Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem E5.20E
Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required
Jun. 20 Purchased inventory of 55, ICO on account from Sanders Diamonds, a
jewelry Importer. Terms were 2/15. n/45. FOB shipping point.
20 Paid freight charges, $400,
Jul 4 Returned $600 of inventory to Sanders.
14 Paid Sanders Diamonds, less return,
16 Purchased inventory of $3,500 on account from Southboro Diamonds, a jewelry Importer. Terms were 2/10, n/TOM, FOB destination.
18 Received a $300 allowance from Southboco Diamonds for damaged but usable goods.
24 Paid Southboro Diamonds less allowance and discount
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Students have asked these similar questions
Several purchase transactions of the Chopper
Pharmacy are presented below. The credit terms of
the entity are 3/10, n/30.
Oct. 6 Purchased merchandise for cash, P200,000;
FOB shipping point.
12 Purchased merchandise on account, P700,000.
15 Returned merchandise purchased on account,
P50,000.
17 Paid supplier the amount due.
19 Paid freight charges of 7,000 on merchandise
acquired last Oct. 6.
Required: Prepare the journal entries.
Used periodic system using this accounts title
•cash
•purchases
*purchases return and allowance
•accounts payable
•frieght in
E5-20 Journalizing purchase transactions
Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required.
Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point.
Paid freight charges, $400.
Returned $600 of inventory to Silk.
Paid Sanders Diamonds, less return.
Purchased inventory of $3,500 on account from Sothboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination.
Received a $300 allowance from Southboro Diamonds for damaged but usable goods.
Paid Sandra Diamonds, less allowance and discount.
Howie Jewelers had the following purchase transactions. Journalize all necessary trans-
actions. Explanations are not required.
Purchased inventory of $5,100 on account from Sanders Diamonds, a
jewelry importer. Terms were 2/15, n/45, FOB shipping point.
Jun. 20
20
Paid freight charges, $400.
Jul. 4
Returned $600 of inventory to Sanders.
14
Paid Sanders Diamonds, less return.
Purchased inventory of $3,500 on account from Southboro Diamonds, a
jewelry importer. Terms were 2/10, n/EOM, FOB destination.
16
Received a $300 allowance from Southboro Diamonds for damaged but
usable goods.
18
24
Paid Southboro Diamonds, less allowance and discount.
Chapter 5 Solutions
Horngren's Accounting (12th Edition)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Austin sold inventory for $2/10, n/30. Cost of...Ch. 5 - Prob. 6QCCh. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - Prob. 10AQC
Ch. 5 - (
11B_ The journal entry for the purchase of...Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - 8. What account is debited when recording a...Ch. 5 - Prob. 9RQCh. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - 17. What is freight out and how is it recorded by...Ch. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - What financial statement is merchandise inventory...Ch. 5 - Prob. 23RQCh. 5 - Prob. 24ARQCh. 5 - Prob. 25BRQCh. 5 - Prob. 26BRQCh. 5 - Prob. 27BRQCh. 5 - Prob. 28BRQCh. 5 - Prob. 29BRQCh. 5 - Prob. 30BRQCh. 5 - Prob. 31BRQCh. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Journalizing purchase transactions Learning...Ch. 5 - Prob. S5.3SECh. 5 - Journalizing sales transactions Learning Objective...Ch. 5 - Estimating sales returns Learning Objective 3 On...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Adjusting for inventory shrinkage Learning...Ch. 5 - ournalizing closing entries Learning Objective 4...Ch. 5 - Preparing a merchandiser’s income statement...Ch. 5 - Preparing a merchandiser’s statement of owner’s...Ch. 5 - Computing the gross profit percentage Learning...Ch. 5 - Prob. S5A.13SECh. 5 - Journalizing purchase transactions—periodic...Ch. 5 - Journalizing sales transactions—periodic inventory...Ch. 5 - Journalizing closing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - E5-18 Using accounting vocabulary Learning...Ch. 5 - Prob. E5.19ECh. 5 - Howie Jewelers had the following purchase...Ch. 5 - E5-21 Journalizing sales transactions Learning...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing closing entries Learning Objective 4...Ch. 5 - Preparing a single-step income statement Learning...Ch. 5 - Preparing a multi-step income statement. Learning...Ch. 5 - Journalizing adjusting entries including estimate...Ch. 5 - Prob. E5.27ECh. 5 - Journalizing multiple performance obligations and...Ch. 5 - Prob. E5B.29ECh. 5 - Prob. E5B.30ECh. 5 - Prob. E5B.31ECh. 5 - Prob. E5B.32ECh. 5 - Prob. E5B.33ECh. 5 - Prob. P5.34APGACh. 5 - Journalizing purchase and sale transaction...Ch. 5 - P5-36A Preparing a multi-step income statement,...Ch. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Preparing Single-Step income statement, preparing...Ch. 5 - Journalizing purchase and sale...Ch. 5 - Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transaction...Ch. 5 - Prob. P5.42BPGBCh. 5 - Prob. P5.43BPGBCh. 5 - Prob. P5.44BPGBCh. 5 - Prob. P5.45BPGBCh. 5 - Journalizing purchase and sale transation-periddic...Ch. 5 - Preparing a multi-step income statement and...Ch. 5 - Using Excel to prepare a multi-step income...Ch. 5 - Journalizing and posting purchase and sale...Ch. 5 - Prob. P5.50CP2Ch. 5 - Prob. P5.51PSCh. 5 - Tying It All Together Case 5-1 Before you begin...Ch. 5 - Prob. 5.1DCCh. 5 - Prob. 5.1EICh. 5 - Prob. 5.1FCCh. 5 - Financial Statement Case 51 This cause uses both...
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