College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 10, Problem 7SEA
To determine
Journalize the transactions related to sales return and allowances transactions and
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Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
SALES JOURNAL
Page: 79
Date
Account
InvoiceNo.
Ref.
DR Accts.ReceivableCR Sales
DR COGSCR MerchandiseInventory
2019
Feb. 4
Evert Company
17433
E123
2,000.00
Feb. 8
King Inc.
17434
K331
775.30
Feb. 14
Martina Inc.
17435
M132
2,301.99
Feb. 16
Shriver Company
17436
S101
700.00
Total
fill in the blank 1
CASH RECEIPTS JOURNAL
Page: 102
Date
Account
InvoiceNo.
Ref.
CashDR
SalesDiscountsDR
AccountsReceivable,Sales, or OtherAccounts CR
2019
Feb. 1
Cash Sales
475.00
475.00
Feb. 5
Payment from Evert Co.
17433
1,960.00
40.00
2,000.00
Feb. 15
Bank loan
230
1,500.00
1,500.00
Feb. 21
Payment from…
A. Directions: Record the following credit sales and credit purchases transactions in the sales journal, purchase journal, and general journal. Write the answer on a journal and 10-column columnar sheet.
Here are some possible relevant accounts for the journal entries that follow:
Cash
Merchandise Inventory
Interest Expense
Accounts Payable
Accounts Receivable
Interest Income
Sales
Short-Term Notes Payable
PLEASE NOTE: You will enter the account names exactly as written above and all dollar amounts will be rounded to whole dollars using "$" with commas as needed (i.e. $12,345). Follow the textbook format for the order of accounts in the journal entries.
Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. Record the journal entries to recognize the initial purchase, the conversion, and the payment
On July 3, the company purchases thirty fountains for $1,200 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3.
DR
CR
On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a…
Chapter 10 Solutions
College Accounting, Chapters 1-27
Ch. 10 - Prob. 1TFCh. 10 - All sales, for cash or on credit, can be recorded...Ch. 10 - Sales Tax Payable is a liability account that is...Ch. 10 - Prob. 4TFCh. 10 - Prob. 5TFCh. 10 - A credit sale of 250 plus a 6% sales tax would...Ch. 10 - When 25 of merchandise is returned for a credit on...Ch. 10 - Prob. 3MCCh. 10 - Prob. 4MCCh. 10 - Prob. 5MC
Ch. 10 - Prob. 1CECh. 10 - Prepare journal entries for the following sales...Ch. 10 - Prob. 3CECh. 10 - On March 24, MS Companys Accounts Receivable...Ch. 10 - Prob. 1RQCh. 10 - What is the purpose of a credit memo?Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - What steps are followed in posting cash receipts...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - Prob. 9RQCh. 10 - Prob. 1SEACh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEACh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEACh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - Prob. 7SEACh. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS J. K. Bijan owns a retail...Ch. 10 - Prob. 11SPACh. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Sourk...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - Prob. 1SEBCh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEBCh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEBCh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS T. M. Maxwell owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Color Florists, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - You and your spouse have separate charge accounts...Ch. 10 - Prob. 1ECCh. 10 - Geoff and Sandy Harland own and operate Wayward...Ch. 10 - Enter the following transactions in a general...
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- JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.arrow_forwardKelley Company has completed the following October sales and purchases journals: a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20--. c. Complete a schedule of accounts payable for October 31, 20--. d. Compare the balances of the schedules with their respective general ledger accounts. If they are not the same, find and correct the error(s).arrow_forwardSCHEDULE OF ACCOUNTS RECEIVABLE Based on the information provided in Problem 10-12A, prepare a schedule of accounts receivable for Sourk Distributors as of March 31, 20--. Verify that the accounts receivable account balance in the general ledger agrees with the schedule of accounts receivable total.arrow_forward
- Catherines Cookies has a beginning balance in the Accounts Payable control total account of $8,200. In the cash disbursements journal, the Accounts Payable column has total debits of $6,800 for November. The Accounts Payable credit column in the purchases journal reveals a total of $10,500 for the current month. Based on this information, what is the ending balance in the Accounts Payable account in the general ledger?arrow_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_forwardPost the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company. Assume the following account balances at January 1, 20X1: Accounts Receivable (control account) Accounts Receivable-John Gibrone $8,880 5,600 Accounts Receivable-Jim Garcia 2,180 Accounts Receivable-June Lin 1,100 DATE 20X1 Jan. 8 Cash GENERAL JOURNAL DESCRIPTION POST. REF. DEBIT CREDIT 560 560 Accounts Receivable/John Gibrone Received partial payment on account from John Gibrone 20 Sales Returns and Allowances Sales Tax Payable Accounts Receivable/Jim Garcia Accept return of defective merchandise, Credit Memorandum 121; original sale made on Sales Slip 11102 of January 2, 20X1 300 24 324 Required: 1. Prepare a schedule of accounts receivable for Calderone Company at January 31, 20X1. 2. Should the total of your accounts receivable schedule agree with the balance of the Accounts Receivable account…arrow_forward
- Post the entries in the general journal below to the Accounts Receivable account in the general ledger and to the appropriate accounts in the accounts receivable ledger for Calderone Company. Assume the following account balances at January 1, 20X1: Accounts Receivable (control account) $ 8,880 Accounts Receivable—John Gibrone 5,600 Accounts Receivable—Jim Garcia 2,180 Accounts Receivable—June Lin 1,100 GENERAL JOURNAL DATE DESCRIPTION POST.REF. DEBIT CREDIT 20X1 Jan. 8 Cash 560 Accounts Receivable/John Gibrone 560 Received partial payment on account from John Gibrone 20 Sales Returns and Allowances 300 Sales Tax Payable 24 Accounts Receivable/Jim Garcia 324 Accept return of defective…arrow_forwarddetermine the correct amount of the end-of-month posting the sales journal to the Account Receivable control account. Amount of the end-of-month posting from the sales journal to the Account Receivable $ Pharoah Products uses both special journals and a general journal. Pharoah also posts customers accounts in the accounts receivable subsidiary ledger. The postings for the most recent month are included in the subsidiary T-accounts below. Estes Bal. 290 215 195 Truong Bal. 300 300 Gehrke Bal. 215 215 340 Weiser Bal. 170 170 150arrow_forwardWhich of the following correctly describes the posting of transactions from the sales journal? Individual accounts receivable are posted daily to the general ledger. At the end of the month, the totals of the columns are posted to the general ledger. Transactions are posted daily to the general ledger. The total of the Accounts Receivable DR, Sales Revenue CR column is posted to the accounts receivable subsidiary ledger.arrow_forward
- Prepare the following journal entries. a. sales on account are $ 8,200. b.customer returns $ 1,200.arrow_forwardThe sales journal of Kutkutin & Pasalubong for the month of June, is shown below. On a ledger sheet, post to the Accounts Receivable control account and the accounts subsidiary ledger. Write your answers on a ledger sheet.arrow_forward19. After the posting of the accounts payable ledger and general ledeer is completed, the total of the accounts payable ledger balances should equal the general ledger balance of a. Purchases. Da 20 Jan b. Accounts Receivable. С. Accounts Payable. d. Purchases Returns and Allowances. 20. Amounts are posted individually from the purchases journal to the Credit column of the creditors' accounts in the accounts payable ledger. b. Credit column of the Inventory account in the general ledger. c. Credit column of the Accounts Receivable account in the general ledger. d. Debit column of the Cash account in the general ledger. a. 454arrow_forward
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