close solutoin list

Williams Corporation had the following purchases for May: May 3 Bought ten lawn rakes from Owens Company, invoice no. J34Y9, $250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, $15 (total $265.25). 11 Bought one weed trimmer from Lionel’s Lawn & Landscaping, invoice no. R7740, $219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, $35 (total $254.72). 15 Bought five bags of fertilizer from Wright’s Farm Supplies, invoice no. 478, $210.97; terms net 30 days; dated May 13; FOB destination. 25 Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, $425.39; terms net 30 days; dated May 22; FOB destination. Assume that Williams Corporation had beginning balances on May 1 of $3,492.29 (Accounts Payable 212), $4,239.49 (Purchases 511), and $234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 9, Problem 9E
Textbook Problem

Williams Corporation had the following purchases for May:

May 3    Bought ten lawn rakes from Owens Company, invoice no. J34Y9, $250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, $15 (total $265.25).

11    Bought one weed trimmer from Lionel’s Lawn & Landscaping, invoice no. R7740, $219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, $35 (total $254.72).

15    Bought five bags of fertilizer from Wright’s Farm Supplies, invoice no. 478, $210.97; terms net 30 days; dated May 13; FOB destination.

25    Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, $425.39; terms net 30 days; dated May 22; FOB destination.

Assume that Williams Corporation had beginning balances on May 1 of $3,492.29 (Accounts Payable 212), $4,239.49 (Purchases 511), and $234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.

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 - Sales and Purchases Ms. Valli of All About You Spa...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
What is RAID?

Accounting Information Systems

Describe how banks create money.

Principles of Macroeconomics (MindTap Course List)

What methods are used?

Foundations of Business (MindTap Course List)

Discuss the following statement: All else equal, firms with relatively stable sales are able to carry relativel...

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