QS 4-13

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…

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

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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March 24 is what I need help with

Subject : Accounting

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…

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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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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