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Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
Edition 22ISBN: 978-0077862275 Exercise 9
Nestlé , a Switzerland-based company, uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal in a manner similar to that explained in this chapter. Journalize the following summary transactions of Nestlé transactions that should be recorded in the general journal. For those not recorded in the general journal, identify only the special journal where each should be recorded. (All amounts in millions of Swiss franc, CHF.)
1. Assume Nestlé purchased CHF 17,000 of merchandise on credit from the suppliers.
2. Assume Nestlé sold CHF 94,000 of merchandise (cost is CHF 42,300) on credit to customers.
3. Assume a key customer returned CHF 2,400 of (worthless) merchandise to Nestlé (assume the cost of this merchandise is left in cost of goods sold).
1. Assume Nestlé purchased CHF 17,000 of merchandise on credit from the suppliers.
2. Assume Nestlé sold CHF 94,000 of merchandise (cost is CHF 42,300) on credit to customers.
3. Assume a key customer returned CHF 2,400 of (worthless) merchandise to Nestlé (assume the cost of this merchandise is left in cost of goods sold).
Explanation
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An entry to the journal is called journa...
Fundamental Accounting Principles 22th Edition by John Wild ,Ken Shaw,Barbara Chiappetta
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