2Question No.2Following are the transactions of a Merchandise business.ProductPrice per UnitDesktop computerTablet computerLandline telephone4-in-1 desktop printer$4006060100DateTransactions2018California Business Solution purchases 10 electronic hardware packages at a cost of $620 eachApril 1by paying cashApril 7CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms aren/15 with an invoice date of April 7.April 17 CBS makes full payment on the amount due from the April 7 purchaseMay 1CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are5/10, n/30, and the invoice is dated May 1.May 10CBS pays their account in full.June 1CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3, CBSdiscovers that 25 of the phones are the wrong color and returns the phones to themanufacturer for a full refund.June 8CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decidesto keep the phones but receives a purchase allowance from the manufacturer of $8 per phone.July 1CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 each on credit. Terms ofthe purchase are 5/15, n/40, with an invoice date of July 1.July 6CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a fullrefund.July 10CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decidesto keep them, with the manufacturer issuing an allowance of $30 per printer.July 15CBS pays their account in full, less purchase returns and allowances.RequiredPrepare journal entries by using perpetual inventory system(1.5 Marks)

Name: 2Question No.2Following are the transactions of a Merchandise busines
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Description: 2Question No.2Following are the transactions of a Merchandise business.ProductPrice per UnitDesktop computerTablet computerLandline telephone4-in-1 desktop printer$4006060100DateTransactions2018California Business Solution purchases 10 electronic ha

SOLUTION- JOURNAL ENTRIES DATE…

Business

Accounting

2 Question No.2 Following are the transactions of a Merchandise business. Price per Unit $400 Product Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each April 1 by paying cash April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7.

2 Question No.2 Following are the transactions of a Merchandise business. Price per Unit $400 Product Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each April 1 by paying cash April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7.

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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QS 9-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
Mar 2 sold merchandise on credit to Ryan Co Invoice number 854, for $27,600 (cost is 17,000) Mar 12 received payment from Ryan Co For the March 2 sale less the discount of $552 What is the journal entry
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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…
Score $250 vork i Saved Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this…
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.
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Chapter 12 Homework eBook Show Me How Print Item Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228. 3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229. 5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230. 7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231. ACCOUNTS RECEIVABLE DEBIT Page: 1 SALES TAX PAYABLE CREDIT > SALE NO. POST. REF. SALES CREDIT DATE TO WHOM SOLD М.d 1 1 М. d 2 2 М.d М.d 4 4 3.