20x1 April 1 Purchased camera accessories on credit from Vision Supplies, Invoice 825, $1,025, terms n/30; freight of $25 prepaid by Vision supplies and added to the invoice (total amount due, $1,050). 3 Purchased lenses on credit for $960 from Lens Nation, Inc., Invoice 998, terms n/30. 11 Purchased DVD camcorders on credit for $4,700 from Optical Products, Invoice 4101, terms n/30. 15 Recorded various purchases of merchandise for cash from April 1 to April 15, $2,300. 26 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $6,800, terms n/30; freight of $198 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,998). 27 Issued Check 102 for $560 to Lens Nation, Inc., in partial payment of Invoice 998 dated April 3. 30 Recorded various purchases of merchandise for cash from April 16 to April 30, $2,570. 30 Issued Check 103 to Vision Supplies in payment of the total amount due on Invoice 825 dated April 1. equired: Record the transactions in a general journal. Post the entries from the general journal to the appropriate general ledger accounts. ENERAL LEDGER ACCOUNTS 1 Cash, $12,900 Dr. e5 Accounts Payable 91 Purchases 2 Freight In

20x1 April 1 Purchased camera accessories on credit from Vision Supplies, Invoice 825, $1,025, terms n/30; freight of $25 prepaid by Vision supplies and added to the invoice (total amount due, $1,050). 3 Purchased lenses on credit for $960 from Lens Nation, Inc., Invoice 998, terms n/30. 11 Purchased DVD camcorders on credit for $4,700 from Optical Products, Invoice 4101, terms n/30. 15 Recorded various purchases of merchandise for cash from April 1 to April 15, $2,300. 26 Purchased lighting equipment on credit from Myers Brothers Camera Supplies, Invoice 9288, $6,800, terms n/30; freight of $198 prepaid by Myers Brothers Camera Supplies and added to the invoice (total amount due, $6,998). 27 Issued Check 102 for $560 to Lens Nation, Inc., in partial payment of Invoice 998 dated April 3. 30 Recorded various purchases of merchandise for cash from April 16 to April 30, $2,570. 30 Issued Check 103 to Vision Supplies in payment of the total amount due on Invoice 825 dated April 1. equired: Record the transactions in a general journal. Post the entries from the general journal to the appropriate general ledger accounts. ENERAL LEDGER ACCOUNTS 1 Cash, $12,900 Dr. e5 Accounts Payable 91 Purchases 2 Freight In

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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Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 27 bushels of flowers to a customer for $1,200 cash; cost of sale $630. Oct. 21 Sold 60 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company. Oct. 31 Received payment in full from the October 21 sale. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
PA2. LO 6.1 Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost.
FDN Trading had the following selected transactions on November 5: Purchase of furniture on account, P24,000 Purchase of merchandise for P31,000 less 10 on terms 40% down and the balance 2/10 n/30 Sale of merchandise for P59,000 for cash. Paid for the repair of one air-conditioning unit, P3,280. Collected a customer’s account, P15,880 How much was the total amount credited to Cash?
Exercise 5-4 On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun Company pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair value of these goods is $70. On June 19, Tuzun Company pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. s entered. Do not indent manually. If no entry is required, select "No Entry" for Prepare separate entries for each transaction on the books of Tuzun Company. (Credit account titles are automatically indented when amount the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit
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
Feb 1. Analisa purchase merchandise with an invoice price of 280,000 and 3/10 , n/30 Feb 3. Analisa paid 8000 transportation cost on the purchased goods FOB shipping point Feb 10 analisa paid for merchandise What was analizas total cost lf the lurchased merchandise?
Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Purchases on account, P800,000; terms: 5; 2/20; n/30. FOB shipping point, freight prepaid, P5,000. Mar 15 - Returned merchandise from Mar 2 purchases amounting to P20,000 Mar 20 - Paid purchases made on March 2 Mar 31 - Purchased goods on account P180,000. FOB destination, freight prepaid P14,000 Required: Journalize the above transactions using PERIODIC МЕТНOD
Requirement: Journal Entry Buyer: Mindoro Enterprises Seller: GTI, Inc Mindoro Enterprises purchased more merchandise worth 42,000 from GTI Inc. on terms 5/10, n/30, FOB SHIPPING POINT. Freightcharges Of 1,800 was PAID BY GTI Inc.
EE 6-5 Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.
Purchase-related transactionsStylon Co., a women's clothing store, purchased $48,000 of merchandisefrom a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an Invoice amount of $7,500, receiving acredit memo. Journalize Stylon's entries to record (a) the purchase, (b)the merchandise return, (c) the payment within the discount period of10 days, and (d) the payment beyond the discount period of 10 days.
Ibri enterprises purchased goods on 3rd march, for RO 84,000 from Moon enterprises. Calculate the discount amount, if the credit term followed as 3/EOM. a. RO 84,000 b. RO 2,520 C. None O d. RO 81,480