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Questions and Answers of College Accounting

Why is it worthwhile to set up an account for sales returns and allowances, when one could just debit the Sales account for any transaction involving a return or an allowance?
Why is an accounts receivable ledger necessary for a business with a large number of charge customers?
Describe the method of posting directly from sales invoices.
Describe how the following sales journal would be posted to the ledgers: INV. DATE NO. 1 19- 2 Oct. 3 34 4 5 SALES JOURNAL POST. CUSTOMER'S NAME REF. 414 Anderson Company 4 415 R. T. Holcomb 7 416
Using the following source document (credit memo issued by P.O. 5 Heald Electronics), record the transaction in general journal form on the books of Heald Electronics. Heald Electronics 4160 Broad
Record the following transactions in a general journal for Oscar Company:Oct. 10 Mazan Company returned $420 of merchandise (wrong color) pre¬viously purchased on account. Issued credit memo no.
Describe the transactions recorded in the following T accounts; P.O. 3,S Cash (c) 321 Accounts Receivable (a) 428 (b) 107 (c) 321 (b) Sales Tax Payable Sales Returns and Allowances 7 (a) 28 (b) 100
Record the following transactions in general journal form:a. Sold merchandise on account to C. C. Hill, $340 plus $20.40 sales tax(invoice no. D446).b. Hill returned $70 of the merchandise. Issued
An accountant made the following errors in journalizing sales of , merchandise on account in a single-column sales journal and in posting to the general ledger and the accounts receivable ledger. The
A business firm uses duplicate copies of its sales invoices to record sales of merchandise on account and duplicate copies of its credit memorandums to record sales returns and allowances. During
Marvin Wholesale Beauty Supplies had the following sales of merchandise on account and sales returns and allowances during November:Instructions 1. Record these sales of merchandise on account in the
Bradley Company sells electrical supplies on a wholesale basis. P.O. 2,3,4,5 The following transactions took place during April of this year:.Instructions 1. Record these sales of merchandise on
Mancini Florists sells flowers on a retail basis. Most of the sales P.O. 2,3,4,S are for cash; however, a few steady customers have charge accounts. Mancini’s sales staff fills out a sales slip for
Rogers Sporting Goods Supply uses duplicate copies of its charge sales invoices as a sales journal and posts to the accounts receivable ledger directly from the sales invoices. At the end of the
LaVanda’s Hair and Beauty Supplies had the following sales of merchandise on account and sales returns and allowances during November.Instructions 1. Record these sales of merchandise on account in
C. H. Brighton Company sells electrical supplies on a wholesale P.O. 2,3,4,S basis. The following transactions took place during April of this year:Instructions Check Figure Accounts Receivable
Nguyen Florists sells flowers on a retail basis. Most of the sales P.O. 2,3,4,S are for cash; however, a few steady customers have charge accounts. Nguyen’s sales staff fills out a sales slip for
Rogers Sporting Goods Supply uses duplicate copies of its charge sales invoices as a sales journal and posts to the accounts receivable ledger directly from the sales invoices. The invoices are
Record transactions in a three-column purchases journal.
Post from a three-column purchases journal to an accounts payable ledger and a general ledger.
Record transactions involving purchases returns and allowances in a general journal.
Prepare a schedule of accounts payable.
Record transactions in a multicolumn purchases journal.
Post from a multicolumn purchases journal to an accounts payable ledger and a general ledger.
Post directly from purchase invoices to an accounts payable ledger and jour¬nalize and post a summarizing entry in the general journal.
How can a computer be considered merchandise by one company and office equipment by another.^
Explain the purpose of the purchase requisition, the purchase order, and the purchase invoice. Which form is used as the basis for a journal entry?
What special money columns in a purchases journal would you recommend in situations in which a company frequently buys merchandise and the seller pays the freight charges as a convenience to the
Why is it good practice to post daily to the accounts payable ledger?
Describe the four procedures that most companies follow to maintain internal control of purchases.
Explain the procedure of posting directly from purchase invoices.
Explain the process of proving the totals of a multicolumn purchases journal.What is this process called?
Record the following transactions in general journal form:a. Bought merchandise on account from Burke Company, invoice no. 71 IN,$962; net 30 days; EOB shipping point.b. Paid Pacific Express for
Describe the transactions in the T accounts. Cash (c) Accounts Payable (b) 60 (a) (c). 750 750 (a) 810 Purchases 770 Purchases Returns and Allowances (b) Freight In (a) 40 60
Record the following transactions in general journal form:a. Bought merchandise on account from Wunderlich, Inc., invoice no. C229;terms net 30 days; EOB destination, $986.b. Received credit memo no.
A business firm posts directly from its purchase invoices. After the invoices for the month have been sorted, the totals are as follows: purchases of merchandise, $9,319; freight charges on
Record the following transactions in general journal form:a. Maddox Mercantile buys five cash registers on account from Reese Business Machines, invoice 142N, $10,600; net 30 days; FOB shipping
The following errors were made in recording transactions in the purchases journal or in posting from it. How will each error come to the atten¬tion of the accountant?a. An invoice of $320 for
Record entries in general journal form to correct each error described below. Assume that the incorrect entries had been posted, and that the corrections are recorded in the same fiscal period in
Minard Appliance uses a three-column purchases journal. The company is located in Fresno, California. On January 1 of this year, the balances of the ledger accounts are Accounts Payable, $559.06;
Milady Boutique is located in New York City. The company had the following purchases of merchandise and other assets and related returns and allowances during May of this year.Instructions 1. Open
The Dole Products Company of Dallas, Texas, records sales of P.O. 7 merchandise daily by posting directly from its sales invoices to the accounts receivable ledger. At the end of the month, a
The following transactions relate to the Broderick Company of Atlanta during April of this year. Terms of sale are 2/10, n/30.Instructions 1. Open the following accounts in the accounts receivable
The Suburban Bicycle Shop uses a three-column purchases jour¬nal. The company is located in Topeka, Kansas. On January 1 of this year, the balances of the ledger accounts are Accounts Payable,
Bestway Gamera is located in Detroit. The company bought the following merchandise and supplies and had the following returns and allow¬ances during April of this year.Instructions 1. Open the
Staley Products Company, Pittsburgh, Pennsylvania, records sales of merchandise daily by posting directly from its sales invoices to the accounts receivable ledger. At the end of the month it makes a
The following transactions relate to King Metal Products dur¬ing April of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles.Instructions 1. Open the following accounts
Record transactions for a retail merchandising business in a cash receipts journal.
Post from a cash receipts journal to a general ledger and an accounts receiv¬able ledger.
Determine cash discounts according to credit terms, and record cash receipts from charge customers who are entitled to deduct the cash discount.
Record transactions in a cash payments journal for a service enterprise.
Post from a cash payments journal to a general ledger and an accounts pay¬able ledger.
Record transactions involving cash discounts in a cash payments journal for a merchandising enterprise.
Record transactions in a check register.
Record transactions involving trade discounts.
What are the normal balances of (a) Purchases.^ (b) Sales Discount? (c) Pur¬chases Returns and Allowances? (d) Sales^e) Purchases Di§(&unt? (f) Sales Returns and Allowances?
What does an X under the t^otal of a special journal’s Other Accounts column signify? (X-CCU'^
If a cash payments journal is supposed to save writing, why are there so many entries in the Other Accounts Debit column?
An electronics business purchased speakers for resale. The total of the invoice is $2,440, and it is subject to trade discounts of 15 percent, 10 percent, and 5 percent. Compute the amount the dealer
Label the blanks in the column heads as either debit or credit. P.O. 1,3 CASH RECEIPTS JOURNAL PAGE POST. DATE ACCOUNT CREDITED REF. OTHER ACCOUNTS cr ACCOUNTS RECEIVABLE ar SALES SALES DISCOUNT ar
For the following purchases of merchandise, determine the P.O. 6 amount of cash to be paid: Total Invoice Purchase Date Credit Terms Amount of Freight FOB Purchase Charges Invoice Amount Returns and
Indicate the journal in which each of the following transactions P.0.1,6 should be recorded. Assume a three-column purchases journal. Transaction a. Paid a creditor on account. b. Bought merchandise
Record the following transactions in general journal form: May 4 Sold merchandise on account to Seymour, Inc.; 2/10, n/30; $640. 10 Purchased merchandise on account from the Mann Company; 1/10, n/60;
Record the following transactions in general journal form, first P.O. 3 on the books of the seller (Fry Company) and then on the books of the buyer(Lee Company). journalize transactions involving
Record general journal entries to correct the errors described below. Assume that the incorrect entries were posted in the same period in which the errors occurred.a. A freight cost of $57 incurred
Walters and Company, a retail carpet store, sells on the bases of (1) cash, (2) charge accounts, and (3) bank credit cards. The following trans¬actions involved cash receipts for the firm during May
Peterson Company sells candy wholesale to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of
The Macklin Bookshop uses a check register to keep track of expenditures. The following transactions occurred during February of this year:Instructions 1. Record the transactions in the check
The following transactions were completed by Flammonds P.O. 1,2,3,5,6 Auto Supply during January, which is the first month of this fiscal year. Terms of sale are 2/10, n/30.Instructions 1. Record the
Budget Furniture, a home furnishings store, sells on the bases of (1) cash, (2) charge accounts, and (3) bank credit cards. The following trans¬actions involve cash receipts for the firm for
The C. R. Michaels Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, BOB shipping point. The following transactions involving cash
Jefferson Company uses a check register to keep track of expen¬ditures. The following transactions occurred during February of this year:Instructions 1. Record the transactions in the check
The following transactions were completed by Yu Restaurant Equipment during January, the first month of this fiscal year. Terms of sale are 2/10, n/30.Instructions Check Figure . „ , 1 r T 1-1 oi
Prepare an adjustment for merchandise inventory under the periodic-inven¬tory system.
Record the adjustment data in a work sheet (including merchandise inventory, unearned revenue, supplies used, expired insurance, depreciation, and accrued wages or salaries).
Complete the work sheet.
Journalize the adjusting entries for a merchandising business under the periodic-inventory system.
Journalize the adjusting entry for merchandise inventory under the perpetualinventory system.
What is a physical or periodic inventory.’ What does the word periodic mean in the term periodic inventory?
On the Income Summary line of a work sheet, $126,200 appears in the Income Statement Debit column, and $124,100 appears in the Income State¬ment Credit column. Which figure represents the beginning
Using the perpetual-inventory system, what account is debited when a busi¬ness buys more merchandise?
Explain what is meant by unearned revenue and why it is treated as a liability.
Why is it necessary to adjust the Merchandise Inventory account under a sys¬tem of periodic inventories?
If a company begins the fiscal period with a $1,260 balance in Prepaid Insur¬ance, would it be wrong to debit Insurance Expense for the next payment of an insurance premium?
When a college receives one semester’s dormitory rent in advance, an entry is made debiting Cash and crediting Unearned Rent. At the end of the year, a large portion of the rent has been earned.
After adjusting entries are posted, the Merchandise Inventory account appears as follows. Journalize the complete entries that support these postings. The Income Summary account is numbered 313.
For the basketball federation’s Unearned Season Tickets account, list the debits and credits for each amount posted to the account and briefly describe the transaction. ACCOUNT Unearned Season
For the Supplies ledger account, determine the debits and credits for each amount posted to the account and briefly describe each transaction. The entry of December 9 involved the return of defective
Journalize the required adjusting entries for the year ended December 31 for Mallory Dance Studio. Begin on journal page 42.a. On June 1 of this year, $600 was paid for a one-year insurance policy.b.
On December 31, the end of the year, the accountant for Fidelity Magazine was called away suddenly because of an emergency. However, before leaving, the accountant jotted down a few notes pertaining
On December 31, Bold Company took a physical count of their merchandise inventory. They operate under the perpetual-inventory system. The physical count amounted to $178,400. The Merchandise
The trial balance of Swenson Company as of December 31, the end of its current fiscal year, is as follows:Here are the data for the adjustments.s a-b. Merchandise Inventory at December 31,
The balances of the ledger accounts of Talbot Furniture as of P.0.4,5 December 31, the end of its fiscal year, are as follows:Data for the adjustments are as follows:a-b. Merchandise Inventory at
The accounts in the ledger of Monroe Mountain Shop, with the balances as of December 31, the end of its fiscal year, are as follows:Data for the adjustments are as follows;a-b. Merchandise Inventory
A portion of the worksheet of Hurst Oxygen Company for the year ending December 31 is as follows:Instructions Check Figure , , , - I » 1- 1 j ^ Salaries accrued, $560 1. Determine the entries that
The trial balance of Hakala Company as of December 31, the end of its current fiscal year, is on the next page.Here are the data for the adjustments:a-b. Merchandise Inventory at December 31,
The balances of the ledger accounts of Balzimer Home Center P,0.4,5 as of June 30, the end of its fiscal year, are as follows:Here are the data for the adjustments:a-b. Merchandise Inventory at June
Here are the accounts in the ledger of Palmer’s Jewel Box, with the balances as of December 31, the end of its fiscal year.Here are the data for the adjustments.a-b. Merchandise Inventory at
A portion of the work sheet of Susan’s Flowers for the year ending December 31 appears on the next page.Instructions 1. Determine the entries that appeared in the Adjustments columns and present
Prepare a classified income statement for a merchandising firm.

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