close solutoin list

Berry’s Pet Store records purchase transactions in the general journal. The company is located in Boston, Massachusetts. In addition to a general ledger, Berry’s Pet Store also uses an accounts payable ledger. Transactions for April related to the purchase of merchandise are as follows: Apr. 2 Bought ten Carefree Pet Bedding bags from Blackburn Company, $399.90, invoice no. 4R48, dated April 1; terms net 30 days; FOB destination. 5 Bought seven Marine Betta Kits from Herrera Company, $83.93, invoice no. 4851, dated April 3; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, $15 (total $98.93). 6 Bought 15 Two Door Deluxe Kennels from Barrett, Inc., $719.85, invoice no. 1845R, dated April 5; terms 1/10, n/30; FOB destination. 8 Bought five Dome Top Bird Cages from Faulkner Company, $1,849.95, invoice no. 1485, dated April 7; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, $76 (total $1,925.95). 13 Received credit memo no. 415 from Faulkner Company for merchandise returned, $589.13. 23 Bought three Five Tiered Cat Trees from Rhodes Manufacturing, $1,107, invoice no. 246J, dated April 21; terms net 60 days; FOB destination. 27 Bought 30 Glitter Collection Leashes from Solomon Products Company, $299.70, invoice no. 2675, dated April 25; terms net 30 days; FOB destination. 30 Received credit memo no. 861 from Solomon Products Company for merchandise returned, $76.25. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the April 1 balances, if any, as given: Barrett, Inc., $185.25; Blackburn Company, $254.64; Faulkner Company, $485.12; Herrera Company; Rhodes Manufacturing, $452.31; Solomon Products Company, $1,785.23. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using working papers, record the April 1 balances in the general ledger as given: Accounts Payable 212 controlling account, $3,162.55; Purchases 511, $559.06; Purchases Returns and Allowances 512, $123.50; Freight In 514, $15.20. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 115. 4. Post to the general ledger and the accounts payable ledger. 5. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.

BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087
BuyFind

College Accounting (Book Only): A ...

12th Edition
Cathy J. Scott
Publisher: Cengage Learning
ISBN: 9781305084087

Solutions

Chapter
Section
Chapter 9, Problem 2PA
Textbook Problem

Berry’s Pet Store records purchase transactions in the general journal.

The company is located in Boston, Massachusetts. In addition to a general ledger, Berry’s Pet Store also uses an accounts payable ledger. Transactions for April related to the purchase of merchandise are as follows:

Apr. 2    Bought ten Carefree Pet Bedding bags from Blackburn Company, $399.90, invoice no. 4R48, dated April 1; terms net 30 days; FOB destination.

5    Bought seven Marine Betta Kits from Herrera Company, $83.93, invoice no. 4851, dated April 3; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, $15 (total $98.93).

6    Bought 15 Two Door Deluxe Kennels from Barrett, Inc., $719.85, invoice no. 1845R, dated April 5; terms 1/10, n/30; FOB destination.

8    Bought five Dome Top Bird Cages from Faulkner Company, $1,849.95, invoice no. 1485, dated April 7; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, $76 (total $1,925.95).

13    Received credit memo no. 415 from Faulkner Company for merchandise returned, $589.13.

23    Bought three Five Tiered Cat Trees from Rhodes Manufacturing, $1,107, invoice no. 246J, dated April 21; terms net 60 days; FOB destination.

27    Bought 30 Glitter Collection Leashes from Solomon Products Company, $299.70, invoice no. 2675, dated April 25; terms net 30 days; FOB destination.

30    Received credit memo no. 861 from Solomon Products Company for merchandise returned, $76.25.

Required

  1. 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the April 1 balances, if any, as given: Barrett, Inc., $185.25; Blackburn Company, $254.64; Faulkner Company, $485.12; Herrera Company; Rhodes Manufacturing, $452.31; Solomon Products Company, $1,785.23. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow.
  2. 2. If using working papers, record the April 1 balances in the general ledger as given: Accounts Payable 212 controlling account, $3,162.55; Purchases 511, $559.06; Purchases Returns and Allowances 512, $123.50; Freight In 514, $15.20. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow.
  3. 3. Record the transactions in the general journal. If using Working Papers, begin on page 115.
  4. 4. Post to the general ledger and the accounts payable ledger.
  5. 5. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 9 Solutions

College Accounting (Book Only): A Career Approach
Show all chapter solutions
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - What is the purpose of each of the following? a....Ch. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - With regard to goods sold and purchased, explain...Ch. 9 - Explain the meaning and importance of the shipping...Ch. 9 - Describe the four procedures that most companies...Ch. 9 - Describe the posting procedures to the general...Ch. 9 - Describe the procedure for posting each of the...Ch. 9 - Who issues a credit memorandum and why?Ch. 9 - What is the difference between a periodic...Ch. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Abbott Florists sells flowers on a retail basis....Ch. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - R. J. Hinton Company sells electrical supplies on...Ch. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Jax Mercantile Co. has been northern Colorados...Ch. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Ms. Valli of All About You Spa has decided to...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
BOND VALUATION An investor has two bonds in his portfolio that have a face value of 1,000 and pay a 10% annual ...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)