FUNDAMENTAL ACCT PRIN CONNECT ACCESS
25th Edition
ISBN: 9781265592455
Author: Wild
Publisher: MCG
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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
Journalizing Purchases Transactions
Enter the following transactions in a purchases journal.
Jan.
Purchased merchandise from Feng, $5,500. Invoice No. 416, dated January 1, terms
3 2/10, n/30.
Purchased merchandise from Schneider, $9,100. Invoice No. 624, dated January 10,
12
terms n/30.
Purchased merchandise from J. B. Barba, $5,800. Invoice No. 190, dated January 18,
19
terms 1/10, n/30.
Purchased merchandise from Ramirez, $3,800. Invoice No. 923, dated January 25,
26
terms 1/15, n/30.
Page: 1
PURCHASES DEBIT
INVOICE
NO.
POST.
REF.
FROM WHOM PURCHASED
ACCTS. PAY.
CREDIT
DATE
М.d
1
1
М.d
2
2
М. d
3
М. d
4
4
3.
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.…
Chapter 7 Solutions
FUNDAMENTAL ACCT PRIN CONNECT ACCESS
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 and accounts payable ledger accounts, journalize and post the following transactions: July 7Returned merchandise to Starcraft Industries, 700. 15Returned merchandise to XYZ, Inc., 450. 27Returned merchandise to Datamagic, 900.arrow_forwardJOURNALIZING 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_forward
- PURCHASES 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_forwardPURCHASES 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_forward
- Sandren 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_forwardPURCHASES 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_forward
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