College Accounting (Book Only): A ...
Solutions
College Accounting (Book Only): A ...
Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc.
- a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping.
- b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.
Prepare journal entry to record the given transactions in the general journal form for Company F and Company R.
General journal:
This is a journal used to record infrequent transactions like adjusting entries, closing entries, accounting errors, sale of assets, or bad debts expense.
Prepare journal entry to record the given transactions in the general journal form for Company F.
| Serial Number | Account Titles and explanation | Debit ($) | Credit ($) |
| a. | Purchase | 1,875.34 | Â |
| Â | Â Â Â Â Accounts payable, Company R | Â | 1,875.34 |
| Â | (To record the purchase of merchandise from the Company R, invoice no.10594 terms n/30) | Â | Â |
| Â | Â | Â | Â |
| b. | Accounts payable | 135.78 | Â |
| Â | Â Â Â Â Purchase returns and allowance | Â | 135.78 |
|  | (To record the credit memo no.513A for return of merchandise) |  |  |
Table (1)
(a)
- Purchase is a component of stockholder’s equity and there is an increase in the value of expense. Hence, debit the purchase with $1,875.34.
- Accounts payable is a liability and there is an increase in the value of liability. Hence, credit the accounts payable with $1,875.34.
(b)
- Accounts payable is a liability and there is a decrease in the value of liability. Hence, debit the accounts payable with $135.78
- Purchase return and allowance is a contra expense and decrease the value of purchase (expense). Hence, credit the purchase return and allowance with $135.78.
Prepare journal entry to record the given transactions in the general journal form for Company R.
| Serial Number | Account Titles and explanation | Debit ($) | Credit ($) |
| a... |
Chapter 9 Solutions
Additional Business Solutions
Find more solutions based on key concepts
Show solutions addThe actual cash received from cash sales was 71,315, and the amount indicated by the cash register total was 71...
Financial Accounting
Costs that cannot be affected by any future action are called a. differential costs. b. sunk costs. c. inventor...
Managerial Accounting: The Cornerstone of Business Decision-Making
A net present value analysis used to evaluate a proposed equipment acquisition indicated a 7,900 net present va...
Financial And Managerial Accounting
In rimes of rising prices, the inventory cost method that will yield the highest cost of goods sold is (a) LIFO...
College Accounting, Chapters 1-27
Explain the GFS backup technique. Is it used for sequential files or direct access techniques? Explain.
Accounting Information Systems
Capital and revenue expenditures On February 14, Garcia Associates Co. paid 2,300 to repair the transmission on...
Corporate Financial Accounting
How is setup time related to lead time?
Financial & Managerial Accounting
Accounts Payable and Cash Discounts Byrd Company had the following transactions during 2019 and 2020: On Decemb...
Intermediate Accounting: Reporting And Analysis
Many large companies monitor Twitter and Facebook posts. They have discovered social media as a tool for averti...
Essentials of Business Communication (MindTap Course List)
Rate yourself on the following 15 behaviors and characteristics, according to the following scale. = Strongly d...
Management, Loose-Leaf Version
Explain how reducing a government budget deficit makes future generations better off. What fiscal policy might ...
Principles of Macroeconomics (MindTap Course List)
How are inflation and unemployment related in the short run?
Essentials of Economics (MindTap Course List)
INTEGRATED CASE NEW WORLD CHEMICALS INC. FINANCIAL FORECASTING Sue Wilson, the new financial manager of New Wor...
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produ...
Principles of Microeconomics (MindTap Course List)
Contrast how marketing plans differ at various levels in an organization.
Contemporary Marketing
The Bureau of Transportation Statistics Omnibus Household Survey is conducted annually and serves as an informa...
STATISTICS F/BUSINESS+ECONOMICS-TEXT
(Varieties of Oligopolies) Do the firms in an oligopoly act independently or interdependently? Explain your ans...
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
Compare the four forms of competition.
Foundations of Business (MindTap Course List)
Assume that a manager can obtain information from the organizations data-base in three ways: by direct inquiry ...
Accounting Information Systems
What is a government budget deficit? How does it affect interest rates, investment, and economic growth?
Brief Principles of Macroeconomics (MindTap Course List)
RESIDUAL DIVIDEND MODEL Walsh Company is considering three independent projects, each of which requires a 4 mil...
Fundamentals of Financial Management (MindTap Course List)
If the business community becomes more optimistic about the profitability of capital, the _____ curve for loana...
Principles of Economics (MindTap Course List)
Analyze the components of the consumer decision-making process
MKTG 12:STUDENT ED.-TEXT
Entries for installment note transactions On January 1, 2016, Hebron Company issued a 175,000, five-year, 8% in...
Accounting (Text Only)
A business had revenues of 679,000 and operating expenses of 588,000. What was the amount of (A) net loss or (B...
Financial & Managerial Accounting
The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are s...
Financial Accounting
A random telephone survey of 1021 adults (aged 18 and older) was conducted by Opinion Research Corporation on b...
Statistics for Business & Economics, Revised (MindTap Course List)
Since the Fed has begun paying interest on bank reserves at the Fed, do banks still want to avoid holding exces...
Exploring Economics
Why is the NFV of a relatively long-term project (one for which a high percentage of its cash flows occurs in t...
Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)
Suppose you are a director of an energy company that has three divisionsnatural gas, oil, and retail (gas stati...
Fundamentals of Financial Management (MindTap Course List)
Describe the direct method of reporting cash flows from operating activities.
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Explain how electronic data interchange (EDI) is used to link two companies business processes together.
Pkg Acc Infor Systems MS VISIO CD
Explain the view of those economists who are skeptical of the efficient markets hypothesis.
Principles of Macroeconomics (MindTap Course List)
Use the percentage method to compute the federal income taxes to withhold from the wages or salaries of each em...
PAYROLL ACCT.,2019 ED.(LL)-TEXT
Metric analysis of transactions Using transactions listed in P2-i for Stanley Insurance Inc. indicate the effec...
Survey of Accounting (Accounting I)
Post-closing trial balance An accountant prepared the following post-closing trial balance: Security Services C...
Corporate Financial Accounting
What factors are making re-shoring and nearshoring more attractive as part of an organizations worldwide sourci...
Purchasing and Supply Chain Management
Silverado, Inc., is a closely held brokerage firm that has been very successful over the past five years, consi...
Cornerstones of Cost Management (Cornerstones Series)
If GDP is 400 billion and the countrys population is 100 million, does it follow that each individual in the co...
Economics (MindTap Course List)
The term socialism refers to which of the following? a. A religion centered on community interaction b. An econ...
Economics For Today
What is the deadweight loss of monopoly?
Microeconomics
