Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used toaccount for inventory.DateApr. 14DateMay 13May 13: Paid the invoice of April 14.DateJune 2InventoryDateDescriptionAccounts PayableAug. 1CashJune 2: Received a 60-day, 8% note for $180,000 on the Ryanair account.DescriptionDescriptionAccounts Receivable-RyanairCashDebitNotes Receivable31,300Interest RevenueDebitDebit180,000Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date.DescriptionDebitCredit31,300CreditCredit180,000Creditvas

Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory. Date Apr. 14 Date May 13 May 13: Paid the invoice of April 14. Date June 2 Inventory Date Description Accounts Payable Aug. 1 Cash- June 2: Received a 60-d. 8% note for $180,000 on the Ryanair account. Description Description Accounts Receivable-Ryanair Cash Debit Notes Receivable 31,300 Interest Revenue Debit Debit 180,000 Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Description Credit Debit Credit 31,300 Credit Credit 180,000 vas

Apr. 14: Purchased $31,300 of merchandise on account, terms n/30. The perpetual inventory system is used to account for inventory. Date Apr. 14 Date May 13 May 13: Paid the invoice of April 14. Date June 2 Inventory Date Description Accounts Payable Aug. 1 Cash- June 2: Received a 60-d. 8% note for $180,000 on the Ryanair account. Description Description Accounts Receivable-Ryanair Cash Debit Notes Receivable 31,300 Interest Revenue Debit Debit 180,000 Aug. 1: Received amount owed on June 2 note, plus interest at the maturity date. Description Credit Debit Credit 31,300 Credit Credit 180,000 vas

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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p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1
Mc Graw Hill Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list 1 2 Sold merchandise for $6,400 (that had cost $4,147) and accepted the customer's Continental Card. Continental charges a 2.5% fee. 3 Sold merchandise for $3,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Record the cost of goods sold, $2,513. Sold merchandise for $6,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. 4 Record the cost of goods sold, $4,147. Note : = journal entry has been entered EX ank Card. Credit >
Sales and purchase-related transactions for seller and buyer using perpetual inventory system The following selected transactions were completed during April between Swan Company and Bird Company: Date Transaction Apr. 2. Swan Company sold merchandise on account to Bird Company, $63,900, terms FOB shipping point, n/15. Swan paid freight of $1,550, which was added to the invoice. The cost of the goods sold was $34,840. 8. Swan Company sold merchandise on account to Bird Company, $44,100, terms FOB destination, n/15. The cost of the goods sold was $28,720. 8. Swan Company paid freight of $1,040 for delivery of merchandise sold to Bird Company on April 8. 17. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $66,550, terms FOB shipping point, n/eom. The cost of the goods sold was $40,840. 25. Swan Company paid Bird Company a cash refund of $2,350 for damaged…
Jan. 2 Purchased merchandise on account from Nunez Company, $27,600, terms 3/10, n/30. (Wildhorse uses the perpetual inventory system.) 1 Issued a 9%, 2-month, $27,600 note to Nunez in payment of account. Feb. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,200 in cash and signing a 10%, 3-month, $68,400 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $27,600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $27,600. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare Journal entries for the listed transactions and events. Post the accounts Notes Payable, Interest payable, and Interest Expense. Show the balance sheet presentation of notes and interest payable at December 31. What is the total interest expense for the year?
sournal entry? Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,330.
Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8
Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $46,800. Crane records purchases gross and uses a periodic inventory system. Issued a $46,800, 12-month, 8% note to Encino in payment of account. Borrowed $46,800 from the Shore Bank by signing a 12-month, zero-interest-bearing $49,920 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement.) Date October 1 Account Titles and Explanation Debit T Credit
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
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $19,400, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $475, which was added to the invoice. The cost of the merchandise sold was $12,200. 8. Swan Company sold merchandise on account to Bird Company, $22,000, terms FOB destination, 2/15, n/30. The cost of the merchandise sold was $13,200. 8. Swan Company paid freight of $810 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on…
Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8
Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8% notes for $35,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $310,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due…
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