17. The Corbit Corp. sold merchandise for $10.000 cash. The cost of the merchandise sold was $7,590, The journal entries to record this transaction under the perpetual inventory system would be A. Cash 10,000 Merchandise Inventory 10,000 Cost of Merchandise Sold Sales 7,590 7,590 B. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 7,590 Merchandise Inventory 7,590 Cash 19.000

17. The Corbit Corp. sold merchandise for $10.000 cash. The cost of the merchandise sold was $7,590, The journal entries to record this transaction under the perpetual inventory system would be A. Cash 10,000 Merchandise Inventory 10,000 Cost of Merchandise Sold Sales 7,590 7,590 B. Cash 10,000 Sales 10,000 Cost of Merchandise Sold 7,590 Merchandise Inventory 7,590 Cash 19.000

Name: 17. The Corbit Corp. sold merchandise for $10,000 cash. The cost of t
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Description: 17. The Corbit Corp. sold merchandise for $10,000 cash. The cost of themerchandise sold was $7.590, The journal entries to record this transaction underthe perpetual inventory system would beA. Cash10,000Merchandise Inventory10,000Cost of Merchandis

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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Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales Discounts 58,010 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019.
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable 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 Accounts Receivable
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Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,900 with terms 2/10, net 30. The cost of the goods sold was $9,685. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.
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Main.do?invoker=&takeAssignments Record the following transactons as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, /30. Bought an $18,000 truck from Pillner Co., paylng $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. Pald for the August 6 purchase of merchandise from Johnston Co. Purchased $1,743 of merchandise from Luls Co. Credit terms 2/10, n/30. 15 17 If an amount box does not requlre an entry, leave It blank. If required, round answers to the nearest cent. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 Aug. 6 1 2 2 3 Aug. 8 4 5 6 Aug. 13 7 8 Aug. 15 8 9 10 10 11 11 Aug. 17 12 12 Check My Work 1more Check My Workuseremanng. All work saveod.
How would I journalize the transactions?
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.
7 Morgan, Incorporated uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $19,600 was made on credit, 3/10, n/30. The journal entry to record this purchase is: Multiple Choice Account Title Debit Credit Merchandise Inventory 19,600 Accounts Payable 19,600 Account Title Debit Credit Purchases 19,600
. EX.06.204.ALGO Sampson Co. sold merchandise to Batson Co. on account, $28,500, terms 2/15, net 45. The cost of the merchandise sold is $21,375. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Journalize these transactions for Sampson Co. If an amount box does not require an entry, leave it blank. a. fill in the blank 9d2beefcd029043_2 fill in the blank 9d2beefcd029043_3 fill in the blank 9d2beefcd029043_5 fill in the blank 9d2beefcd029043_6 b. fill in the blank 9d2beefcd029043_8 fill in the blank 9d2beefcd029043_9 fill in the blank 9d2beefcd029043_11 fill in the blank 9d2beefcd029043_12 c. fill in the blank 9d2beefcd029043_14 fill in the blank 9d2beefcd029043_15 fill in the blank 9d2beefcd029043_17 fill in the blank 9d2beefcd029043_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b.…
Dana Co. purchased S2,600 of merchandise from Mona Co. on April 10 with terms 2/10, n/30. On April 27, it returned $300 worth of merchandise. On May 6, it paid the full amount due to Mona Co. The journal entry to record the merchandise return on April 27 is: Debit Merchandise Inventory $300; credit Sales Returns $300 Debit Merchandise Inventory $2,300; credit Cash $2,300 O A. В. Debit Merchandise Inventory $300; credit Accounts Payable $300 Debit Accounts Payable $300; credit Merchandise Inventory $300 O C. OD. Activate Windows « Go to Settings to activate Winddws. > A Moving to another question will save this response.
Abdulla Co. purchased $2,600 of merchandise from Adel Co. on April 10 with terms 2/10, n/30. On April 27, it returned $300 worth of merchandise. On May 6, it paid the full amount due to Adel Co. The journal entry to record the purchase on April 10 is: O A. Dr. Merchandise Inventory $2,600; Cr. Accounts Payable $2,600 Dr. Merchandise Inventory $2,600; Cr. Sales Returns $300; credit Cash $2,300 Dr. Accounts Payable $2,600; Cr. Merchandise Inventory $2,600 В. OC. D. Dr. Merchandise Inventory $2,300; Cr. Cash $2,300 Activate Windows « Go to Settihgs to activate Windov Moving to another question will save this response. Close Window