MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting, The Financial Chapters (My Accounting Lab)
11th Edition
ISBN: 9780133877502
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 7, Problem P7.30CT
>Continuing Problem
P7-30 Using all journals
This problem continues the Daniels Consulting situation. Daniels Consulting performs systems consulting. Daniels has also begun selling accounting software and uses the perpetual inventory system to account for software inventory. During January 2017, Daniels completed the following transactions:
Jan. 2 Completed a consulting engagement and received cash of $5,700.
2 Prepaid three months office rent, $2,400.
7 Purchased 50 units software inventory on account from Miller Co., $1,050, plus freight in, $50.
18 Sold 40 software units on account to Jason Needle, $2,625 (cost, $880).
19 Consulted with a client, Louis Frank, for a fee of $2,500 on account. (Use general journal.)
20 Paid employee salaries, $1,885, which includes accrued salaries from December of $685. Paid Miller Co. on account, $1,100. There was no discount.
21 Purchased 185 units software inventory on account from Whitestone Co., $4,810. Received bill and paid utilities, $375.
22 Sold 135 units software for cash, $5,265 (cost, $3,470).
24 Recorded the following
- Accrued salaries expense, $775
Depreciation on Equipment, $60; Depreciation on Furniture, $50- Expiration of prepaid rent, $800
- Physical count of software inventory, 50 units, $1,300
Daniels Consulting had the following
selected accounts with account numbers and normal balances:
Requirements
- Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column), a cash receipts journal, a purchases journal, a cash payments journal (omit the Check No. column), and a general journal.
- Total each column of the special journals. Show that total debits equal total credit in each special journal.
- Show how postings would be made from the journals by writing the account numbers and check marks in the appropriate places in the journals.
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Problem 1:
Quarry Company, a manufacturer of small tools, provided the following information for the year ended December 31, 2020.
Inventory at December 31, based on physical count – P1,750,000
Accounts payable at December 31 – P1,200,000
Net sales – P8,500,000
Additional information:
Included in the physical count were tools billed to a customer FOB shipping point on December 31, 2020. These tools had a cost of P28,000 and were billed at P35,000. The shipment was in loading dock waiting to be picked up by the common carrier.
Goods in transit from a vendor to Quarry Company on December 31, 2020. The invoice cost was P50,000 and the goods were shipped FOB shipping point on December 29, 2020.
Work in Process inventory costing P20,000 was sent to an outside processor for plating on December 30, 2020.
Tools returned by…
gandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
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Exercise 5A-9 a-b
Presented below is information for Ayayai Company for the month of March 2017.
Purchases
$212,426
Rent expense
$ 30,000
Freight-in
8,000
Sales discounts
9,000
Purchase returns and allowances
7,000
Sales returns and allowances
12,000
Salaries and wages expense
58,000
Sales revenue
375,000
Beginning inventory was $47,000, and ending inventory was $59,000.
Prepare a multiple-step income statement.
AYAYAI COMPANY
Income Statement
For the Month Ended March 31, 2017
Cost of Goods Available for Sale
375000
Sales Revenue
Less .
:
12000
Sales Returns and Allowances
9000
%24
%24
Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College
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Exercise 9-04 a-f (Part Level Submission)
At the beginning of the current period, Cheyenne had balances in Accounts Receivable of $286,000 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period,
had net credit sales of $890,000 and collections of $845,500. It wrote off as uncollectible accounts receivable of $6,000. However, a $4,000 account previously written off as
uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $24,800 at the end of the period. (Omit cost of goods sold entries.
(a - d)
(a) Prepare the entries to record sales and collections during the period.
(b) Prepare the entry to record the write-off of uncollectible accounts during the period.
(c) Prepare the entries to record the recovery of the uncollectible account during the…
Chapter 7 Solutions
MyLab Accounting with Pearson eText -- Access Card -- for Horngren's Accounting, The Financial Chapters (My Accounting Lab)
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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