Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
13th Edition
ISBN: 9781337587358
Author: Cathy J. Scott
Publisher: Cengage Learning
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Chapter D, Problem 7P
To determine
Describe the transactions from the given T-accounts.
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The credit terms of a sale are normally indicated on a(n):
a.check.
b.invoice.
c.bill of lading.
d.purchase order.
When purchases of merchandise are made on account and the perpetual method is used, the transaction would be
recorded with the following entry:
A) debit Accounts Payable, credit Merchandise Inventory.
debit Merchandise Inventory, credit Accounts Payable.
debit Merchandise Inventory, credit Cash.
D
debit Purchases, credit Sales.
The operating cycle of a merchandiser with credit sales includes the following five activities. Starting with merchandise acquisition, identify the chronological order of these five activities. a. Prepare merchandise for sale. d. Purchase merchandise. b. Collect cash from customers on account. e. Monitor and service accounts receivable. c. Make credit sales to customers.
Chapter D Solutions
Bundle: College Accounting: A Career Approach (with QuickBooks Online), Loose-leaf Version, 13th + LMS Integrated CengageNOWV2, 1 term (6 months) Printed Access
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- The series of five transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.arrow_forwardThe following T accounts show a series of four transactions concerning a sale of merchandise on account and subsequent payment of the amount owed. Describe what happened in each transaction.arrow_forwardEntries for notes receivable The series of five transactions, (a) through (e), recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.arrow_forward
- Which of the following accounts are used when recording the sales entry of a sale on credit? A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales D. sales, cost of goods soldarrow_forwardThe schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerarrow_forwardFor each of the following accounts, identify whether the normal balance is a debit or a credit. Also specify whether the account is a contra account. a. Sales Returns and Allowances b. Merchandise Inventory c. Sales d. d Freight In e. Purchases Returns and Allowances f. Sales Tax Payable g. Purchasesarrow_forward
- Purchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.arrow_forwardUsing a perpetual system, the entry to record the sale of merchandise on account includes a a. Debit to sales b. Credit to merchandise inventory c. Credit to accounts receivable d. Debit to merchandise inventory.arrow_forwardWhich of the following accounts has a normal debit balance? a.Accounts Payable b.Sales c.Interest Revenue d.Merchandise Inventoryarrow_forward
- The journal entry to be recorded by the seller upon receiving payment from a customer who had previously purchased the goods on account would include which of the following? Assume the payment was made within the discount period. A. a debit to Sales Discounts. B. a credit to Inventory. C. a debit to Inventory. D. a debit to Accounts Receivable.arrow_forwardThe individual amounts in the "Accounts Payable" column of the purchases journal are posted to the appropriate account in the A. general ledger B. general journal C. accounts payable ledger D. accounts receivable ledgerarrow_forwarda. Describe each transaction. b. What was the invoice amount of the merchandise that was returned?arrow_forward
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