College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Chapter 9, Problem 9E
Williams Corporation had the following purchases for May:
May 3 Bought ten lawn rakes from Owens Company, invoice no. J34Y9, $250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, $15 (total $265.25).
11 Bought one weed trimmer from Lionel’s Lawn & Landscaping, invoice no. R7740, $219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, $35 (total $254.72).
15 Bought five bags of fertilizer from Wright’s Farm Supplies, invoice no. 478, $210.97; terms net 30 days; dated May 13; FOB destination.
25 Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, $425.39; terms net 30 days; dated May 22; FOB destination.
Assume that Williams Corporation had beginning balances on May 1 of $3,492.29 (Accounts Payable 212), $4,239.49 (Purchases 511), and $234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.
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The Picture Perfect Camera Shop had the following transactions for the month of August 20X1.
Aug. 1 Purchased cameras for $3,400 plus a freight charge of $150 from the Mason Company, Invoice 532, dated July 29, net payable
in 60 days.
6 Purchased color film for $470 from Digital Products, Invoice 989, dated August 4, net payable in 30 days.
10 Purchased camera cases for $920 from Raven Leathers, Invoice 668, dated August 8; terms are 2/10, n/30.
15 Returned defective cameras to Mason Company and received Credit Memorandum 205 for $53e. The cameras were originally
purchased on Invoice 532 of July 29.
20 Purchased cameras for $3,550 plus freight of $145 from the Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10,
n/60.
23 Received Credit Memorandum 597 for $115 from Raven Leathers. The amount is an allowance for slightly damaged but usable
goods purchased on Invoice 668 of August 8.
Prepare journal entries to record the above transactions assuming the company uses the…
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).
April 2
Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60.
April 3 (a)
Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000).
April 3 (b)
Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30.
April 4
Issued Check Number 587 to World View for advertising expense of $904.
April 5
Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500).
April 6
Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount.
April 9
Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30.
April 11
Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100).
April 12
Issued Check Number 588 to Noth Company in payment…
Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
Ch. 9 - Which of the following is true about the Sales...Ch. 9 - What is the accounts receivable ledger? a. A...Ch. 9 - Using the information contained in the accounts...Ch. 9 - Prob. 4QYCh. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QYCh. 9 - The schedule of accounts payable lists each...Ch. 9 - If the seller assumes the entire cost of...Ch. 9 - Under the perpetual inventory system, how does the...Ch. 9 - Purchases on account of merchandise for resale...
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Prob. 1PBCh. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Sales and Purchases Ms. Valli of All About You Spa...
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- Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). April 2 Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60. April 3 (a) Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000). April 3 (b) Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30. April 4 Issued Check Number 587 to World View for advertising expense of $904. April 5 Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500). April 6 Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount. April 9 Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30. April 11 Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100). April 12 Issued Check Number 588 to Noth Company in payment…arrow_forwardWiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $14,300 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $4,000 (cost is $3,000). 3 Purchased $1,480 of office supplies on credit from Custer, Inc., terms n/30. 4 Issued Check No. 587 to World View for advertising expense of $899. 5 Sold merchandise on credit to Paula Kohr, Invoice No. 761, for $8,000 (cost is $6,500). 6 Returned $80 of office supplies purchased on April 3 to Custer, Inc. Wiset reduces Accounts Payable by that amount. 9 Purchased $12,125 of store equipment on credit from Hal’s Supply, terms n/30. 11 Sold merchandise on credit to Nic Nelson, Invoice No. 762, for $10,500 (cost is $7,000). 12 Issued Check No. 588 to Noth Company in payment of its April 2 purchase less the discount of $286. 13 Received payment from Page Alistair for the April 3 sale…arrow_forwardThe following selected transactions were completed by Betz Company during July of the current year: July 1 Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $75 was added to the invoice. 5 Purchased merchandise from Schnee Co., $8,000, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $1,500 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., $18,900, terms FOB shipping point, n/eom. 19 Paid freight of $140 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $33,000, terms FOB destination, 1/10, n/30. 30 Paid Stevens Co. for invoice of July 20. 31 Paid Sabol Imports Co. for…arrow_forward
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