QS 4-13
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Feb 20, 2024
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QS 4-13 (Algo) Recording sales, returns, and allowances; no discounts LO P2 Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method. May 1 Sold merchandise for $86@, with credit terms n/6@. The cost of the merchandise is $53@. May 9 The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer’s accounts receivable for $66 to compensate for the defects. June 4 The customer in the May 1 sale returned $140 of merchandise for full credit. The merchandise, which had cost $76, is returned to inventory. June 3@ Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return. e © General Journal Debit Credit Accounts receivable 860 Sales 860 72 May 01 Cost of goods sold 530 Merchandise inventory 530 [7 3 “May09 |Sales returns and allowances 66 Accounts receivable 66 [ 7 < June 04 Sales returns and allowances 140 Accounts receivable 140 7 5 June 04 Merchandise inventory 76 Cost of goods sold 76 7 5 June 30 Cash 654 Accounts receivable 654
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QS 4-13 (Algo) Recording sales, returns, and allowances; no discounts LO P2
Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual
inventory system and the gross method.
May 1 Sold merchandise for $640, with credit terms n/60. The cost of the merchandise is $420.
May 9 The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the
customer's accounts receivable for $44 to compensate for the defects.
June 4
The customer in the May 1 sale returned $85 of merchandise for full credit. The merchandise, which had cost
$54, is returned to inventory.
June 30 Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return.
View transaction list
Sold merchandise for $640, with credit terms n/60.
The cost of the merchandise is $420.
3 The customer discovers slight defects in some units. TFC
gives a price reduction (allowance) and credits the
customer's…
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TB Problem Qu. 4- 217 (Algo) Recording purchases, allowances, and discounts taken Prepare journal entries to record the following merchandising transactions. The company applies the perpetual inventory system and the gross method. May
3 Sold merchandise for $6,600 with terms 2/10, n/30. The merchandise had cost $4,000. May 8 Sold merchandise for $4,300 with terms 2/10, n/30. The merchandise had a cost of $2,500. May 12 Received the balance due from the May 3
sale within the discount period. May 14 Granted an allowance of $300 for scratched merchandise related to May 8 sale. May 17 Received the balance due from the May 8 sale within the discount period.
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Question Help v
7. Hampton Computers has the following transactions in April related to purchase of merchandise inventory.
A (Click the icon to view the transactions.)
Journalize the purchase transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the
explanation on the last line of the journal entry table.)
Apr. 1: Purchase of $25,000
More Info
- X
Date
Apr. 1
April 1 Purchase of $25,000 worth of computers on account, term of 1/10, n /60.
3 Return of $2,500 of the computers to the vendor.
9 Payment made on account.
Print
Done
Choose from any list or enter any number in the input fields and then click Check Answer.
parts
remaining
Clear All
Check Answer
This course (BA2223section4) is based on Nobles/Mattison: Horngren's Accounting, 11e Global Edition
ch
EN A Q)
acer
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Knowledge Check 01
A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise
purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the
defective merchandise under those terms.
Complete the buyer's necessary journal entry by selecting the account names from the drop-down menus and entering the dollar
amounts in the debit or credit columns.
View transaction list
Journal entry worksheet
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#39
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March 24 is what I need help with
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Subject : Accounting
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ed
ook
Print
GLO401 (Algo) - Based on Problem 4-1A LO P1, P2
Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and
the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts
Payable-Griffin.)
eferences
Graw
Hill
July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point,
invoice dated July 1.
July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice
dated July 2. The merchandise had cost $1,860.
July 3 Paid $1,005 cash for freight charges on the purchase of July 1.
July 8 Sold merchandise that had cost $3,700 for $6,100 cash.
July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice
dated July 9.
July 11 Returned $900 of merchandise purchased on July 9 from Lee…
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QS 4-5 (Algo) Recording purchases, returns, and discounts taken LO P1 Prepare journal entries to record
each of the following transactions of a merchandising company. The company uses a perpetual
inventory system and the gross method. November 5 Purchased 1,250 units of product at a cost of $20
per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5. November 7 Returned 40
defective units from the November 5 purchase and received full credit. November 15 Paid the amount
due from the November 5 purchase, minus the return on November 7.
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Please do not give solution in image format ?
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don't give answer in image format
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QS 4-8 (Algo) Recording sales, returns, and discounts taken LO P2
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a
perpetual inventory system and the gross method.
April 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600.
April 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost
$408, is returned to inventory.
April 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is
$1,750.
April 11 Received payment for the amount due from the April 1 sale less the return on April 4.
View transaction list
Journal entry worksheet
1
2
3
4
5
6
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Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $9,450 with terms 2/10, n/30. The cost of the merchandise sold was $5,670. If an amount box does not require an entry, leave it blank.
Sale Accounts Receivable v
9,450 X
Sales v
9,450
Cost
Cost of Merchandise Sold V
5,670
Merchandise Inventory
5,670
Feedback
b. Received payment less the discount. If an amount box does not require an entry, leave it blank.
Cash v
9,450
X
Accounts Receivable v
9,450 X
Feedback
c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank.
Customer Refunds Payable v
1,100
Accounts Receivable v
1,100
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Please Do not Give image format
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Provide 7 graphs In answer
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Related Questions
- QS 4-13 (Algo) Recording sales, returns, and allowances; no discounts LO P2 Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method. May 1 Sold merchandise for $640, with credit terms n/60. The cost of the merchandise is $420. May 9 The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer's accounts receivable for $44 to compensate for the defects. June 4 The customer in the May 1 sale returned $85 of merchandise for full credit. The merchandise, which had cost $54, is returned to inventory. June 30 Received payment for the amount due from the May 1 sale less the May 9 allowance and June 4 return. View transaction list Sold merchandise for $640, with credit terms n/60. The cost of the merchandise is $420. 3 The customer discovers slight defects in some units. TFC gives a price reduction (allowance) and credits the customer's…arrow_forwardTB Problem Qu. 4- 217 (Algo) Recording purchases, allowances, and discounts taken Prepare journal entries to record the following merchandising transactions. The company applies the perpetual inventory system and the gross method. May 3 Sold merchandise for $6,600 with terms 2/10, n/30. The merchandise had cost $4,000. May 8 Sold merchandise for $4,300 with terms 2/10, n/30. The merchandise had a cost of $2,500. May 12 Received the balance due from the May 3 sale within the discount period. May 14 Granted an allowance of $300 for scratched merchandise related to May 8 sale. May 17 Received the balance due from the May 8 sale within the discount period.arrow_forwardQuestion Help v 7. Hampton Computers has the following transactions in April related to purchase of merchandise inventory. A (Click the icon to view the transactions.) Journalize the purchase transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr. 1: Purchase of $25,000 More Info - X Date Apr. 1 April 1 Purchase of $25,000 worth of computers on account, term of 1/10, n /60. 3 Return of $2,500 of the computers to the vendor. 9 Payment made on account. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check Answer This course (BA2223section4) is based on Nobles/Mattison: Horngren's Accounting, 11e Global Edition ch EN A Q) acerarrow_forward
- Knowledge Check 01 A buyer uses a perpetual inventory system, and on December 7, it contacts its supplier to report that some of the merchandise purchased on December 5 was defective. The seller offered to reduce the merchandise price by $400. The buyer agreed to keep the defective merchandise under those terms. Complete the buyer's necessary journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. View transaction list Journal entry worksheetarrow_forward#39arrow_forwardMarch 24 is what I need help witharrow_forward
- Subject : Accountingarrow_forwarded ook Print GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) eferences Graw Hill July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee…arrow_forwardQS 4-5 (Algo) Recording purchases, returns, and discounts taken LO P1 Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,250 units of product at a cost of $20 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5. November 7 Returned 40 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7.arrow_forward
- Please do not give solution in image format ?arrow_forwarddon't give answer in image formatarrow_forwardQS 4-8 (Algo) Recording sales, returns, and discounts taken LO P2 Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. April 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. April 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. April 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750. April 11 Received payment for the amount due from the April 1 sale less the return on April 4. View transaction list Journal entry worksheet 1 2 3 4 5 6arrow_forward
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