{"id":27700,"date":"2022-01-25T16:45:56","date_gmt":"2022-01-25T16:45:56","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/acc-225-exercises-7-1-7-4-7-7-7-10-hutton-company-moeder-co\/"},"modified":"2022-01-25T16:45:56","modified_gmt":"2022-01-25T16:45:56","slug":"acc-225-exercises-7-1-7-4-7-7-7-10-hutton-company-moeder-co","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/acc-225-exercises-7-1-7-4-7-7-7-10-hutton-company-moeder-co\/","title":{"rendered":"Acc 225 exercises: 7-1, 7-4, 7-7 & 7-10 (hutton company, moeder co.,"},"content":{"rendered":"
\n

EXERCISE 7-1<\/strong><\/p>\n

Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March:<\/p>\n

Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703.<\/p>\n

5 Purchased $2,300 of merchandise on credit from Marsh Corp.<\/p>\n

7 Sold merchandise costing $800 to J. Dryer for $1,150, terms 2_10, n_30, invoice no. 5704.<\/p>\n

8 Borrowed $8,000 cash by signing a note payable to the bank.<\/p>\n

12 Sold merchandise costing $200 to R. Land for $320, terms n_30, invoice no. 5705.<\/p>\n

16 Received $1,127 cash from J. Dryer to pay for the purchase of March 7.<\/p>\n

19 Sold used store equipment for $900 cash to Malone, Inc.<\/p>\n

25 Sold merchandise costing $350 to T. Burton for $550, terms n_30, invoice no. 5706.<\/p>\n

Prepare headings for a sales journal like the one in Exhibit 7.5. Journalize the March transactions that<\/p>\n

should be recorded in this sales journal.<\/p>\n

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EXERCISE 7-4<\/strong><\/p>\n

Moeder 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.<\/p>\n

Nov. 3 Purchased $3,100 of merchandise on credit from Hargrave Co., terms n_20.<\/p>\n

7 Sold merchandise costing $840 on credit to J. York for $900, subject to a $18 sales discount<\/p>\n

if paid by the end of the month.<\/p>\n

9 Borrowed $2,750 cash by signing a note payable to the bank.<\/p>\n

13 J. Emling, the owner, contributed $4,000 cash to the company.<\/p>\n

18 Sold merchandise costing $130 to B. Box for $230 cash.<\/p>\n

22 Paid Hargrave Co. $3,100 cash for the merchandise purchased on November 3.<\/p>\n

27 Received $882 cash from J. York in payment of the November 7 purchase.<\/p>\n

30 Paid salaries of $1,600 in cash.<\/p>\n

Prepare headings for a cash receipts journal like the one in Exhibit 7.7. Journalize the November<\/p>\n

transactions that should be recorded in the cash receipts journal.<\/p>\n

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EXERCISE 7-7<\/strong><\/p>\n

Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements<\/p>\n

journal, and a general journal. The following transactions occur in the month of June.<\/p>\n

June 1 Purchased $8,100 of merchandise on credit from Vick, Inc., terms n_30.<\/p>\n

8 Sold merchandise costing $900 on credit to R. Panke for $1,500 subject to a $30 sales discount<\/p>\n

if paid by the end of the month.<\/p>\n

14 Purchased $240 of store supplies from Poe Company on credit, terms n_30.<\/p>\n

17 Purchased $260 of office supplies on credit from Rehmer Company, terms n_30.<\/p>\n

24 Sold merchandise costing $400 to L. Barnett for $630 cash.<\/p>\n

28 Purchased store supplies from Piburn\u2019s for $90 cash.<\/p>\n

29 Paid Vick, Inc., $8,100 cash for the merchandise purchased on June 1.<\/p>\n

Prepare headings for a purchases journal like the one in Exhibit 7.9. Journalize the June transactions<\/p>\n

that should be recorded in the purchases journal.<\/p>\n

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EXERCISE 7-10<\/strong><\/p>\n

Politte Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements<\/p>\n

journal, and a general journal. The following transactions occur in the month of April.<\/p>\n

Apr. 3 Purchased merchandise for $2,750 on credit from Scott, Inc., terms 2_10, n_30.<\/p>\n

9 Issued check no. 210 to Kidman Corp. to buy store supplies for $450.<\/p>\n

12 Sold merchandise costing $400 on credit to C. Myers for $670, terms n_30.<\/p>\n

17 Issued check no. 211 for $1,500 to pay off a note payable to City Bank.<\/p>\n

20 Purchased merchandise for $3,500 on credit from LeBron, terms 2_10, n_30.<\/p>\n

29 Issued check no. 212 to LeBron to pay the amount due for the purchase of April 20, less<\/p>\n

the discount.<\/p>\n

30 Paid salary of $1,700 to B. Decker by issuing check no. 213.<\/p>\n

31 Issued check no. 214 to Scott, Inc., to pay the amount due for the purchase of April 3.<\/p>\n

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.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

EXERCISE 7-1 Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursement journal, and a general journal. The following transactions occur in the month of March: Mar. 2 Sold merchandise costing $300 to B. Fager for $450 cash, invoice no. 5703. 5 Purchased $2,300 of merchandise on credit from […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-27700","post","type-post","status-publish","format-standard","hentry","category-education"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/27700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=27700"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/27700\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=27700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=27700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=27700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}