Assignment Chapter 7

Part 1

Exercise 7-1Sales journalperpetual

Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May.

May	2	Sold merchandise costing $300 to B. Facer for $450 cash, Invoice No. 5703.
5	Purchased $2,400 of merchandise on credit from Marchant Corp.
7	Sold merchandise costing $800 to J. Dryer for $1,250, terms 2/10, n/30, Invoice No. 5704.
8	Borrowed $9,000 cash by signing a note payable to the bank.
12	Sold merchandise costing $200 to R. Lamb for $340, terms n/30, Invoice No. 5705.
16	Received $1,225 cash from J. Dryer to pay for the purchase of May 7.
19	Sold used store equipment for $900 cash to Golf, Inc.
25	Sold merchandise costing $500 to T. Taylor for $750, terms n/30, Invoice No. 5706.

Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the May transactions that should be recorded in this sales journal.

Exercise 7-3Cash receipts journalperpetual

Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November.

Nov.	3	The company purchased $3,200 of merchandise on credit from Hart Co., terms n/20.
7	The company sold merchandise costing $840 on credit to J. Than for $1,000, subject to a $20 sales discount if paid by the end of the month.
9	The company borrowed $3,750 cash by signing a note payable to the bank.
13	J. Ali, the owner, contributed $5,000 cash to the company.
18	The company sold merchandise costing $250 to B. Cox for $330 cash.
22	The company paid Hart Co. $3,200 cash for the merchandise purchased on November 3.
27	The company received $980 cash from J. Than in payment of the November 7 purchase.
30	The company paid salaries of $1,650 in cash.

Prepare headings for a cash receipts journal like the one in Exhibit 7.7. Journalize the November transactions that should be recorded in the cash receipts journal.

Exercise 7-6Cash disbursements journalperpetual

Marx Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April.

Apr.	3	Purchased merchandise for $2,950 on credit from Seth, Inc., terms 2/10, n/30.
9	Issued Check No. 210 to Kitt Corp. to buy store supplies for $650.
12	Sold merchandise costing $500 on credit to C. Myrs for $770, terms n/30.
17	Issued Check No. 211 for $1,400 to pay off a note payable to City Bank.
20	Purchased merchandise for $4,500 on credit from Lite, terms 2/10, n/30.
28	Issued Check No. 212 to Lite to pay the amount due for the purchase of April 20, less the discount.
29	Paid salary of $1,800 to B. Dock by issuing Check No. 213.
30	Issued Check No. 214 to Seth, Inc., to pay the amount due for the purchase of April 3.

Prepare headings for a cash disbursements journal like the one in Exhibit 7.11. Journalize the April transactions that should be recorded in the cash disbursements journal.

Part 2

Q1. Access and refer to the December 31, 2013, annual report for Samsung at http://www.samsung.com/us/aboutsamsung/investor_relations/financial_information/financial_statement.html.

Required

1.Identify its footnote #33 on Segment Information to its financial statements and locate its part (B) on Regional Information. List its five regional segments.

2.What four items of accounting information does it disclose for each of its regional segments? (Answers need only list titles for the accounting line items, not numbers, disclosed for each segment.)

3.Does Samsung have a dominant regional segment (from a dollar standpoint)? Explain.

Q 2. What do you know about Enterprise resource planning (ERP) software, write a detail note on the ERP suppliers and their products?

Assignment Chapter 7 Part 1 Exercise 7-1Sales journalperpetual Finer Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May. May 2 Sold merchandise costing $300 to B. Facer for $450 cash, Invoice No. 5703. 5 Purchased $2,400 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $800 to J. Dryer for $1,250, terms 2/10, n/30, Invoice No. 5704. 8 Borrowed $9,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $200 to R. Lamb for $340, terms n/30, Invoice No. 5705. 16 Received $1,225 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment for $900 cash to Golf, Inc. 25 Sold merchandise costing $500 to T. Taylor for $750, terms n/30, Invoice No. 5706. Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the May transactions that should be recorded in this sales journal. Exercise 7-3Cash receipts journalperpetual Ali Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November. Nov The company purchased $3,200 of merchandise on credit from Hart Co., terms n/20. . 3 The company sold merchandise costing $840 on credit to J. Than for $1,000, subject to a $2 7 if paid by the end of the month. The company borrowed $3,750 cash by signing a note payable to the bank. 9 1 J. Ali, the owner, contributed $5,000 cash to the company. 3 1 The company sold merchandise costing $250 to B. Cox for $330 cash. 8 2 The company paid Hart Co. $3,200 cash for the merchandise purchased on November 3. 2 2 The company received $980 cash from J. Than in payment of the November 7 purchase. 7 3 The company paid salaries of $1,650 in cash. 0 Prepare headings for a cash receipts journal like the one in Exhibit 7.7. Journalize the November transactions that should be recorded in the cash receipts journal. Exercise 7-6Cash disbursements journalperpetual Marx Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April. Apr. 3 Purchased merchandise for $2,950 on credit from Seth, Inc., terms 2/10, n/30. 9 Issued Check No. 210 to Kitt Corp. to buy store supplies for $650. 12 Sold merchandise costing $500 on credit to C. Myrs for $770, terms n/30. 17 Issued Check No. 211 for $1,400 to pay off a note payable to City Bank. 20 Purchased merchandise for $4,500 on credit from Lite, terms 2/10, n/30. 28 Issued Check No. 212 to Lite to pay the amount due for the purchase of April 20, less the d 29 Paid salary of $1,800 to B. Dock by issuing Check No. 213. 30 Issued Check No. 214 to Seth, Inc., to pay the amount due for the purchase of April 3. Prepare headings for a cash disbursements journal like the one in Exhibit 7.11. Journalize the April transactions that should be recorded in the cash disbursements journal. Part 2 Q1. Access and refer to the December 31, 2013, annual report for Samsung at http://www.samsung.com/us/aboutsamsung/investor_relations/financial_information/ financial_statement.html. Required 1.Identify its footnote #33 on Segment Information to its financial statements and locate its part (B) on Regional Information. List its five regional segments. 2.What four items of accounting information does it disclose for each of its regional segments? (Answers need only list titles for the accounting line items, not numbers, disclosed for each segment.) 3.Does Samsung have a dominant regional segment (from a dollar standpoint)? Explain. Q 2. What do you know about Enterprise resource planning (ERP) software, write a detail note on the ERP suppliers and their products