC
Posting a $2,500 purchase of office supplies on account appears as follows:
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Prepare the following journal entries.
a. sales on account are $ 8,200.
b.customer returns $ 1,200.
You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. Balance all accounts.
2009
July 1 Credit purchases form: K Hill $380; M Norman $500; N Senior $106.
3 Credit sales to: E Rigby $510; E Phillips $246; F Thompson $356.
5 Credit purchases from: R Morton $200; J Cook $180; D Edwards $410; C Davies $66.
8 Credit sales to: A Green $307; H George $250; J Ferguson $185.
12 Returns outwards to: M Norman $30; N Senior $16.
14 Return inwards from: E Phillips $18; F Thompson $22.
20 Credit sales to: E Phillips $188; F Powell $310; E Lee $420.
24 Credit purchases from: C Ferguson $550; K Ennevor $900.
31 Return inwards from: E Phillips $27; E Rigby $30.
31 Return outwards to: J Cook $13; C Davies $11.
what is the correcting entry for... receiving $7000 cash advance from a customer for future copying
Chapter 2 Solutions
Pearson eText Horngren's Financial & Managerial Accounting: The Financial Chapters -- Instant Access (Pearson+)
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability? a....Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 5QCCh. 2 - Prob. 6QCCh. 2 - Posting a 2,500 purchase of office supplies on...Ch. 2 - Prob. 8QCCh. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathville Laundry reported assets of 800 and...
Ch. 2 - Identify the three categories of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? Whats the difference...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - When are credits increases? When are credits...Ch. 2 - Prob. 8RQCh. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - What is the purpose of the trial balance?Ch. 2 - Prob. 15RQCh. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Consider the following...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances For each account,...Ch. 2 - Prob. 2.4SECh. 2 - Prob. 2.5SECh. 2 - Prob. 2.6SECh. 2 - Prob. 2.7SECh. 2 - Prob. 2.8SECh. 2 - Prob. 2.9SECh. 2 - Using accounting vocabulary March the accounting...Ch. 2 - Creating a chart of accounts Raymond Autobody Shop...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents For each transaction,...Ch. 2 - Analyzing and journalizing transactions As the...Ch. 2 - Prob. 2.17ECh. 2 - Prob. 2.18ECh. 2 - Analyzing transactions from T-accounts The first...Ch. 2 - Prob. 2.21ECh. 2 - Prob. 2.22ECh. 2 - Prob. 2.23ECh. 2 - Prob. 2.24ECh. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Prob. 2.27ECh. 2 - Prob. 2.28ECh. 2 - Prob. 2.29APCh. 2 - Prob. 2.30APCh. 2 - Prob. 2.31APCh. 2 - Prob. 2.32APCh. 2 - Prob. 2.33APCh. 2 - Prob. 2.34APCh. 2 - Prob. 2.35BPCh. 2 - Prob. 2.36BPCh. 2 - Prob. 2.37BPCh. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Prob. 2.41CPCh. 2 - Prob. 2.42PSCh. 2 - Prob. 2.1CTDCCh. 2 - Prob. 2.1CTEICh. 2 - Prob. 2.1CTFCCh. 2 - Prob. 2.1CTCA
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Suppose that an organization purchased $800 in supplies to be placed in inventory with cash of $500 and $300 remaining on credit, record the appropriate journal entry.arrow_forwardYour company paid rent of $1,000 for the month with check number 1245. Which journal would the company use to record this? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forwardReceived a check for $72 from a customer, Mr. White. Mr. White owed you $124. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalarrow_forward
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardIf a business sells $2000 worth of inventory to a customer for $3000 on credit, show all of the relevant journal entries for this transaction.arrow_forwardIt is a document received by your business when you purchase goods from supplier and asking 60 days credit: a. Credit note b. Debit note c. Purchase invoice d. Sales invoicearrow_forward
- If a vendor's invoice for the purchase of office supplies totaled $51.75, and this total included $3.60 PST and $3.15 GST, what amount would be recorded in the Office Supplies column of the Purchases Journal?arrow_forwardEmployee purchases of supplies with a company-issued credit card is typically recorded with a credit to a. Accounts Payable. b. Supplies. c. Cash. d. Supplies Expense.arrow_forwardIt is a document received by the business when they purchase goods from supplier and asking 60 days credit: a. Receipt b. Credit note c. Purchase invoice d. Debit notearrow_forward
- Emporium bank lends money to a customer on a six month note. What journal entry does the bank prepare? A. Debit note receivable and credit cash B. Debit cash and credit note receivable C: debit note receivable and credit service revenue D. Debit cash and credit note payablearrow_forwardOriole Products uses both special journals and a general journal. Oriole also posts customers' accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 305 245 Truong 0 Bal. 225 Gehrke Bal. 275 170 Weiser Bal. 155 310 160 230 225 275 155 Determine the correct amount of the end-of-month posting from the sales journal to the Accounts Receivable control account.arrow_forwardA check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts?arrow_forward
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