Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Chapter 3, Problem 3.14.4MCP
To determine
Introduction: The users of financial statements review the financial statements of the company and perform appropriate analysis to take appropriate decisions, whenever required.
To prepare:
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QUESTION 2
Study the following transactions that occurred during August 2022 for Renwick & Co.
Aug 2 - Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500
to Shams Ltd. Terms: 2/10, n/30.
Aug 7- Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because
they were of the incorrect size and style.
Aug 8 - Renwick & Co. returned the office desks to its inventory.
Aug 9 - Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks.
Aug 27 - Renwick & Co. received payment in cash from Shams Ltd. in full settlement for
the remaining office desks acquired on August 2.
Renwick & Co. uses the net method to record sales and cash discounts and the perpetual
inventory system.
You may copy and paste from this list:
Accounts receivable
Discount
Interest income
Bad debt expense
Bank
Cash
Cost of Goods Sold
COGS
REQUIRED:
Interest receivable
Inventory
Notes receivable
Par
Premium
Sales discounts
Sales discounts forfeited
Sales returns…
1. Record the April 1, 20Y3, balance of each account in the appropriate balance column of a four-column account, type Balance in the item section, and select a check mark in the Posting Reference column. 3. Post to the ledger, extending the account balance to the appropriate balance column after each posting. Post in chronological order. For transactions occurring on the same day, post in the order presented in the instructions. Insert the appropriate posting references in both the journal and the ledger as each item is posted.
How does grading work?
LEDGER
Score: 28/510
Account: Cash11Account No.
DATE
ITEM
POST. REF.
DEBIT
CREDIT
BALANCE
DEBIT
CREDIT
1
2
✔
3
4
5
6
7
✔
8
9…
Complete the necessary December 31 journal entry by selecting the account names from the pull-down menus and entering dollar
amounts in the debit and credit columns.
Chapter 3 Solutions
Using Financial Accounting Information
Ch. 3 - Prob. 3.1ECh. 3 - Prob. 3.2ECh. 3 - Prob. 3.3ECh. 3 - Prob. 3.4ECh. 3 - Prob. 3.5ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10E
Ch. 3 - Prob. 3.11MCECh. 3 - Prob. 3.12MCECh. 3 - Prob. 3.13MCECh. 3 - Prob. 3.14MCECh. 3 - Prob. 3.15MCECh. 3 - Prob. 3.16MCECh. 3 - Prob. 3.17MCECh. 3 - Prob. 3.18MCECh. 3 - Prob. 3.1PCh. 3 - Prob. 3.2.1PCh. 3 - Prob. 3.2.2PCh. 3 - Prob. 3.2.3PCh. 3 - Prob. 3.2.4PCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.2PCh. 3 - Prob. 3.3.3PCh. 3 - Prob. 3.3.4PCh. 3 - Prob. 3.4PCh. 3 - Prob. 3.5.1MCPCh. 3 - Prob. 3.5.2MCPCh. 3 - Prob. 3.5.3MCPCh. 3 - Prob. 3.6.1MCPCh. 3 - Transaction Analysis and Financial Statements Blue...Ch. 3 - Prob. 3.6.3MCPCh. 3 - Prob. 3.6.4MCPCh. 3 - Prob. 3.7.1MCPCh. 3 - Prob. 3.7.2MCPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.8MCPCh. 3 - Prob. 3.9.1MCPCh. 3 - Problem 3-9 Transaction Analysis and Journal...Ch. 3 - Prob. 3.10.1MCPCh. 3 - Prob. 3.10.2MCPCh. 3 - Prob. 3.10.3MCPCh. 3 - Prob. 3.10.4MCPCh. 3 - Prob. 3.11MCPCh. 3 - Prob. 3.12.1MCPCh. 3 - Prob. 3.12.2MCPCh. 3 - Prob. 3.13.1MCPCh. 3 - Prob. 3.13.2MCPCh. 3 - Prob. 3.14.1MCPCh. 3 - Prob. 3.14.2MCPCh. 3 - Prob. 3.14.3MCPCh. 3 - Prob. 3.14.4MCPCh. 3 - Prob. 3.14.5MCPCh. 3 - Prob. 3.15.1MCPCh. 3 - Prob. 3.15.2MCPCh. 3 - Prob. 3.15.3MCPCh. 3 - Prob. 3.15.4MCPCh. 3 - Prob. 3.1AAPCh. 3 - Prob. 3.2.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.1AAPCh. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Transaction Analysis and Financial Statements...Ch. 3 - Prob. 3.3.4AAPCh. 3 - Prob. 3.4AAPCh. 3 - Prob. 3.5.1AAMCPCh. 3 - Prob. 3.5.2AAMCPCh. 3 - Prob. 3.5.3AAMCPCh. 3 - Prob. 3.6.1AAMCPCh. 3 - Prob. 3.6.2AAMCPCh. 3 - Prob. 3.7.1AAMCPCh. 3 - Prob. 3.7.2AAMCPCh. 3 - Prob. 3.8AAMCPCh. 3 - Prob. 3.9.1AAMCPCh. 3 - Prob. 3.9.2AAMCPCh. 3 - Prob. 3.10.1AAMCPCh. 3 - Prob. 3.10.2AAMCPCh. 3 - Prob. 3.10.3AAMCPCh. 3 - Prob. 3.10.4AAMCPCh. 3 - Prob. 3.11AAMCPCh. 3 - Prob. 3.12.1AAMCPCh. 3 - Prob. 3.12.2AAMCPCh. 3 - Prob. 3.13.1AAMCPCh. 3 - Prob. 3.13.2AAMCPCh. 3 - Prob. 3.14.1AAMCPCh. 3 - Prob. 3.14.2AAMCPCh. 3 - Prob. 3.15.1AAMCPCh. 3 - Prob. 3.15.2AAMCP
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