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4. On April 8, returned $3,600 of April 5 merchandise to Jax Company. 5. On April 15, paid the amount due to Jax Company in full. Instructions (a) Prepare the journal entries to record the transactions listed above on Rice Co.s books. Rice Co. uses a perpetual inventory system. (b) Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal entry to record this payment. E2 Assume that on September 1, Office Depot had an inventory that included a variety f calculators. The company uses a perpetual inventory system. During September, these Journalize entries. transactions occurred. Purchased calculators from Dragoo Co. at a total cost of $1,650, terms n/30. (LO 2, 3), A Sept. 6 9. Paid freight of $50 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. 20 10 12 14 Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. Instructions Journalize the September transactions. Jour E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1710, n/30. The cost of the merchandise sold was $330,000. . On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. (LO eived the balance due from Arte Co.

4. On April 8, returned $3,600 of April 5 merchandise to Jax Company. 5. On April 15, paid the amount due to Jax Company in full. Instructions (a) Prepare the journal entries to record the transactions listed above on Rice Co.s books. Rice Co. uses a perpetual inventory system. (b) Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal entry to record this payment. E2 Assume that on September 1, Office Depot had an inventory that included a variety f calculators. The company uses a perpetual inventory system. During September, these Journalize entries. transactions occurred. Purchased calculators from Dragoo Co. at a total cost of $1,650, terms n/30. (LO 2, 3), A Sept. 6 9. Paid freight of $50 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. 20 10 12 14 Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. Instructions Journalize the September transactions. Jour E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1710, n/30. The cost of the merchandise sold was $330,000. . On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. (LO eived the balance due from Arte Co.

FINANCIAL ACCOUNTING
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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E5-2

4. On April 8, returned $3,600 of April 5 merchandise to Jax Company. 5. On April 15, paid the amount due to Jax Company in full. Instructions (a) Prepare the journal entries to record the transactions listed above on Rice Co.s books. Rice Co. uses a perpetual inventory system. (b) Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal entry to record this payment. E2 Assume that on September 1, Office Depot had an inventory that included a variety f calculators. The company uses a perpetual inventory system. During September, these Journalize entries. transactions occurred. Purchased calculators from Dragoo Co. at a total cost of $1,650, terms n/30. (LO 2, 3), A Sept. 6 9. Paid freight of $50 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. 20 10 12 14 Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. Instructions Journalize the September transactions. Jour E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1710, n/30. The cost of the merchandise sold was $330,000. . On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. (LO eived the balance due from Arte Co.
Transcribed Image Text:4. On April 8, returned $3,600 of April 5 merchandise to Jax Company. 5. On April 15, paid the amount due to Jax Company in full. Instructions (a) Prepare the journal entries to record the transactions listed above on Rice Co.s books. Rice Co. uses a perpetual inventory system. (b) Assume that Rice Co. paid the balance due to Jax Company on May 4 instead of April 15. Prepare the journal entry to record this payment. E2 Assume that on September 1, Office Depot had an inventory that included a variety f calculators. The company uses a perpetual inventory system. During September, these Journalize entries. transactions occurred. Purchased calculators from Dragoo Co. at a total cost of $1,650, terms n/30. (LO 2, 3), A Sept. 6 9. Paid freight of $50 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. 20 10 12 14 Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. Instructions Journalize the September transactions. Jour E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1710, n/30. The cost of the merchandise sold was $330,000. . On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. (LO eived the balance due from Arte Co.
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