1. During October, the company had several transactions. Prepare journal entries for thetransactions below and post them to the t-accounts.a.Sold merchandise with an original cost of $73,000 on account for a total selling price of$170,000.DR Accounts ReceivableCR RevenueDR COGSCR InventoryDR InventoryDR PP&EIb. Purchased merchandise inventory on account from various suppliers for $92,600.92,600CR Accounts PayablePaid rent of $23,500 for the month of October.CR Cash170,00023,50073,00023,500170,00073,00092,600

The objective of the question is to prepare journal entries for the transactions that occurred…

Answered: 1. During October, the company had…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare a sales journal and then record the following sales transactions. July 7 Sold merchandise costing $400 to J. Dahl for $600, terms 2/10, n/30, invoice no. 704. 12 Sold merchandise costing $100 to R. Lim for $150, terms n/30, invoice no. 705.
On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The invoice was paid on June 27. The company uses a perpetual inventory system and records purchases gross. The June 27 journal entry to record payment of the account would include: Select one: a credit to Cash for $30,000. a credit to Inventory for $600. a credit to Purchases Discounts for $600. a debit to Accounts Payable for $29,400.
Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction? Debit Credit A. Sales revenue 11,700 Accounts receivable 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 B. Accounts receivable 11,700 Merchandise inventory 7,900 Sales revenue 3,800 C. Accounts receivable 3,800 Sales revenue 3,800 D. Accounts receivable 11,700 Sales revenue 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 Group of answer choices A. B. C. D.
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8
Record the following transactions as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Aug. 6 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 Aug. 8 fill in the blank 8 fill in the blank 9 3 4 fill in the blank 11 fill in the blank 12 4 5 fill in the blank 14 fill in the blank 15 5 6 Aug. 13 fill in the blank 17 fill in the…
Complete all requiremnts in pic
Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Culver on June 10 cost Concord $5,100, and the goods returned cost Concord $267.
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.
The related data: The following transactions of Marian Company for the month of June are as follows: 1. Purchase merchandise on account of 200,000 with freight of 20,000 of goods to supplier. 150,000 to various customers with a markup of 30,000 5,000 2. Upon detailed inspection, Marian returned 3. Sold merchandise on account amounting to 4. A customer return goods with sales price of Requirement (1) Prepare the journal entries under Periodic & Perpetual; (2) Determine the ending balance of merchandise inventory under Periodic & Perpetual 50% Note: The freight is excluded from the P200,000 merchandise. The mark-up of 50% is based on cost. You may follow the format below. Periodic System Perpetual System Credit Debit 1. Purchase of merchandise on account Debit Credit 2. Return of goods 3. Sale of merchandise on account and cost of sale 4. Return of merchandise sold 5. Adjustment of ending inventory
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