LooseLeaf for College Accounting: A Contemporary Approach
4th Edition
ISBN: 9781259995057
Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina
Publisher: McGraw-Hill Education
expand_more
expand_more
format_list_bulleted
Concept explainers
Question
Chapter 8, Problem 3PA
1.
To determine
Prepare the general ledger accounts and the accounts payable ledger accounts.
2.
To determine
Record the general journal into the general ledger accounts and the accounts payable ledger accounts.
3.
To determine
Create a schedule of accounts payable and compare it with the accounts payable control account.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
Please help me
You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. Balance all accounts.
2009
July 1 Credit purchases form: K Hill $380; M Norman $500; N Senior $106.
3 Credit sales to: E Rigby $510; E Phillips $246; F Thompson $356.
5 Credit purchases from: R Morton $200; J Cook $180; D Edwards $410; C Davies $66.
8 Credit sales to: A Green $307; H George $250; J Ferguson $185.
12 Returns outwards to: M Norman $30; N Senior $16.
14 Return inwards from: E Phillips $18; F Thompson $22.
20 Credit sales to: E Phillips $188; F Powell $310; E Lee $420.
24 Credit purchases from: C Ferguson $550; K Ennevor $900.
31 Return inwards from: E Phillips $27; E Rigby $30.
31 Return outwards to: J Cook $13; C Davies $11.
please help me to solve this
Chapter 8 Solutions
LooseLeaf for College Accounting: A Contemporary Approach
Ch. 8 - What is the name of the account used to record...Ch. 8 - What does FOB shipping point mean?Ch. 8 - Prob. 1.3SRQCh. 8 - Prob. 1.4SRECh. 8 - Prob. 1.5SRECh. 8 - Prob. 1.6SRACh. 8 - Prob. 2.1SRQCh. 8 - Prob. 2.2SRQCh. 8 - The total of the schedule of accounts payable...Ch. 8 - In the accounts payable ledger, a suppliers...
Ch. 8 - Prob. 2.5SRECh. 8 - Prob. 2.6SRACh. 8 - What is the name of the account used to record...Ch. 8 - What type of account is Purchases Returns and...Ch. 8 - Prob. 3CSRCh. 8 - Prob. 4CSRCh. 8 - Prob. 5CSRCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - What type of accounts are kept in the accounts...Ch. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Why is using the Purchases Returns and Allowances...Ch. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 17DQCh. 8 - Prob. 18DQCh. 8 - Identify the normal balance of the following...Ch. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Record the following transactions of J. Min...Ch. 8 - Record the following transactions of Allen Inc.:Ch. 8 - Bushard Company (buyer) and Schmidt, Inc. (seller)...Ch. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Record the following transactions of Fashion Park...Ch. 8 - On April 1, Moloney Meat Distributors sold...Ch. 8 - Bushard Company (buyer) and Schmidt, Inc. (seller)...Ch. 8 - Annettes Photo Shop is a retail store that sells...Ch. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - NewTech Medical Devices is a medical devices...Ch. 8 - Prob. 5PACh. 8 - Bowden Company (buyer) and Song, Inc. (seller),...Ch. 8 - The following transactions took place at Fine...Ch. 8 - Prob. 1PBCh. 8 - Taras Card and Novelty Shop is a retail card,...Ch. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - Belladonna Company (buyer) and Sachi, Inc....Ch. 8 - The following transactions took place at The...Ch. 8 - William Evans began Evans Distributors, a sporting...Ch. 8 - Prob. 2CTPCh. 8 - Prob. 1MFCh. 8 - Prob. 2MFCh. 8 - Prob. 3MFCh. 8 - Prob. 4MFCh. 8 - Prob. 5MFCh. 8 - Prob. 6MFCh. 8 - Prob. 1ED
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.arrow_forwardCatherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_forwardJohnson Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Johnson Hardware Supply converts the account to a note receivable. During 2018, Johnson Hardware Supply completed these transactions: A (Click the icon to view the transactions.) Requirement 1. Record the transactions in Johnson Hardware Supply, Inc.'s journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the sales on account. Journal Entry Date Accounts Debit Credit Apr 29 More Info Record the receipt of the note. 29 Sold goods on account to Parkview Corp., $24,000. Ignore cost of goods sold. 1 Received a $24,000, 60-day, 9% note from Parkview Corp., in satisfaction of its past-due account receivable. 31 Collected the Parkview Corp., note at maturity. Use 360-day year for interest computation and round to the nearest dollar. Journal Entry Apr Date Accounts Debit Credit Sep Sep Oct Record the collection of the Parkview Corp. note. Print Done…arrow_forward
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the com-pany hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. Cash sales $150,000 Collections on accounts receivable 350,000 Bank loan 90,000 Total cash receipts $590,000 The accounts receivable from customers at the end of the year are $120,000. You note that the accounts receivable at the beginning of the year were $190,000. The cash sales included $30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a.Compute the company’s accrual basis gross income for 2019. b.Would you recommend that Blue use the cash method or the…arrow_forwardPrepare the following journal entries. sales on account are $ 8,200. customer returns $ 1,200. customer is given an allowance of $ 425. a customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.arrow_forwardPrepare the following journal entries. a. customer is given an allowance of $ 425. b. A customer owes on account $ 2,000. The customer pays within the discount period and receives a sales discount of $ 40. Record the receipt of cash of $1,960.arrow_forward
- Star Company uses a purchases journal to record all purchases on account, including merchandise purchases. The company purchases merchandise and office supplies on a frequent basis. On November 12, Star Company purchased merchandise on account from Moon Company for $6,500, terms 2/10, n/30. How would this transaction be recorded in the purchases journal of Star Company?arrow_forwardYou are to enter up the sales, purchases and the returns inwards and returns outwards journals/day books from the following details, then the total of the journals are then to be transferred to the relevant accounts in the general ledger. 2018 May “ “ “ “ “ “ “ “ “ “ “ 1 3 7 9 11 14 17 20 24 28 31 Credit sales: T Thompson £56; L Rodriquez £148; K Barton £145 Credit purchases: P Potter £144; H Harris £25; B Spencer £76 Credit sales: K Kelly £89; N Mendes £78; N Lee £257 Credit Purchases: B Perkins £24; H Harris £58; H Miles £123 Goods returned by us to: P Potter £12; B Spencer £22 Goods returned to us by: T Thompson £5; K Barton £11;K Kelly £14 Credit purchases: H Harris £54; B Perkins £65: L Nixon £75. Goods returned by us to B Spencer £14 Credit sales: K Mohammed £57; K Kelly £65; O Green £112 Goods returned to us by N Mendes £24 Credit sales: N Lee £55arrow_forwardQuestion is attached in the image.arrow_forward
- 1) Sohar trading has returned goods to supplier for the damaged goods during the month May 2019, it is recorded in which of the following prime entry book? a. Sales return book b. Petty cash book c. Purchase return book d. Cash payments bookarrow_forwardOn February 1, Derrick Company establishes a $200 petty cash fund. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. View transaction list Journal entry worksheet < 1 On February 1, Derrick Company establishes a $200 petty cash fund. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down menus. Note: Enter debits before credits. Date Feb. 1 General Journal Debit Creditarrow_forwardUse the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. SALES JOURNAL Page: 79 Date Account InvoiceNo. Ref. DR Accts.ReceivableCR Sales DR COGSCR MerchandiseInventory 2019 Feb. 4 Evert Company 17433 E123 2,000.00 Feb. 8 King Inc. 17434 K331 775.30 Feb. 14 Martina Inc. 17435 M132 2,301.99 Feb. 16 Shriver Company 17436 S101 700.00 Total fill in the blank 1 CASH RECEIPTS JOURNAL Page: 102 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, or OtherAccounts CR 2019 Feb. 1 Cash Sales 475.00 475.00 Feb. 5 Payment from Evert Co. 17433 1,960.00 40.00 2,000.00 Feb. 15 Bank loan 230 1,500.00 1,500.00 Feb. 21 Payment from…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
- Individual Income TaxesAccountingISBN:9780357109731Author:HoffmanPublisher:CENGAGE LEARNING - CONSIGNMENT
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Individual Income Taxes
Accounting
ISBN:9780357109731
Author:Hoffman
Publisher:CENGAGE LEARNING - CONSIGNMENT
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License