College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 9, Problem 9E
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.
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Students have asked these similar questions
Sanchez Company is a wholesaler of bakery equipments. Beginning of the current year, the entity's inventory consisted of 90 bakery equipments priced at P1,000 each, and during the current year with the following transactions;
1. purchased 700 bakery equipments on account at P1,000 each
2. returned 60 defective bakery equipments to supplier and received credit.
3. paid 630 of the bakery equipments purchased.
4. sold 600 bakery equipments at P2,000 each
5. received 30 bakery equipments returned by a customer and gave credit.
6. received cash for 520 of the bakery equipments sold.
7. Physical count at year-end revealed 70 units on hand
Required;
a. prepare journal entries, including adjustments to record the above transactions assuming the company uses the periodic system and perpetual system
b. determine the cost of sales under each inventory system.
The following transactions occurred for Donaldson Inc. during the month of July.
Jul. 1
Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $6,500 on July 1, and issued invoice #12 on account #312.
Jul. 5
Sold 20 thing-a-jigs to Miami Inc. for $2,650 cash on July 5, and issued invoice #13.
Jul. 8
Sold 30 what-is to Smith Mfg. for $8,000 and offered terms of 2/10, n/30; issued invoice #14 on account #178.
Jul. 9
Received payment from Palm Springs Inc.
Jul. 22
Received payment from Smith Mfg. after expiration of the discount period.
Record the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. If an amount box does not require an entry, leave it blank.
SALES JOURNAL
Page: 22
Date
Account
InvoiceNo.
Ref.
DR Accts.ReceivableCR Sales
DR COGSCR MerchandiseInventory
2019
Jul. 1
fill in the blank 2
fill in the blank 3
fill in the blank 4
fill in the blank 5
Jul. 8
fill in the blank 7
fill in the blank 8…
Charlet Company sells office chairs to its customers. On May 2,
Rutherford Corporation purchased 16 of these office chairs from
Charlet for a list price of $300 each. Rutherford returned 4 of
the chairs on May 11, paid three-fourths of its bill on May 20
and paid the other one-fourth on May 26. Charlet offers credit
terms of 7/21, n/50 to its customers.
Calculate the total amount of cash Rutherford Corporation paid
to Charlet for its purchase of the office chairs.
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 - Sales and Purchases Ms. Valli of All About You Spa...
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