Horngren's Accounting, Student Value Edition (11th Edition)
11th Edition
ISBN: 9780133851182
Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 7, Problem 7.1DC
Decision Case 7-1
A fire destroyed certain accounting records of Green Books. The controller, Marilyn Green, asks your help in reconstructing the records. All of the sales are on account, with credits terms of n/30. The only accounting record preserved from the fire is the
Requirements
1. Determine the beginning and ending balances of Accounts Receivable.
2. Determine the sales on account in the month of April.
3. Determine total cash receipts on account from customers during April.
| Garcia Sales | ||||||
| Balance | ||||||
| Date | Post. Ref. | Debit | Credit | Debit | Credit | |
| Apr. 1 | 450 | |||||
| 3 | CR.8 | 450 | 0 | |||
| 25 | S.6 | 3,600 | 3,600 | |||
| 29 | S.6 | 1,100 | 4,700 | |||
| Leewright, Inc. | ||||||
| Balance | ||||||
| Date | Post. Ref. | Debit | Credit | Debit | Credit | |
| Apr. 1 | 2,800 | |||||
| 15 | S.6 | 2,600 | 5,400 | |||
| 29 | CR.8 | 1,500 | 3,900 | |||
| Sally Jones | ||||||
| Balance | ||||||
| Date | Post. Ref. | Debit | Credit | Debit | Credit | |
| Apr. 1 | 1,100 | |||||
| 5 | CR.8 | 1,100 | 0 | |||
| 11 | S.6 | 400 | 400 | |||
| 21 | CR.8 | 400 | 0 | |||
24 |
S.6 | 2,000 | 2,000 | |||
| Jacques LeHavre | ||||||
| Balance | ||||||
| Date | Post. Ref. | Debit | Credit | Debit | Credit | |
| Apr. 1 | 0 | |||||
| 8 | S.6 | 2,400 | 2,400 | |||
| 16 | S.6 | 900 | 3,300 | |||
| 18 | CR.8 | 2,400 | 900 | |||
19 |
J.5 | 200 | 700 | |||
| 27 | CR.8 | 700 | 0 | |||
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A fire destroyed certain accounting records of Green Books. The controller, Marilyn Green, asks your help in reconstructing the records. All of the sales are on account, with credit terms of n/30. The only accounting record preserved from the fire is the accounts receivable subsidiary ledger, which follows.
Requirements
Determine the beginning and ending balances of Accounts Receivable.
Determine the sales on account in the month of April.
Determine total cash receipts on account from customers during April
E8-4 Recording Write-Offs and Recoveries [LO 8-2]
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Required:
Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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9-22 The following misstatements are included in the accounting records of the Jasmine Manufacturing Company:1. Several key-entry mistakes resulted in the exclusion of three invoices.2. A customer complained of having received a bill that had been paid in the past. He produced a receipt, but there was no record of the payment in the books.3. A shipment to a customer was not billed because the bill of lading was lost.4. Merchandise was shipped to a customer but no bill of lading was prepared. Because billings are prepared from bills of lading, the customer was not billed.5. Commercial and residential customers are not differentiated on bills of lading.6. Sales generated through the company’s Web site are recorded when customers place orders online.7. A shipment of goods was recorded as paid at the end of the year but was recorded as unpaid at the beginning of the next year.8. Several invoices were lost when the office moved to a new location.Requireda. Identify whether each misstatement…
Chapter 7 Solutions
Horngren's Accounting, Student Value Edition (11th Edition)
Ch. 7 - Which of the following benefits of an effective...Ch. 7 - Prob. 2QCCh. 7 - Which of the following is not a special journal?...Ch. 7 - Mountain Day Spa sold merchandise inventory on...Ch. 7 - Prob. 5QCCh. 7 - Centex Sound Systems purchased merchandise...Ch. 7 - Every transaction recorded in the cash payments...Ch. 7 - Prob. 8QCCh. 7 - Which is a disadvantage of an enterprise resource...Ch. 7 - Prob. 1RQ
Ch. 7 - Prob. 2RQCh. 7 - Explain the three basic components of an...Ch. 7 - What is a special journal?Ch. 7 - What is the purpose of a subsidiary ledger?Ch. 7 - Prob. 6RQCh. 7 - List the four special journals often used in a...Ch. 7 - Explain the posting process of the sales journal.Ch. 7 - Provide some examples of transactions that would...Ch. 7 - What are the columns that are typically used in...Ch. 7 - Prob. 11RQCh. 7 - When is the general journal used in a manual...Ch. 7 - Explain the two components of a computerized...Ch. 7 - Prob. 14RQCh. 7 - What is an enterprise resource planning (ERP)...Ch. 7 - Prob. 16RQCh. 7 - How would a business record a sale of services on...Ch. 7 - How would a business record a bill received in...Ch. 7 - Prob. S7.1SECh. 7 - Defining components of an accounting information...Ch. 7 - Identifying special journals Learning Objective 2...Ch. 7 - Prob. S7.4SECh. 7 - Posting transactions from a sales journal to a...Ch. 7 - Prob. S7.6SECh. 7 - Prob. S7.7SECh. 7 - Prob. S7.8SECh. 7 - Posting transactions from a purchases journal to a...Ch. 7 - Prob. S7.10SECh. 7 -
S7-6 Recording transactions in a cash receipts...Ch. 7 - Prob. S7.12SECh. 7 - Prob. S7.13SECh. 7 - Prob. E7.14ECh. 7 - Prob. E7.15ECh. 7 - Prob. E7.16ECh. 7 - Prob. E7.17ECh. 7 - Prob. E7.18ECh. 7 - Prob. E7.19ECh. 7 - Recording transactions-cash payments journal...Ch. 7 - Prob. E7.21ECh. 7 - Identifying transactions in the accounts payable...Ch. 7 - Prob. E7.23ECh. 7 - Using the sales, cash receipts, and general...Ch. 7 - Prob. P7.25APGACh. 7 - Using all journals, posting, and balancing the...Ch. 7 - Prob. P7.27BPGBCh. 7 - Prob. P7.28BPGBCh. 7 - Prob. P7.29BPGBCh. 7 - >Continuing Problem P7-30 Using all journals This...Ch. 7 - >Practice Set P7-31 Using all journals This...Ch. 7 - Prob. 1CPCh. 7 - Prob. 2CPCh. 7 - Prob. 3CPCh. 7 - Prob. 4CPCh. 7 - Prob. 5CPCh. 7 - Prob. 6CPCh. 7 - Prob. 7CPCh. 7 - Prob. 8CPCh. 7 - Prob. 9CPCh. 7 - Decision Case 7-1 A fire destroyed certain...Ch. 7 - Fraud Case 7-1 Didrikson Rubin, the auditor of Red...
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