Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
5th Edition
ISBN: 9780134078922
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Question
Chapter C, Problem C.30CP
1.
To determine
Special Journal: It is a book where only specific type of monetary transactions such as cash receipts, cash payments, credit sales, and credit purchases are recorded.
Sales Journal: It is a special book where only sales transactions that are sold to customer on credit are recorded.
Purchase Journal: It is a special book where only purchase transactions that are purchased from suppliers on credit are recorded.
Cash Receipts Journal: It is a special book where only cash receipts transactions that are received from customers or other sources are recorded.
Cash Payments Journal: It is a special book where only cash payments transactions that are paid to the supplier or other sources are recorded.
General Journal: It is a book where all the monetary transactions are recorded in the form of
To record: The transactions in a sales journal.
2.
To determine
To calculate: Total each column of the sales journal.
3.
To determine
To show: How posting would be made by writing the accounts numbers and check marks in the journals.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Damon Associates reported the following transactions during September 2017:
Sept. 8 Sold $3,000 of merchandise to Bruce Company for cash. The cost of the merchandise was $1,250
10 Owner invested $3,400 into the business.
15 Collected $580 from Lucille Adams on account.
16 Issued a credit memo for $650 to Susan Wilson for merchandise she purchased on credit several days ago. The cost of the returned
merchandise was $250.
Required: Record the above transactions below in either the cash receipts journal or the general journal. Note: Individual entries will only belong in one of these two journals.
Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows:
July 1
Chee Yong Chaw invested $ 30,240 cash and $ 17,640 office equipment into the business.
July 2
Purchased inventory from L Cao on account for $ 7,560 plus GST; terms 2/15, n/30. Paid July rental of $ 3,020 plus GST; by interbank transfer to Prime Properties Ltd.
July 3
Purchased inventory from Difabio Ltd on account for $ 6,130 plus GST; terms n/30.
July 6
Sold inventory to J Ellis on account for $ 1,680 plus GST; terms 2/15, n/30.
July 7
Received July rental of $ 760 plus GST for space sublet to Perth Services.
July 8
Purchased stationery supplies for $ 1,680 plus GST; cheque no. 124.
July 10
Purchased inventory for cash $ 1,660 plus GST.
July 13
Sold inventory to Giola Ltd on account for $ 3,780 plus GST; terms 2/10, n/30.
July 14
Purchased…
Comfy Recliner Chairs completed the following selected transactions:
i (Click the icon to view the transactions.)
Record the transactions in the journal of Comfy Recliner Chairs. Explanations are not required. (Round to the nearest dollar.) (Record debits first, then credits. Exclude explanations from journal entries. For notes stated in days, use a 365-day year.)
Begin with the transactions for 2024.
Jul. 1: Sold inventory to Good - Mart, receiving a $37,000, nine-month, 14% note. Ignore Cost of Goods Sold.
Date
Debit
Credit
2024
Jul. 1
Accounts
C
More info
2024
Jul. 1
Oct. 31
Dec. 31
Dec. 31
2025
Apr. 1
Jun. 23
Aug. 22
Nov. 16
Dec. 5
Dec. 31
Sold merchandise inventory to Good-Mart, receiving a $37,000, nine-month, 14% note. Ignore Cost of
Goods Sold.
Recorded cash sales for the period of $21,000. Ignore Cost of Goods Sold.
Made an adjusting entry to accrue interest on the Good-Mart note.
Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The…
Chapter C Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
Ch. C - Prob. 1QCCh. C - Prob. 2QCCh. C - Prob. 3QCCh. C - Prob. 4QCCh. C - Prob. 5QCCh. C - Centex Sound Systems purchased merchandise...Ch. C - Every transaction recorded in the cash payments...Ch. C - Prob. 8QCCh. C - Prob. 9QCCh. C - What is an accounting information system (AIS)?
Ch. C - Prob. 2RQCh. C - Explain the three basic components of an...Ch. C - Prob. 4RQCh. C - What is the purpose of a subsidiary ledger?Ch. C - Prob. 6RQCh. C - List the four special journals often used in a...Ch. C - Explain the posting process of the sales journal.Ch. C - Provide some examples of transactions that would...Ch. C - Explain the posting process of the cash payments...Ch. C - When is the general journal used in a manual...Ch. C - Prob. 14RQCh. C - Prob. 15RQCh. C - Prob. 16RQCh. C - How would a business record a sale of services on...Ch. C - Prob. 18RQCh. C - Evaluating features of an effective accounting...Ch. C - Prob. C.2SECh. C - Identifying special journals Use the following...Ch. C - Prob. C.4SECh. C - Prob. C.6SECh. C - Prob. C.8SECh. C - Prob. C.9SECh. C - Prob. C.10SECh. C - Posting transactions from a cash payments journal...Ch. C - Prob. C.12SECh. C - Prob. C.13SECh. C - Recording transactions-sales journal Feb. 1 Sold...Ch. C - Prob. C.15ECh. C - Prob. C.16ECh. C - Prob. C.17ECh. C - Prob. C.18ECh. C - Prob. C.19ECh. C - Prob. C.20ECh. C - Prob. C.21ECh. C - Prob. C.22ECh. C - Prob. C.23ECh. C - Prob. C.24APCh. C - Using the purchases, cash payments, and general...Ch. C - Prob. C.26APCh. C - Prob. C.27BPCh. C - Prob. C.28BPCh. C - Prob. C.29BPCh. C - Prob. C.30CPCh. C - Prob. C.31PSCh. C - Prob. 1COPCh. C - Prob. C.1CTDCCh. C - Didrikson Rubin, the auditor of Red Barn Farm...Ch. C - Communication Activity C-1 In 150 words or fewer,...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Chee Yong Chaw began his business on 1 July 2016. The business balances its books at month-end and uses special journals and the periodic inventory system. Transactions for July 2016 were as follows: July 1 Chee Yong Chaw invested $ 30,240 cash and $ 17,640 office equipment into the business. July 2 Purchased inventory from L Cao on account for $ 7,560 plus GST; terms 2/15, n/30. Paid July rental of $ 3,020 plus GST; by interbank transfer to Prime Properties Ltd. July 3 Purchased inventory from Difabio Ltd on account for $ 6,130 plus GST; terms n/30. July 6 Sold inventory to J Ellis on account for $ 1,680 plus GST; terms 2/15, n/30. July 7 Received July rental of $ 760 plus GST for space sublet to Perth Services. July 8 Purchased stationery supplies for $ 1,680 plus GST; cheque no. 124. July 10 Purchased inventory for cash $ 1,660 plus GST. July 13 Sold inventory to Giola Ltd on account for $ 3,780 plus GST; terms 2/10, n/30. July 14 Purchased…arrow_forwardThe following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions for January using a sales journal, page 73; a purchases journal, page 56; a cash receipts journal, page 38; a cash payments journal, page 45; and a general journal, page 100. Assume the periodic inventory method is used. 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily those entries involving the Other Accounts columns and the general journal to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Add the columns of the special journals and prove the equality of the debit and credit totals. 6. Post the appropriate totals of the special journals to the general ledger. 7. Prepare a trial balance. 8. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?arrow_forwardPalisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for July, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.arrow_forward
- The following transactions were completed by Hammond Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30. The balances of the accounts as of January 1 have been recorded in the general ledger in your Working Papers or in CengageNow. Hammond Auto Supply does not track cash sales by customer. Jan. 2Issued Ck. No. 6981 to JSS Management Company for monthly rent, 775. 2J. Hammond, the owner, invested an additional 3,500 in the business. 4Bought merchandise on account from Valencia and Company, invoice no. A691, 2,930; terms 2/10, n/30; dated January 2. 4Received check from Vega Appliance for 980 in payment of 1,000 invoice less discount. 4Sold merchandise on account to L. Paul, invoice no. 6483, 850. 6Received check from Petty, Inc., 637, in payment of 650 invoice less discount. 7Issued Ck. No. 6982, 588, to Fischer and Son, in payment of invoice no. C1272 for 600 less discount. 7Bought supplies on account from Doyle Office Supply, invoice no. 1906B, 108; terms net 30 days. 7Sold merchandise on account to Ellison and Clay, invoice no. 6484, 787. 9Issued credit memo no. 43 to L. Paul, 54, for merchandise returned. 11Cash sales for January 1 through January 10, 4,863.20. 11Issued Ck. No. 6983, 2,871.40, to Valencia and Company, in payment of 2,930 invoice less discount. 14Sold merchandise on account to Vega Appliance, invoice no. 6485, 2,050. Jan. 18Bought merchandise on account from Costa Products, invoice no. 7281D, 4,854; terms 2/10, n/60; dated January 16; FOB shipping point, freight prepaid and added to the invoice, 147 (total 5,001). 21Issued Ck. No. 6984, 194, to M. Miller for miscellaneous expenses not recorded previously. 21Cash sales for January 11 through January 20, 4,591. 23Issued Ck. No. 6985 to Forbes Freight, 96, for freight charges on merchandise purchased on January 4. 23Received credit memo no. 163, 376, from Costa Products for merchandise returned. 29Sold merchandise on account to Bruce Supply, invoice no. 6486, 1,835. 31Cash sales for January 21 through January 31, 4,428. 31Issued Ck. No. 6986, 53, to M. Miller for miscellaneous expenses not recorded previously. 31Recorded payroll entry from the payroll register: total salaries, 6,200; employees federal income tax withheld, 872; FICA Social Security tax withheld, 384.40, FICA Medicare tax withheld, 89.90. 31Recorded the payroll taxes: Social Security tax, 384.40, FICA Medicare tax, 89.90; state unemployment tax, 334.80; federal unemployment tax, 37.20. 31Issued Ck. No. 6987, 4,853.70, for salaries for the month. 31J. Hammond, the owner, withdrew 1,000 for personal use, Ck. No. 6988. Required 1. Record the transactions in the general journal for January. If you are using Working Papers, start with page 1 in the journal. Assume the periodic inventory method is used. The chart of accounts is as follows: 2. Post daily all entries involving customer accounts to the accounts receivable ledger. 3. Post daily all entries involving creditor accounts to the accounts payable ledger. 4. Post daily the general journal entries to the general ledger. Write the owners name in the Capital and Drawing accounts. 5. Prepare a trial balance. 6. Prepare a schedule of accounts receivable and a schedule of accounts payable. Do the totals equal the balances of the related controlling accounts?arrow_forwardSchrand Corporation purchase materials from a that offers credit terms of /supplier, n It purchased $12,500 of merchandized inventory from the supplier on Jan. 20, 2016.a. Assume Schrand paid the invoice on February 15,2016. Prepare a journal entry to record the purchase of this inventory and the cash payment to the supplier using the net of discount method.b. Set up the necessary T accounts and post the journal entries from question a to the accounts.c. Compute the cost of a lost discount as an annual percentage rate.arrow_forwardRite Shoes was involved in the transactions described below. Purchased $8,200 of inventory on account. Paid weekly salaries, $920. Recorded sales for the first week: Cash: $7,100; On account: $5,300. Paid for inventory purchased in event (1). Placed an order for $6,200 of inventory. Required:Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)arrow_forward
- Ajman-Retail-Mart-Mart LLC completed the following merchandising transactions in the month of March 2024. At the beginning of March, the ledger of Ajman-Retail-Mart showed Cash of AED12,000 and Owner's Capital of AED450,000. The following are the transactions in March. Date Transactions March 2 Purchased merchandise on account from Wahid Supply AED6,200, terms 1/10, n/30. 4 Sold merchandise on account AED5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was AED3,400. 5 Paid AED240 freight on April 4 sale. 6 11 13 14 16 18 Received credit from Wahid Supply for merchandise returned AED500. Paid Wahid Supply in full, less discount. Received collections in full, less discounts, from customers billed on April 4. Purchased merchandise for cash AED3,800. Received refund from supplier for returned goods on cash purchase of April 14, AED500. Purchased merchandise from Bayan LLC AED4,500, FOB shipping point, terms 2/10, n/30. 20 23 26 27 29 222222 30 Paid freight on…arrow_forwardRead the below case study and answer the required questions. The “Wise Dimension” owned by Mr. Cousins. Wise Dimension imports office supplies from all over the world, and supplies them via online and offline channels. Wise Dimension uses the Periodic Inventory method. The trial balance as at 31 May 2017 is as follows: Trial Balance as at 31 May 2017 Acct No. Account name Acct No. Debit Credit 101 Cash at bank 101 $90,000 105 Account receivable 105 $76,800 110 Merchandise Inventory 110 $150,000 115 Supplies 115 $8,000 120 Prepaid Insurance 120 $17,000 135 Office furniture 135 $35,000 137 Acc. Depreciation. - Furniture 137 $15,000 140 Office Furniture 140 $20,000 141 Acc. Depreciation – Office Equipment 141 $9,000 201 Accounts payable 201 $44,960 202 Interest Payable 202 $4,000 210 Loan Payable 210…arrow_forwardOn August 1, 2016, Stephanie Ram, a sole proprietor, started a new business, Ram Wholesale Company. The company sells refrigerators (merchandise) to various retail stores and uses the periodic inventory system. At the end of August, the company’s Post-Closing Trial Balance showed the following accounts and balances: Ram Wholesale CompanyPost-Closing Trial BalanceAugust 31, 2016 Account Titles Debit Credit Cash $156,300 Accounts Receivable 15,700 Merchandise Inventory, 9/30/15 53,100 Store Supplies 4,100 Office Supplies 3,300 Land 34,000 Delivery Truck 92,000 Accumulated Depreciation, Delivery Truck $800 Accounts Payable 21,300 Unearned Sales Revenue 2,100 Notes Payable (Due 2040) 62,500 Stephanie Ram, Capital 271,800 Totals $358,500 $358,500 Subsidiary Ledgers balances during the month of AugustCustomers with Outstanding Balances Dates Customer Names Credit…arrow_forward
- Rite Shoes was involved in the transactions described below. Purchased $9,500 of inventory on account. Paid weekly salaries, $1,050. Recorded sales for the first week: Cash: $8,400; On account: $6,600. Paid for inventory purchased in event (1). Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.arrow_forwardPrepare the journal entry for the following transactions using periodic inventory system: Jan. 2 Invested cash to the business and set up the company’s bank account thru BDO, P1,200,000. Jan. 3 Purchased office equipment to Southbound Computer Center for business use, P50,000. Payment terms: Open account, n/30 Jan. 4 Paid 1-year annual rent in advance, P60,000. Asset method will be used. Jan. 5 Purchased the following merchandise from Rebis Co.:• 300 reams of bond paper (P300 list price per ream)• 500 pieces of ballpen (P5 list price per piece)• 100 pieces of standard calculator (P400 list price per piece)Payment terms: Trade discount on total cost of 10%, cash discount of 2/10, n/30. Jan. 6 Paid freight costs on January 5 purchase, P1,000. Jan. 7 Contract signing with her assistant, with an average salary rate of P300/day. Jan. 9 Returned 5 pieces of standard calculator to Rebis Co. due to product defects. Credit memo made by Rebis were received that day.arrow_forwardAt the beginning of the current season on April 1, the ledger of Gage Pro Shop showed Cash $3,000, Inventory $4,000, and Owner’s Capital $7,000. These transactions occurred during April 2017.Apr. 5 Purchased golf bags, clubs, and balls on account from Tiger Co. $1,200, FOB shipping point, terms 2/10, n/60. 7 Paid freight on Tiger Co. purchases $50. 9 Received credit from Tiger Co. for merchandise returned $100. 10 Sold merchandise on account to customers $600, terms n/30. 12 Purchased golf shoes, sweaters, and other accessories on account from Classic Sportswear $450, terms 1/10, n/30. 14 Paid Tiger Co. in full. 17 Received credit from Classic Sportswear for merchandise returned $50. 20 Made sales on account to customers $600, terms n/30. 21 Paid Classic Sportswear in full. 27 Granted credit to customers for clothing that had fl aws $35. 30 Received payments on account from customers $600.The chart of accounts for the pro shop includes Cash, Accounts Receivable, Inventory, Accounts…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
The ACCOUNTING EQUATION For BEGINNERS; Author: Accounting Stuff;https://www.youtube.com/watch?v=56xscQ4viWE;License: Standard Youtube License