ACC 201/202 MYACCLAB E-TEXT ONLY >I<
16th Edition
ISBN: 9781323118047
Author: Pearson
Publisher: PEARSON C
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Chapter C, Problem C.31PS
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.
Requirement 2:
To determine
To Calculate: Total each column of the sales journal.
Requirement 3:
To determine
To Show: How posting would be made by writing the accounts numbers and check marks in the journals.
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Students have asked these similar questions
Cheese Factory uses a perpetual inventory system. The following
activities occurred during May:
• May 2 - Cheese Factory purchased $45,000 worth of inventory, on
credit terms 3/10 n/30.
. May 5 - Cheese Factory returned $5,000 worth of that inventory to
the supplier.
• May 9 - Cheese Factory paid for the inventory, taking advantage of all
available discounts.
Required:
Prepare the journal entries to record the transactions above using the
gross method. Use the MSWord link for the table to write your journal
entries. After you have written the journal entries on the table in the
MSWord document provided, put your name below the table on the
document, save the document and then upload it to this problem in the
upload space provided at the bottom of this box.
Prepare journal entries for the following inventory transactions of CSU Ram Vacuum Cleaner
Company assuming they use a perpetual inventory system. (Motto: If it's a CSU Ram, you know it
sucks!)
April 3 Purchased inventory on account from Toby Suppliers for $26,000, with terms of 2/10,
N/30.
April 4 Ralphie returned inventory costing $6,000 for a credit to Toby Suppliers.
April 5 Ralphie sold inventory for $1,300 to US Inc. with terms of 3/15, N/45. The inventory
cost Ralphie $900.
April 15 Received payment in full from US Inc. for inventory sold on April 5.
April 26 Paid Toby Suppliers in full.
ABC Co. uses perpetual inventory system while recording their inventory. They incurred the following transactions during past month;
Date
Transactions
Apr 07
Purchased 5 machines for a unit cost of Rs.1000 each from their supplier
Apr 12
Purchased 1 machines for a unit cost of Rs.1200 each from their supplier
Apr 19
Sold 1 machines to a customer for sales price of 2500 each
Apr 25
Sold 3 machines items to another customer for sales price of Rs.2800 each
Required: Prepare the inventory subsidiary ledger for above transactions using Average cost method.
Chapter C Solutions
ACC 201/202 MYACCLAB E-TEXT ONLY >I<
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,...
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