Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem P5.35APGA
Journalizing purchase and sale transaction
Learning Objective 2, 3
Joumalize the following transactions that occurred in November 2018 for Julie’s Fun World. No explanations are needed. Identify each accounts payable and
| Sep. 4 | Purchased merchandise inventory on account from Vera Company, $5,000. Terms 3/10, n/EOM, FOB shipping point. |
| 6 | Paid freight bill of $100 on November 4 Purchase. |
| 8 | Returned half the inventory purchased on November 4 from Vera Company. |
| 10 | Sold merchandise inventory for cash, $1,100. Cost of goods, $400. FOB destination. |
| 11 | Sold merchandise inventory to Geary Corporation, $11,100, on account, terms of 2/10, n/EOM. Cost of goods, $6,105. FOB shipping point. |
| 12 | Paid freight bill of $20 on November 10 sale. |
| 13 | Sold merchandise inventory to Caldwell Company, $9,500, on account, terms of n/45. Cost of goods, $5,225. FOB shipping point. |
| 14 | Paid the amount owed on account from November 4, less return and discount. |
| 17 | Received defective inventory as a sales return from the November 13 sale, $500. Cost of goods, $275. |
| 18 | Purchased inventory of $3,600 on account from Rainman Corporation. Payment terms were 2/10, n/30, FOB destination. |
| 20 | Received cash from Geary Corporation, less discount, |
| 26 | Paid amount owed on account from November 18, less discount. |
| 28 | Received cash from Caldwel Company, less return. |
| 29 | Purchased inventory from Sandra Corporation for cash, $12,300. FOB shipping point. Freight in paid to shipping company, $170. |
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Chapter 5 Solutions
Horngren's Accounting (12th Edition)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Austin sold inventory for $2/10, n/30. Cost of...Ch. 5 - Prob. 6QCCh. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - Prob. 10AQC
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