13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for invoice of October 4, less debit memo of October 6.19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/com.19. Paid freight of $400 on October 19 purchase from Veggie Co.20. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination,1/10, n/30.30. Paid Caesar Salad Co. for invoice of October 20.31. Paid UK Imports Co. for invoice of October 1.31. Paid Veggie Co. for invoice of October 19.InstructionsJournalize the entries to record the transactions of Capers Company for October.PR 6-2A Sales-related transactions using perpetual inventory systemOBJ. 2The following selected transactions were completed by Amsterdam Supply Co., which sellsoffice supplies primarily to wholesalers and occasionally to retail customers:Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination,1/10, n/30. The cost of the merchandise sold was $13,300.3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers.The cost of merchandise sold was $7,000.4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point,n/eom. The cost of merchandise sold was $33,200.5. Sold merchandise for $30,000 plus 6% sales tax to retail customersMasterCard. The cost of merchandise sold was $19,400.used12. Received check for amount due from Equinox Co. for sale on March 2.14. Sold merchandise to customers who used American Express cards, $13,700.The cost of merchandise sold was $8,350.01pri16. Sold merchandise on account to Targhee Co., $27,500, terms FOB shippingpoint, 1/10, n/30. The cost of merchandise sold was $16,000.18. Issued credit memo for $4,800 to Targhee Co. for merchandise returned fromsale on March 16. The cost of the merchandise returned was $2,900.19. Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point,2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchan-dise sold was $5,000.26. Received check for amount due from Targhee Co. for sale on March 16 lesscredit memo of March 18. bisqe(Continued) 310Chapter 6 Accounting for Merchandising Businesses DGeneral LedgerSHOWME HOWMar 40019Mar. 28. Received check for amount due from Vista Co. for sale of March 19.31. Received check for amount due from Empire Co. for sale of March 4.31. Paid Fleetwood Delivery Service $5,600 for merchandise delivered during Marchto customers under shipping terms of FOB destination.850Apr.3. Paid City Bank $940 for service fees for handling MasterCard and AmericanExpress sales during March.BOT at 8 15. Paid $6,544 to state sales tax division for taxes owed on sales.On InstructionsJournalize the entries to record the transactions of Amsterdam Supply Co.PR 6-3A Sales-related and purchase-related transactions using perpetualinventory systemOBJ. 2The following were selected from among the transactions completed by Babcock Companyduring November of the current year:Nov. 3. Purchased merchandise on account from Moonlight Co., list price $85,000, tradediscount 25%, terms FOB destination, 2/10, n/30.

Name: 13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for in
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Description: 13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for invoice of October 4, less debit memo of October 6.19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/com.19. Paid freight of $400 on October 19 purchase

Journal entries are made to the books to record the financial transactions of a firm. It is one of…

Business

Accounting

actions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandico cold 300

actions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandico cold 300

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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ed ook Print GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) eferences Graw Hill July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee…
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12 The following information is provided for the sales of. 2021 merchandise item in al of Jan the first purchased Sold 700 units. Jan I Rep Purchased 900 units 610 600g Dan 3 purchased Can y sold 1000 units Jan 5 Sold 50 units. and Gana 400 units & la 12 Record in the prepetual invertory sheet for the above transaction clearly show the inventory balance users fifo method of pricing merchandise issuance TTTTTTANOO
s ² Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. Paid $120 cash for shipping charges related to the August 5 sale to Baird Corporation. August 9 August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters…
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GLO402 - Based on Problem 4-2A Lowe's Company LO P1, P2 Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron.) 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $5,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. 8 Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. Aug. Aug. Aug. Aug. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and sold for $600. The was merchandise was restored to inventory. Aug. 12…
Sales-Related Transactions using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers: July 1. Sold merchandise on account to Landscapes Co., $33,450, terms FOB shipping point, n/eom. The cost of the goods sold was $20,000. 2. Sold merchandise for $86,000 plus 8% sales tax to retail cash customers. The cost of the goods sold was $51,600. 5. Sold merchandise on account to Peacock Company, $17,500, terms FOB destination, 1/10, n/30. The cost of the goods sold was $10,000. 8. Sold merchandise for $112,000 plus 8% sales tax to retail customers who used VISA cards. The cost of the goods sold was $67,200. 13. Sold merchandise to customers who used MasterCard cards, $96,000. The cost of the goods sold was $57,600. 14. Sold merchandise on account to Loeb Co., $16,000, terms FOB shipping point, 1/10, n/30. The cost of the goods sold was…
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A B E F H 2 Laker Company reported the following January purchases and sales data for its only product. The Company uses a perpetual inventory system. Required: 1) Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Also click on the Weighted Average, FIFO, and LIFO Tabs below.) 3 1 45 Date Activities Units Acquired at Cost Units Cost Total cost Units 6 per unit Units Sold at Retail Selling price per Total Sales unit 7 January 01 Beginning inventory 140 $6.00 $840 00 8 January 10 Sales 100 $15.00 $1,500 9 January 20 Purchase 60 $5.00 300 10 January 25 Sales 80 $15.00 $1,200 11 January 30 12 Purchase Totals 180 $4.50 380 810 $1,950 180 $2,700 13 For specific identification, ending inventory consists of the following units: 14 Units from beginning inventory 15 Units from purchase of January 20 16 Units from purchase of January 30 15 5 180 17 18 Specific Identification Cost of Goods Sold Ending Inventory Units 19…