PA5. LO 6.3 Review the following transactions for Birdy Birdhouses and record any required journal entries.Sep. 6Sep. 8Birdy Birdhouses purchases 55 birdhouses at $40 each with cash.Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of thepurchase are 2/10, n/30, invoice date September 8.Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase andreturns them to the supplier for a full refund. Birdy also discovers that 10 of thebirdhouses from the Sep. 8 purchase are painted the wrong color but keeps themsince the supplier granted an allowance of $20 per birdhouse.Birdy pays their account in full from the September 8 purchase, less any returns,allowances, and/or discounts.Sep. 10Sep. 18

Journal entries are an important process of an accounting cycle under which financial transactions…

Answered: PA5. LO 6.3 Review the following…

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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EA1. LO 9.1 Prepare journal entries for the following transactions from Restaurant Depot. Nov. 8 Nov. 17 Customer Miles Shandy purchased 200 pans at $35 per pan, costing Restaurant Depot $21 per pan. Terms of the sale are 2/10, n/30, invoice dated November 8. Miles Shandy pays in full with cash for his purchase of November 8.
journal entries for the following transactions of Furniture Warehouse. Aug 3 Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug 8 Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug 15 Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug 18 Customer paid their account in full with cash.
PA6. LO 6.3 Review the following transactions for Dish Mart and record any required journal entries. Note that all purchase transactions are with the same supplier. Nov. 5 Dish Mart purchases 26 sets of dishes for $460 per set with cash. Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchase are 10/15, n/60, invoice date November 9. Dish Mart discovers 5 of the dish sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of the purchase are 10/10, n/60, invoice date November 14. Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4 of the dish sets from the November 5 purchase are missing a few dishes but keeps them since the supplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set for the November 5 dish sets. Dish Mart and the supplier have agreed to reduce the amount Dish Mart…
Current Attempt in Progress Crane Supply Company sells merchandise on account for $6100 to Swifty Exploration Company with credit terms of 2/13, n/30. Swifty Exploration returns $1200 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? O $4900 O $5978 O $6002 O $4802 Save for Later Attempts: 0 of 1 used Submit Answer
Journalize the following transactions. 1. On May 5, GDC Bookstore sold 20 books at $20 each to Little Tweets Kindergarten, credit terms 2/10, n/30. The books were purchased earlier at $10 each. DATEACCOUNT TITLES DEBITC May 5 $ May $ 2$ 2. On May 7, GDC Bookstore granted to Little Tweets Kindergarten. a reduction of $5 per unit in the price of 4 books that were slightly damaged but not returned. DATEACCOUNT TITLES DEBITC May 7 LO II
PA5. LO 12.2 Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.
Hh1.
9. Review the following transactions for April Anglers and record any required journal entries. Oct. 4 April Anglers purchases 82 fishing poles at $33 each with cash. Oct. 5 April Anglers purchases 116 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. Oct. 12 April discovers 18 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. April also discovers that 32 of the fishing poles from the October 5 purchase are the wrong length but keeps them since the supplier granted an allowance of $15 per fishing pole. Oct. 24 April pays their account in full from the October 5 purchase, less any returns, allowances, and/or discounts. Solution Debit Credit Date Accounts and Explanation
May 11 Sydney accepts delivery of $27,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,425. Sydney pays $470 cash to Express Shipping for delivery charges on the merchandise. May 12 Sydney returns $1,100 of the $27,500 of goods to Troy, who receives them the same day and restores them to its inventory.. The returned goods had cost Troy $737. May 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 question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. View transaction list View journal…
An invoice for a laptop computer that costs $625.68 is dated September 15, with sales terms of 3/10 EOM. When must the invoice be paid to take advantage of the discount?
10 Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches.for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash. Solution Debit Credit Date Accounts and Explanation

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