BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
25th Edition
ISBN: 2818440044250
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 7, Problem 6E
Exercise 7-6 Purchases journal P3
Gomez Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal prepare a purchases journal like the one in Exhibit 7.9. Journalize the following transactions that should be recorded in the purchases journal.
July 1 Purchased $14,500 or merchandise on credit from Hector co., terms n/15.
4 Sold merchandise costing $320 to c. Paul for $430 cash.
8 Purchased $420 of office supplies from Zhang Co. on credit, terms n/30.
15 paid Hector $14,500 cash for the merchandise purchased on July 1.
21 Purchased $885 of store supplies on credit from Staples, terms n/30.
22 Sold merchandise costing $2,000 to MicroTran for $2,500 on credit, terms n/30.
23 Purchased office supplies from Depot for $305 cash.
25 Purchased $3,000 of merchandise on credit from Alfredo Co., terms n/30.
27 Paid employee salaries of $1,650 in cash.
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Chapter 11 Homework
eBook
Show Me How
Print Item
Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger
Instructions
Chart of Accounts
General Journal
General Ledger Accounts Payable Ledger
Instructions
Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts.
March Transactions:
Mar.
Returned merchandise to Tower Industries, $500.
Returned merchandise to A &D Arms, $600.
Returned merchandise to Mighty Mansion, $325.
11
23
>
General Ledger
Account No.
Account
Balance Mar. 1, 20--
202
Accounts Payable
$7,950
501.1
Purchases Returns and Allowances
Accounts Payable Ledger
Name
Balance Mar. 1, 20-
A & D Arms
Mighty Mansion
$2,100
1,350
Tower Industries
4,500
Required:
Journalize and post the transactions.
Chapter 12 Homework
еBook
Show Me How
Print Item
Purchases Journal
Instructions
Chart of Accounts
Supplier List
Purchase Journal
General Ledger
Instructions
Ann Benton, owner of Benton's Galleria, made the following purchases of merchandise on account during the month of October:
Oct.
2 Purchase Invoice No. 321, $1,950, from Boggs Distributors.
Purchase Invoice No. 152, $2,915, from Wolfs Wholesaler.
General Ledger
Uenerai Leuger insu uctionS
10
Purchase Invoice No. 634, $3,565, from Komuro & Co.
16
Purchase Invoice No. 349, $2,845, from Fritz & McCord, Inc.
24
Purchase Invoice No. 587, $3,370, from Boggs Distributors.
GENERAL LEDGER
(
• Account: Accounts Payable
• Account: Purchases
26
Purchase Invoice No. 764, $2,240, from Sanderson Company.
31
Purchase Invoice No. 672, $1,630, from Wolfs Wholesaler.
Required:
%3D
1. Record the transactions in the purchases journal. Total the journal.
2. Post from the purchases journal to the general ledger and accounts payable ledger accounts.…
Exercise 5-3
Prepare journal entries to record the following transactions for a retail store. The company uses a perpet-
ual inventory system and the gross method.
Recording purchases,
purchases retums, and
Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice
purchases allowances
dated April 2, and FOB shipping point.
3 Paid S300 cash for shipping charges on the April 2 purehase.
Returned to Lyon Company unacceptable merchandise that had an invoice price of S600.
Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned
merchandise.
P1
17
18 Purchased S8.500 of merchandise from Frisi Corp. with eredit terms of 1/10. n/30, invoice
dated April 18, and FOB destination.
After negotiations, received from Frist a S500 allowance toward the S8.500 owed on the
April 18 purchase.
Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.
21
Check April28, C Cash,
$7.920
28
CS Scanned…
Chapter 7 Solutions
BA 511 CUSTOM CONNECT FOR FUND ACC PRINC
Ch. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Identifying general and subsidiary ledgers C2 For...Ch. 7 - QS 7-4 Controlling accounts and subsidiary ledgers...Ch. 7 - QS7-3
Identifying the special journal of...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - QS 7-9 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 10QS
Ch. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 14QSCh. 7 - Prob. 15QSCh. 7 - Prob. 1ECh. 7 - Exercise 7-2 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 3ECh. 7 - Exercise 7-4 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 5ECh. 7 - Exercise 7-6 Purchases journal P3 Gomez Company...Ch. 7 - Prob. 7ECh. 7 - Exercise 7-8 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 9ECh. 7 - Exercise 7-10 Purchases journal and error...Ch. 7 - Prob. 11ECh. 7 - Exercise 7-10
Posting to subsidiary ledger...Ch. 7 - Exercise 7-13 Days 'payable outstanding A1
The...Ch. 7 - Prob. 14ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Problem 7-3A Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1PSBCh. 7 - Prob. 2PSBCh. 7 - Prob. 3PSBCh. 7 - Assume that Santana Rey expands Business...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - What purpose is served by the output devices of an...Ch. 7 - When special journals are used, they are usually...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Credits to customer accounts and credits to Other...Ch. 7 - Prob. 10DQCh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTN
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- JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5Returned merchandise to Tower Industries, 500. 11Returned merchandise to A D Arms, 625. 23Returned merchandise to Mighty Mansion, 275.arrow_forwardJournalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.arrow_forwardPURCHASES TRANSACTIONS J. B. Speck, owner of Specks Galleria, made the following purchases of merchandise on account during the month of September: Sept. 3Purchase Invoice No. 415, 2,650, from Smith Distributors. 8Purchase Invoice No. 132, 3,830, from Michaels Wholesaler. 11Purchase Invoice No. 614, 3,140, from J. B. Sanders Co. 18Purchase Invoice No. 329, 2,250, from Bateman Jones, Inc. Sept. 23Purchase Invoice No. 767, 4,160, from Smith Distributors. 27Purchase Invoice No. 744, 1,980, from Anderson Company. 30Purchase Invoice No. 652, 2,780, from Michaels Wholesaler. Required 1. Record the transactions starting with page 16 of a general journal. 2. Post from the general journal to the general ledger accounts and to the accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.arrow_forward
- PURCHASES JOURNAL J. B. Speck, owner of Specks Galleria, made the following purchases of merchandise on account during the month of September: Sept. 3Purchase Invoice No. 415, 2,650, from Smith Distributors. 8Purchase Invoice No. 132, 3,830, from Michaels Wholesaler. 11Purchase Invoice No. 614, 3,140, from J. B. Sanders Co. 18Purchase Invoice No. 329, 2,250, from Bateman Jones, Inc. 23Purchase Invoice No. 867, 4,160, from Smith Distributors. 27Purchase Invoice No. 744, 1,980, from Anderson Company. 30Purchase Invoice No. 652, 2,780, from Michaels Wholesaler. Required 1. Record the transactions in the purchases journal. Total and rule the journal. 2. Post from the purchases journal to the general ledger and accounts payable ledger accounts. Use account numbers as shown in the chapter.arrow_forwardJOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.arrow_forwardSandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journalarrow_forward
- PURCHASES TRANSACTIONS Ann Benton, owner of Bentons Galleria, made the following purchases of merchandise on account during the month of October: Oct. 2Purchase Invoice No. 321, 1,950, from Boggs Distributors. 7Purchase Invoice No. 152, 2,915, from Wolfs Wholesaler. 10Purchase Invoice No. 634, 3,565, from Komuro Co. 16Purchase Invoice No. 349, 2,845, from Fritz McCord, Inc. 24Purchase Invoice No. 587, 3,370, from Boggs Distributors. 26Purchase Invoice No. 764, 2,240, from Sanderson Company. 31Purchase Invoice No. 672, 1,630, from Wolfs Wholesaler. Required 1. Record the transactions starting with page 16 of a general journal. 2. Post from the general journal to the general ledger accounts and to the accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.arrow_forwardC. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.arrow_forwardPURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE METHODS Romeros Heating and Cooling had the following transactions during April: Apr. 2Purchased merchandise on account from Alanon Valve for 1,000, terms 2/10, n/30. 5Purchased merchandise on account from Leons Garage for 1,400, terms 1/10, n/30. 11Paid the amount due to Alanon Valve for the purchase on April 2. 25Paid the amount due to Leons Garage for the purchase on April 5. 1. Prepare general journal entries for these transactions using the gross-price method. 2. Prepare general journal entries for these transactions using the net-price method.arrow_forward
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