FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781264898732
Author: Wild
Publisher: MCG
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Instructions: Give its Journal Entry
The company's Chart of accounts includes the following: Cash, Accounts Receivable, Merchandise Inventory, Supplies, Accounts payable; Wakang, capital; Sales; Sales Returns and Allowances; Sales Discounts; Purchases; Purchase returns and allowances; Purchase Discounts, Freight-In.
Sales are normally recorded on the date of thea. Customer purchase order.b. Bill of lading.c. Sales invoice.d. Payment check
Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
SALES JOURNAL
Page: 79
Date
Account
InvoiceNo.
Ref.
DR Accts.ReceivableCR Sales
DR COGSCR MerchandiseInventory
2019
Feb. 4
Evert Company
17433
E123
2,000.00
Feb. 8
King Inc.
17434
K331
775.30
Feb. 14
Martina Inc.
17435
M132
2,301.99
Feb. 16
Shriver Company
17436
S101
700.00
Total
fill in the blank 1
CASH RECEIPTS JOURNAL
Page: 102
Date
Account
InvoiceNo.
Ref.
CashDR
SalesDiscountsDR
AccountsReceivable,Sales, or OtherAccounts CR
2019
Feb. 1
Cash Sales
475.00
475.00
Feb. 5
Payment from Evert Co.
17433
1,960.00
40.00
2,000.00
Feb. 15
Bank loan
230
1,500.00
1,500.00
Feb. 21
Payment from…
Chapter 4 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Merchandise accounts and computations C2 Use the...Ch. 4 - Computing net invoice amounts P1 Compute the...Ch. 4 - Recording purchases, returns, and discounts taken...Ch. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 24QSCh. 4 - Prob. 25QSCh. 4 - Prob. 26QSCh. 4 - Prob. 27QSCh. 4 - Prob. 28QSCh. 4 - Prob. 29QSCh. 4 - Prob. 30QSCh. 4 - Prob. 31QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Exercise 4-3 Recording purchase, purchase returns...Ch. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Exercise 4-4 Recording sales, sales returns and...Ch. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 24ECh. 4 - Prob. 25ECh. 4 - Prob. 26ECh. 4 - Prob. 27ECh. 4 - Prob. 28ECh. 4 - Prob. 29ECh. 4 - Prob. 1PSACh. 4 - Prob. 2PSACh. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 1PSBCh. 4 - Prob. 2PSBCh. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Prob. 4SPCh. 4 - Prob. 1GLPCh. 4 - The General Ledger tool in connect several of the...Ch. 4 - Prob. 3GLPCh. 4 - Prob. 1.1AACh. 4 - Prob. 1.2AACh. 4 - Prob. 1.3AACh. 4 - Prob. 1.4AACh. 4 - Prob. 2.1AACh. 4 - Prob. 2.2AACh. 4 - Prob. 2.3AACh. 4 - Prob. 3.1AACh. 4 - Prob. 3.2AACh. 4 - Prob. 3.3AACh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 1BTNCh. 4 - COMMUNICATING IN PRACTICE C2 P3 P5 BTN 4-4 You are...Ch. 4 - Prob. 4BTN
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- SCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forwardJournal Entry to Separate Receivables An examination of Hutton Corporations accounting records indicates that all receivables are being recorded in a single account entitled Receivables. An analysis of the account reveals the following: Required: 1. Prepare a journal entry to separate the preceding items into their proper accounts. 2. How would each of the preceding items normally be reflected (current or noncurrent; trade or nontrade receivable) on Huttons balance sheet?arrow_forwardThe schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerarrow_forward
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- Oriole 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_forwardILLUSTRATIVE EXAMPLE Record the following credit purchases transactions in the Creditors Journal of Topsy Traders for July 2010. Post to the relevant ledger accounts in the General Ledger and the Creditors Ledger. Prepare a creditors list on 31 July 2010. Balances/Totals on 1 July 2010: Creditors control... R23 100 Trading stock Equipment.. Consumable stores R17 500 R35 000 R4 000 Repairs Stationery R8 500 RI 390 List of Creditors on 30 June 2010: R10 000 Longwane Suppliers. Richy Dealers... ww Wholesalers. R12 000 R1 100- Transactions: July 2010 Purchased the following from Richy Dealers and received credit invoice no. XX413: 6. R1 300 trading goods.. • stationery R220 10. Longwane Suppliers delivered the following per credit invoice no. 7865: merchandise R1 500 Office computer R5 400 NB: A trade discount of 10% must be deducted on merchandise supplied and thereafter R200 must be included for carriage on purchases. Office computer is not subject to carriage and trade discount. 16. WW…arrow_forwardWhen a customer returns a product to Hartville Equipment that the customer purchasedon account, Hartville will issue a to authorize a credit to the customer’saccount receivable on Hartville’s books:a. return authorizationb. refund notec. credit memod. manager approvalarrow_forward
- Describe the nature of the following documents and records andexplain their use in the sales and collection cycle: bill of lading, sales invoice, creditmemo, remittance advice, and monthly statement to customers.arrow_forwardWhat is the accounts receivable ledger? a. A record of credit customers and their balances b. A record of vendors and their balances c. Part of the sales journal d. Part of the general journal e. Part of the general ledgerarrow_forwardPurchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.arrow_forward
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