67.000 E5-2 Assume that on September 1. Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,650, terms n/30. 9. Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. Pr 20 Mendez Instructions Journalize the September transactions. brod E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. 0 eib ealea 0000 Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system. (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (d)
67.000 E5-2 Assume that on September 1. Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,650, terms n/30. 9. Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. Pr 20 Mendez Instructions Journalize the September transactions. brod E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. 0 eib ealea 0000 Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system. (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (d)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:67.000
E5-2 Assume that on September 1. Office Depot had an inventory that included a variety
of calculators. The company uses a perpetual inventory system. During September, these
transactions occurred.
Sept. 6
Purchased calculators from Dragoo Co. at a total cost of $1,650, terms n/30.
9.
Paid freight of $50 on calculators purchased from Dragoo Co.
10
Returned calculators to Dragoo Co. for $66 credit because they did not
meet specifications.
12
Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30.
14
Granted credit of $45 to Fryer Book Store for the return of one calculator
that was not ordered. The calculator cost $34.
Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30.
Pr
20
Mendez
Instructions
Journalize the September transactions.
brod
E5-3 The following transactions are for Alonzo Company.
1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms
1/10, n/30. The cost of the merchandise sold was $330,000.
2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise
purchased on December 3.
3. On December 13, Alonzo Company received the balance due from Arte Co.
0
eib ealea
0000
Instructions
(a) Prepare the journal entries to record these transactions on the books of Alonzo Com-
pany. Alonzo uses a perpetual inventory system.
(b) Assume that Alonzo Company received the balance due from Arte Co. on January 2
of the following year instead of December 13. Prepare the journal entry to record the
receipt of payment on January 2.
(d)
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