Question Help v7. Hampton Computers has the following transactions in April related to purchase of merchandise inventory.A (Click the icon to view the transactions.)Journalize the purchase transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select theexplanation on the last line of the journal entry table.)Apr. 1: Purchase of $25,000More Info- XDateApr. 1April 1 Purchase of $25,000 worth of computers on account, term of 1/10, n /60.3 Return of $2,500 of the computers to the vendor.9 Payment made on account.PrintDoneChoose from any list or enter any number in the input fields and then click Check Answer.partsremainingClear AllCheck AnswerThis course (BA2223section4) is based on Nobles/Mattison: Horngren's Accounting, 11e Global EditionchEN A Q)acer

The transactions are given for Purchase of computers and given transactions are to be recorded on…

7. Hampton Computers has the following transactions in April related to purchase of merchandise inventory. A (Click the icon to view the transactions.) Journalize the purchase transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr. 1: Purchase of $25,000 More Info Date Apr. 1 April 1 Purchase of $25,000 worth of computers on account, term of 1/10, n/60. 3 Return of $2,500 of the computers to the vendor. 9 Payment made on account.

7. Hampton Computers has the following transactions in April related to purchase of merchandise inventory. A (Click the icon to view the transactions.) Journalize the purchase transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr. 1: Purchase of $25,000 More Info Date Apr. 1 April 1 Purchase of $25,000 worth of computers on account, term of 1/10, n/60. 3 Return of $2,500 of the computers to the vendor. 9 Payment made on account.

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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Required information [The following information applies to the questions displayed below.] Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $20 each. Purchases on December 7 Purchases on December 14 Purchases on December 21 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. Date December 7 December 14 Total December 14 Totals December 15 Total December 15 December 21 Goods purchased # of units Cost of Goods Available for Sale 10 at $ 6.00 = $ 60.00 $ 240.00 10 units @ $ 6 cost 20 units @ $12 cost 15 units @ $14 cost Cost per unit 20 at $ 12.00 = 15 at $ 14.00 = $ 210.00 Perpetual LIFO: # of units sold 8 at Cost of Goods Sold Cost per Cost of Goods unit Sold $ 6.00 = $ 48.00 48.00 Inventory Balance # of units 10 at 10 at 20 at 2 at 2 at 2 at 13 at 15 at Cost per unit $ 6.00 = $6.00 =…
Subject : Accounting
answer in text form please (without image), Note: .Every entry should have narration please
Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Oct. 30 Paid account in full from the October 20 purchase. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Oct. 13 Oct. 20 Oct. 30 Accounts Receivable Accounts Payable Cost of Goods Sold Cash Sales Returns and Allowances II III II II
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! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of…
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Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder's Materials, $30,000. 3 Purchased merchandise for cash, $24,000. * Sold merchandise on account to Champa Construction for $50,000. The merchandise cost $37,500. Prepare journal entries under the perpetual inventory system. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 20-- 1 June 1 2 3 3 4 June 3 4 6. 6. June 5 7 8. 8. 9. 10 June 5 10 11 11 12 12
Journalize the transaction using the perpetual inventory system,,,,,,,,,,,,,, please answer in text form without image every entry should be narrated
Transactions for the month of July for Carla Vista's Bookstore were as follows: July (a) 1 (balance) 8 22 Purchases 30 Assuming that periodic inventory records are kept. 590@ $7.30 July 1,190@ $7.40 680 @ $7.60 210@ $7.75 Ending inventory Cost of goods sold Determine the ending inventory and cost of goods sold using FIFO method. (Round answers to 2 decimal places, e.g. 52.75.) $ Sales $ $9.3 12 890@ $9.55 25 790@ $9.80 3 350 @
William & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 (a) 12 Balance Purchase Purchase Sale Sale Nov. 12 Units Date Account Titles Nov. 4 20 40 40 (20) (50) Assume all sales and purchases are on credit. Purchase Sales Price Price Prepare journal entries to record the November 4 purchase and the November 12 sale using FIFO. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List all debit entries before credit entries.) $5.00 $5.50 $9.00 (To record sales on account) (To record cost of goods sold) $8.00 $8.00 Debit Credit
Prepare journal entries for the SALES (Jane, seller) side of the purchase transactions above: October 1: Jane sold $1,000 of goods on account. Terms of the sale are 4/10, n 30. The invoice is dated October 1. Assume the cost of the inventory to Jane (amount she purchased it for) is $700. Record Jane’s entry. 1: Perpetual 2:Periodic October 7: Jake returned $50 of the $1,000 of goods from the October 1 purchase and received full credit. The cost of this inventory to Jane is $30. Record Jane’s entry. 1: Perpetual 2: Periodic October 11: Jake paid the amount due from the October 1 purchase, less the return on October 7. Record Jane’s entry. 1: Perpetual 2:Periodic October 3: Jake paid Jane $30 cash for freight charges from UPS for the October 1 purchase. Record Jane’s entry. 1: Perpetual 2: Periodic