Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
12th Edition
ISBN: 9780134486826
Author: MILLER-NOBLES, Tracie L.; Mattison, Brenda L.; Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 7, Problem S7.8SE
Recording transactions in a purchases journal
Learning Objective 3
Oct. 1 Purchased merchandise Inventory on account with credit terms of 4/10,
n/30 from Mayer Co.. $2.200.
11 Purchased office supplies on account from Bird Co., $600. Terms were n/EOM.
24 Purchased furniture on account with credit terms of 3/10. n/60 from Silly
Co., $900.
Use the following purchases journal to record the preceding transactions.
other | Accounts | DR | |||||||
Date | Vendor Account Credited | Terms | Post, Ref. | Accounts Payable CR | Merchandise Inventory DR | Office Supplies DR | Account Title | Post, Ref. | Amount |
2018 | |||||||||
NOTE: SHORT EXERCISE S7-8 must be completed before attempting SHORT EXERCISE S7-9.
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Merchandising Business using Periodic Inventory System
Instruction: Prepare journal entries for the following transactions using the general journal format given in class discussion.
KIKAY HARDWARE
CHART OF ACCOUNTS
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INCOME
100
Cash and Cash Equivalents
400
Sales
101
Accounts Receivable
401
Sales Returns and Allowances
102
Merchandise Inventory
402
Sales Discount
103
Supplies
104
Equipment
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500
Purchases
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Purchase returns and Allowances
200
Accounts Payable
502
Purchase Discounts
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503
Freight In
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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.
Q
E-F:5-22 Journalizing purchase transactions (Learning Objective 2)
Howie Jewelers had the following purchase transactions. Journalize all
necessary transactions. Explanations are not required.
W
Jun. 20
20
Jul. 4
14
&
16
18
Received a $300 allowance from Southboro Diamonds for damaged but
usable goods.
24 Paid Southboro Diamonds, less allowance and discount.
4-
Purchased inventory of $5,100 on account from Sanders Diamonds, a
jewelry importer. Terms were 2/15, n/45, FOB shipping point.
Paid freight charges, $400.
Returned $600 of inventory to Sanders.
7
Paid Sanders Diamonds, less return.
Purchased inventory of $3,500 on account from Southboro Diamonds, a
jewelry importer. Terms were 2/10, n/EOM, FOB destination.
4+
8
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Chapter 7 Solutions
Horngren's Accounting: The Managerial Chapters (12th Edition) (loose Leaf Version)
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 - Posting transactions from a cash receipts journal...Ch. 7 - Recording transactions in a purchases journal...Ch. 7 - Posting transactions from a purchases journal to a...Ch. 7 - Prob. S7.10SECh. 7 - Prob. S7.11SECh. 7 - Prob. S7.12SECh. 7 - Prob. S7.13SECh. 7 - Prob. E7.14ECh. 7 - Prob. E7.15ECh. 7 - Using the sales and cash receipts journals...Ch. 7 - Prob. E7.17ECh. 7 - Prob. E7.18ECh. 7 - Prob. E7.19ECh. 7 - Recording transactions-cash payments journal...Ch. 7 - Posting from the purchases journal; balancing the...Ch. 7 - Identifying transactions in the accounts payable...Ch. 7 - Prob. E7.23ECh. 7 - Prob. P7.24APGACh. 7 - Prob. P7.25APGACh. 7 - Prob. P7.26APGACh. 7 - Prob. P7.27BPGBCh. 7 - Using the purchases, cash payments, and general...Ch. 7 - Using all Journals, posting, and balancing the...Ch. 7 - Continuing Problem P7-3D Using aft journals This...Ch. 7 - Using all journals 2 This problem continues the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Comprehensive Problem for Chapter 7 Completing the...Ch. 7 - Tying It All Together Case Before you begin this...Ch. 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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- 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.arrow_forwardCengage Learning keAssignment/takeAssignmentMain.do?invoker=&takeAssignment geNOWv2 | Online teachi x Institution Page a. b. Freight Terms Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. b. Merchandise $58,600 73,100 Check My Work Freight Paid by Seller X $1,300 600 Presentation Principals of Mark X Session Locator=&inprogress=false Freight Terms FOB destination, 1/10, n/30 FOB shipping point, 2/10, n/30 Credit for Refunds and Allowances $6,500 3,900 ES Previous ☐ 9:08 O - 0arrow_forwardeBook Show Me How Print Item Journalizing Purchases Transactions Instructions Chart of Accounts General Journal Instructions January Transactions: Jan. 3 Purchased merchandise from Feng, $7,000. Invoice No. 416, dated January 1, terms 2/10, n/30. 12 Purchased merchandise from Miranda, $8,000. Invoice No. 624, dated January 10, terms n/30. 19 Purchased merchandise from J. B. Barba, $6,600. Invoice No. 190, dated January 18, terms 1/10, n/30. 26 Purchased merchandise from Ramirez, $4,100. Invoice No. 923, dated January 25, terms 1/15, n/30. Required: Journalize the transactions in a general journal.arrow_forward
- Assuming that you are a retail merchandiser. You bought goods from wholesale merchandiser under the credit terms of 2/10 n/30. Which of the following Journal entry will be recorded in your business assuming that you are using a periodic inventory system? a. Debit Purchase Credit Accounts payable b. Debit Cash Credit Accounts payable c. Debit Accounts receivable Credit Sales d. Debit Accounts payable Credit Purchasearrow_forwardab User Management,... H https://outlook.offi... FES Protection Plan System 7 - North C... Homework Exercises Saved Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $1,005; terms n/30. 15 Recorded purchases for cash, $1,490. 30 Paid amount due to Salinas Company for the purchase on June 4. June Book Required: Record these transactions in a general journal. erences View transaction list Journal entry worksheet 1. 21 3 Paid amount due to Salinas Company for the purchase on June 4. Note: Enter cebits before credits.arrow_forwardInstructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…arrow_forward
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