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Accounting 23rd Edition Carl S. Warren - Solutions
=+24. Returned $2,000 of damaged merchandise purchased on July 21, receiving credit from the seller.
=+. Purchased merchandise on account from Nye Co., terms 1/10, n/30, FOB destination, $20,000.
=+21. For the convenience of the customer, paid freight on sale of July 20, $1,100.21. Received $17,600 cash from Owen Co. on account, no discount.
=+19. Paid $18,000 to Bakke Co. on account, no discount.20. Sold merchandise on account to Reedley Co., terms 1/10, n/30, FOB shipping point, $40,000. The cost of the merchandise sold was $25,000.
=+19. Purchased merchandise for cash, $36,000.
=+14. Received merchandise returned on sale of July 6, $6,000. The cost of the merchandise returned was $4,500.15. Paid advertising expense for last half of July, $7,500.16. Received cash from sale of July 6, less return of July 14 and discount.
=+10. Sold merchandise for cash, $80,000. The cost of the merchandise sold was$50,000.13. Paid for merchandise purchased on July 3, less discount.
=+7. Received $26,500 cash from Yuba Co. on account, no discount.
=+6. Sold merchandise on account to Modesto Co., terms 2/10, n/30, FOB shipping point, $25,000. The cost of the merchandise sold was $15,000.
=+4. Paid freight on purchase of July 3, $600.
=+3. Purchased merchandise on account from Belmont Co., terms 2/10, n/30, FOB shipping point, $40,000.
=+Comprehensive Problem 2 Chapter 6 Accounting for Merchandising Businesses 307 During July,the last month of the fiscal year,the following transactions were completed:July 1. Paid rent for July, $5,000.
=+South Coast Boards Co. is a merchandising business. The account balances for South Coast Boards Co. as of July 1, 2010 (unless otherwise indicated), are as follows:110 Cash $ 63,600 112 Accounts Receivable 153,900 115 Merchandise Inventory 602,400 116 Prepaid Insurance 16,800 117 Store Supplies
=+3. Prepare the closing entries for Triple Creek Company as of October 31, 2010.Comprehensive Problem 2 Periodic inventory accounts, multiple-step income statement, closing entries✔ 2. Net income,$181,350
=+. Prepare a multiple-step income statement for Triple Creek Company for the year ended October 31, 2010. The merchandise inventory as of October 31, 2010, was$94,100.
=+1. Does Triple Creek Company use a periodic or perpetual inventory system? Explain.
=+306 Chapter 6 Accounting for Merchandising Businesses On October 31, 2010, the balances of the accounts appearing in the ledger of Triple Creek Company are as follows:Cash $ 18,300 Sales Discounts $ 9,300 Accounts Receivable 72,000 Purchases 536,500 Merchandise Inventory, Purchases Returns and
=+Journalize the entries to record the transactions for (1) Salem Company and (2) Boulder Co. assuming that both companies use the periodic inventory system.Sales-related and purchase-related transactions for buyer and seller using periodic inventory system
=+Journalize the entries to record the transactions of Calworks Company for April using the periodic inventory system.Sales-related and purchase-related transactions using periodic inventory system Selected transactions during August between Salem Company and Boulder Co. are listed in Problem
=+Selected transactions for Calworks Company during April of the current year are listed in Problem 6-5B.Instructions
=+PR 6-7B Purchase-related transactions using periodic inventory system
=+PR 6-6B Sales-related and purchase-related transactions for seller and buyer obj. 3 Selected transactions for Silvertree Company during January of the current year are listed in Problem 6-4B.Instructions Journalize the entries to record the transactions of Silvertree Company for January using the
=+Journalize the August transactions for (1) Salem Company and (2) Boulder Co.
=+31. Boulder Co. paid Salem Company on account for purchase of August 5.Instructions
=+25. Boulder Co. paid Salem Company on account for purchase of August 15, less discount.
=+16. Boulder Co. paid Salem Company for purchase of August 1, less discount and less return of August 6.
=+15. Salem Company sold merchandise on account to Boulder Co., $36,200, terms FOB shipping point, 1/10, n/30. Salem Company paid freight of $900, which was added to the invoice. The cost of the merchandise sold was $19,600.
=+5. Salem Company sold merchandise on account to Boulder Co., $18,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $10,800.6. Boulder Co. returned $1,600 of merchandise purchased on account on August 1 from Salem Company. The cost of the merchandise returned was $960.9.
=+Aug. 1. Salem Company sold merchandise on account to Boulder Co., $28,600, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $17,000.2. Salem Company paid freight of $500 for delivery of merchandise sold to Boulder Co. on August 1.
=+30. Received merchandise returned by Alma Co. from sale on April 24, $1,200.The cost of the returned merchandise was $720.Instructions Journalize the transactions.The following selected transactions were completed during August between Salem Company and Boulder Co.:
=+PR 6-5B Sales-related and purchase-related transactions obj. 3 Chapter 6 Accounting for Merchandising Businesses 305 Apr. 15. Paid Stafford Co. on account for purchase of April 5, less discount.21. Received cash on account from sale of April 11 to Logan Co., less discount.24. Sold merchandise on
=+6. Returned $6,000 of merchandise purchased on April 3 from Prescott Co.11. Sold merchandise on account to Logan Co., list price $8,500, trade discount 20%, terms 1/10, n/30. The cost of the merchandise sold was $4,500.13. Paid Prescott Co. on account for purchase of April 3, less return of April
=+4. Sold merchandise for cash, $18,200. The cost of the merchandise sold was $11,000.5. Purchased merchandise on account from Stafford Co., $21,300, terms FOB shipping point, 2/10, n/30, with prepaid freight of $600 added to the invoice.
=+The following were selected from among the transactions completed by Calworks Company during April of the current year:Apr. 3. Purchased merchandise on account from Prescott Co., list price $42,000, trade discount 40%, terms FOB destination, 2/10, n/30.
=+15. Paid $3,600 to state sales tax division for taxes owed on sales.Instructions Journalize the entries to record the transactions of Yukon Supply Co.
=+American Express sales during January.
=+31. Paid Black Hawk Delivery Service $3,875 for merchandise delivered during January to customers under shipping terms of FOB destination.Feb. 3. Paid City Bank $1,150 for service fees for handling MasterCard and
=+31. Received check for amount due from Rawlins Co. for sale of January 4.
=+26. Received check for amount due from Keystone Co. for sale on January 16 less credit memo of January 18 and discount.28. Received check for amount due from Cooney Co. for sale of January 19.
=+PR 6-4B Purchase-related transactions obj. 3 Jan. 16. Sold merchandise on account to Keystone Co., $16,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $10,000.18. Issued credit memo for $2,000 to Keystone Co. for merchandise returned from sale on January 16. The cost
=+30. Paid Lenn Co. for invoice of January 20, less discount.31. Paid Guinn Co. for invoice of January 1.31. Paid Cleghorne Co. for invoice of January 19.Instructions Journalize the entries to record the transactions of Silvertree Company for January.
=+19. Paid freight of $500 on January 19 purchase from Cleghorne Co.20. Purchased merchandise from Lenn Co., $10,000, terms FOB destination, 1/10, n/30.
=+19. Purchased merchandise from Cleghorne Co., $18,000, terms FOB shipping point, n/eom.
=+14. Paid Berry Co. for invoice of January 4, less debit memo of January 6 and discount.
=+6. Issued debit memo to Berry Co. for $3,500 of merchandise returned from purchase on January 4.13. Paid Cybernet Co. for invoice of January 3, less discount.
=+4. Purchased merchandise from Berry Co., $22,000, terms FOB destination, 2/10, n/30.
=+3. Purchased merchandise from Cybernet Co., $18,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $300 was added to the invoice.
=+PR 6-1B Multiple-step income statement and report form of balance sheet obj. 2✔ 1. Net income:$300,000 304 Chapter 6 Accounting for Merchandising Businesses The following selected transactions were completed by Silvertree Company during January of the current year:Jan. 1. Purchased merchandise
=+The following selected accounts and their current balances appear in the ledger of Drapery Land Co. for the fiscal year ended July 31, 2010:Cash $ 161,250 Sales Returns and Allowances $ 69,300 Accounts Receivable 363,000 Sales Discounts 65,700 Merchandise Inventory 525,000 Cost of Merchandise
=+PR 6-3B Sales-related transactions obj. 3 Problems Series B
=+14. Sold merchandise to customers who used American Express cards, $6,000.The cost of merchandise sold was $3,200.
=+12. Received check for amount due from Oakley Co. for sale on January 2.
=+5. Sold merchandise for $10,000 plus 8% sales tax to retail customers who used MasterCard. The cost of merchandise sold was $6,000.
=+4. Sold merchandise on account to Rawlins Co., $7,500, terms FOB shipping point, n/eom. The cost of merchandise sold was $4,200.
=+3. Sold merchandise for $21,800 plus 8% sales tax to retail cash customers. The cost of merchandise sold was $13,000.
=+PR 6-2B Single-step income statement and account form of balance sheet objs. 2, 4✔ 3. Total assets:$1,849,250 The following selected transactions were completed by Yukon Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:Jan. 2. Sold
=+4. Prepare closing entries as of July 31, 2010.
=+3. Prepare an account form of balance sheet, assuming that the current portion of the note payable is $16,800.
=+PR 6-10A Periodic inventory accounts, multiple-step income statement, closing entries obj. 2✔ 2. Net income,$362,600 Chapter 6 Accounting for Merchandising Businesses 303 Selected accounts and related amounts for Drapery Land Co. for the fiscal year ended July 31, 2010, are presented in
=+3. Prepare the closing entries for Andover Company as of June 30, 2010.Appendix 2
=+2 . Prepare a multiple-step income statement for Andover Company for the year ended June 30, 2010. The merchandise inventory as of June 30, 2010, was $188,200.
=+1. Does Andover Company use a periodic or perpetual inventory system? Explain.
=+On June 30, 2010, the balances of the accounts appearing in the ledger of Andover Company are as follows:Cash $ 36,600 Sales Discounts $ 18,750 Accounts Receivable 144,250 Purchases 1,073,000 Merchandise Inventory, July 1, 2009 175,450 Purchases Returns and Allowances 12,000 Office Supplies 6,050
=+Appendix 2 PR 6-9A Sales-related and purchase-related transactions for buyer and seller using periodic inventory system
=+PR 6-8A Sales-related and purchase-related transactions using periodic inventory system Selected transactions during November between Sycamore Company and Bonita Company are listed in Problem 6-6A.Instructions Journalize the entries to record the transactions for (1) Sycamore Company and(2)
=+PR 6-7A Purchase-related transactions using periodic inventory system Selected transactions for Sandusky Company during December of the current year are listed in Problem 6-5A.Instructions Journalize the entries to record the transactions of Sandusky Company for December using the periodic
=+22, $2,400. The cost of the returned merchandise was $1,400.31. Paid MasterCard service fee of $1,750.Instructions Journalize the transactions.302 Chapter 6 Accounting for Merchandising Businesses Selected transactions for Padre Co. during October of the current year are listed in
=+28. Received merchandise returned by Smith River Co. from sale on December
=+22. Sold merchandise on account to Smith River Co., $15,400, terms 2/10, n/30.The cost of the merchandise sold was $9,000.23. Sold merchandise for cash, $33,600. The cost of the merchandise sold was$20,000.
=+7. Returned $3,000 of merchandise purchased on December 5 from Deepwater Co.13. Paid Hillsboro Co. on account for purchase of December 3, less discount.15. Paid Deepwater Co. on account for purchase of December 5, less return of December 7 and discount.16. Received cash on account from sale of
=+PR 6-6A Sales-related and purchase-related transactions for seller and buyer obj. 3 Dec. 6. Sold merchandise on account to Zion Co., list price $27,000, trade discount 35%, terms 2/10, n/30. The cost of the merchandise sold was$14,000.
=+30. Bonita Company paid Sycamore Company on account for purchase of November 24.Instructions Journalize the November transactions for (1) Sycamore Company and (2) Bonita Company.
=+26. Bonita Company paid freight of $290 on November 24 purchase from Sycamore Company.
=+24. Sycamore Company sold merchandise on account to Bonita Company,$13,200, terms FOB shipping point, n/eom. The cost of the merchandise sold was $8,000.
=+23. Bonita Company paid Sycamore Company for purchase of November 8, less discount and less return of November 12.
=+12. Bonita Company paid Sycamore Company for purchase of November 2, less discount.
=+12. Bonita Company returned $5,750 of merchandise purchased on account on November 8 from Sycamore Company. The cost of the merchandise returned was $3,000.
=+8. Sycamore Company paid freight of $640 for delivery of merchandise sold to Bonita Company on November 8.
=+8. Sycamore Company sold merchandise on account to Bonita Company,$24,750, terms FOB destination, 1/15, n/eom. The cost of the merchandise sold was $14,850.
=+PR 6-5A Sales-related and purchase-related transactions obj. 3 Chapter 6 Accounting for Merchandising Businesses 301 The following selected transactions were completed during November between Sycamore Company and Bonita Company:Nov. 2. Sycamore Company sold merchandise on account to Bonita
=+PR 6-4A Purchase-related transactions obj. 3 The following were selected from among the transactions completed by Sandusky Company during December of the current year:Dec. 3. Purchased merchandise on account from Hillsboro Co., list price $38,000, trade discount 25%, terms FOB shipping point,
=+Journalize the entries to record the transactions of Padre Co. for October.
=+31. Paid Lakey Company for invoice of October 18.31. Paid Davis Co. for invoice of October 5.Instructions
=+23. Paid Folts Co. for invoice of October 13, less debit memo of October 14 and discount.29. Paid Noman Co. for invoice of October 19, less discount.
=+19. Purchased merchandise from Noman Co., $11,150, terms FOB destination, 2/10, n/30.
=+18. Purchased merchandise from Lakey Company, $12,250, terms FOB shipping point, n/eom.18. Paid freight of $180 on October 18 purchase from Lakey Company.
=+14. Issued debit memo to Folts Co. for $1,500 of merchandise returned from purchase on October 13.
=+13. Purchased merchandise from Folts Co., $8,000, terms FOB destination, 1/10, n/30.
=+Oct. 1. Purchased merchandise from Wood Co., $15,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $400 was added to the invoice.5. Purchased merchandise from Davis Co., $14,150, terms FOB destination, n/30.10. Paid Wood Co. for invoice of October 1, less discount.
=+Journalize the entries to record the transactions of Rayne Supplies Co.The following selected transactions were completed by Padre Co. during October of the current year:
=+10. Paid $1,750 to state sales tax division for taxes owed on sales.Instructions
=+31. Received check for amount due from Tomahawk Co. for sale of August 1.Sept. 3. Paid First Federal Bank $980 for service fees for handling MasterCard and VISA sales during August.
=+31. Paid Piper Delivery Service $2,100 for merchandise delivered during August to customers under shipping terms of FOB destination.
=+28. Received check for amount due from Horton Company for sale of August 18.
=+24. Received check for amount due from Osgood Co. for sale on August 14 less credit memo of August 16 and discount.
=+18. Sold merchandise on account to Horton Company, $6,850, terms FOB shipping point, 2/10, n/30. Paid $210 for freight and added it to the invoice. The cost of merchandise sold was $4,100.
=+16. Issued credit memo for $1,800 to Osgood Co. for merchandise returned from sale on August 14. The cost of the merchandise returned was $1,000.
=+PR 6-3A Sales-related transactions obj. 3✔ 1. Net income:$120,000 300 Chapter 6 Accounting for Merchandising Businesses Aug. 14. Sold merchandise on account to Osgood Co., $11,800, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $7,000.15. Received check for amount due
=+13. Sold merchandise to customers who used MasterCard cards, $8,000. The cost of merchandise sold was $5,000.
=+8. Sold merchandise for $11,500 plus 7% sales tax to retail customers who used VISA cards. The cost of merchandise sold was $7,000.
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