College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 9, Problem 5PA
Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year:
Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, $570.40.
5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, $486.10.
6 Issued credit memo no. 50 to Myers Company for merchandise returned, $40.70.
10 Sold merchandise on account to Diaz Hardware, invoice no. 763, $293.35.
14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, $640.16.
17 Sold merchandise on account to Powell and Reyes, invoice no. 765, $582.12.
21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, $68.44.
24 Sold merchandise on account to Ortiz Company, invoice no. 766, $652.87.
26 Sold merchandise on account to Diaz Hardware, invoice no. 767, $832.19.
30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, $98.50.
Required
- 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74.
- 2. Immediately after recording each transaction, post to the accounts receivable ledger.
- 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412.
- 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.
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Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
Ch. 9 - Which of the following is true about the Sales...Ch. 9 - What is the accounts receivable ledger? a. A...Ch. 9 - Using the information contained in the accounts...Ch. 9 - Prob. 4QYCh. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QYCh. 9 - The schedule of accounts payable lists each...Ch. 9 - If the seller assumes the entire cost of...Ch. 9 - Under the perpetual inventory system, how does the...Ch. 9 - Purchases on account of merchandise for resale...
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 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 - Prob. 1PBCh. 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 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Prob. 1CP
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