Ch 5 and 6 Procopy Practice

Journalize with the information attached, please

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Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Ayayai Inc's books. Ayayai uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Jan. 2 Ayayai purchased goods for $53,100 from Fundy Corp., terms n/45, FOB destination. The appropriate company paid freight costs of $1,100. 6 Ayayai returned $7,080 of the goods purchased on January 2, because they were not needed. 11 Ayayai paid the balance owed to Fundy. Date Account Titles and Explanation Debit Credit

Asset Cost: Less: Residual Value Depreciable Amount Depreciation method Depreciation p.a: Date 30/06/2018 30/06/2019 30/06/2020 Computers Depreciation Worksheet - Snow Lake Pty Ltd $66,000 $ N/A $66,000 Reducing Balance (Diminishing Balance) 30% Asset Cost $66,000 46,200 32,340 Depreciation $19,800 13,860 9,702 Accumulated Depreciation $19,800 33,660 43,362 Carrying Amount at the end $46,200 32,340 22,638 20 2014 2015 14200 1444

On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.

Using T accounts can you please explain the answer and why each entry goes where please the answe is 937050

Prepare journal entries for the SALES (Jane, seller) side of the purchase transactions above: October 1: Jane sold $1,000 of goods on account. Terms of the sale are 4/10, n 30. The invoice is dated October 1. Assume the cost of the inventory to Jane (amount she purchased it for) is $700. Record Jane’s entry. 1: Perpetual 2:Periodic October 7: Jake returned $50 of the $1,000 of goods from the October 1 purchase and received full credit. The cost of this inventory to Jane is $30. Record Jane’s entry. 1: Perpetual 2: Periodic October 11: Jake paid the amount due from the October 1 purchase, less the return on October 7. Record Jane’s entry. 1: Perpetual 2:Periodic October 3: Jake paid Jane $30 cash for freight charges from UPS for the October 1 purchase. Record Jane’s entry. 1: Perpetual 2: Periodic

The following selected transactions were completed by Zippy Do Co., a supplier of zippers for clothing: 2019 Dec. 1 2 2 3 4 5 6 7 8 0 9 10 11 12 12 13 14 15 16 17 3 2020 Mar. 2 Received payment of note and interest from Chicago Clothing & Bags Co. Journalize the entries to record the transactions. If no entry is required, simply skip to the next transaction. Be sure to include the year in the date for the entries. 18 19 20 31 31 Page 10 Accounting 1A Class Assignment Chapter 8-Receivables Received from Chicago Clothing & Bags Co., on account, a $36,000, 90-day, 6% note dated December 3. Recorded an adjusting entry for accrued interest on the note of December 3. Recorded the closing entry for interest revenue. Date GENERAL JOURNAL Description Post ref Debit Page Credit 1 2 3 4 5 6 0 7 191 8 9 10 11 12 13 14 15 16 17 18 19 20 Page <

Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Perpetual inventory system. . Prepare Journal entries to record the transactions; assuming Bata Pakistan uses Periodic inventory system.Solutions needed of the attached image immediately thanks.

1. Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Dish Mart purchases 26 sets of dishes for $460 per set with cash. Nov. 9 Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/15, n/60, invoice date November 9. Nov. 13 Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Nov. 14 Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the purchase are 10/10, n/60, invoice date November 14. Nov. 15 Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of the dish sets from the November 5 purchase are missing a few dishes but keeps them since the supplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the November 5 dish sets. Dish Mart and the supplier have agreed to reduce…

PA12. LO 6.7 Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Birdy Birdhouses purchases 57 birdhouses at $46 each with cash. Birdy Birdhouses purchases 94 birdhouses at $44 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Birdy discovers 12 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 11 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $136. Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts. Sep. 10 Sep. 18

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5) Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Periodic inventory system? a. Cash RO 84,280 Dr / Purchase discount RO 1,720 Dr /Account payable RO 86,000 Cr b. Account payable RO 86,000 Dr / Purchase discount RO 1,720 Cr / Cash RO 84,280 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Cash RO 86,000 Cr

TB MC Qu. 8-53 (Algo) Alison's dress shop buys dresses from... Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire on July 17 and received an invoice with a list price amount of $5,100 and payment terms of 2/10, n/30. Alison uses the net method to record purchases. Alison should record the purchase at: Multiple Choice O O $2,499. $5,100. $5,202. $4,998.