nework E xezto.mheducation.com/ext/map/index.html?_con=con&external_browser%3D0&launchUrl=https%253A52F%252Ffaytechcc.blackboard.co..- User Management,..H https://outlook.off..FES Protection PlanSystem 7 - North C..work ExercisesSovedCheck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate cePurchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $1,600, terms 2/10, n/30; freight of $32prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $1,632).Paid amount due to O'Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457.Purchased merchandise on credit from Kroll Company, Invoice 145, $1,050, terms 2/10, n/30; freight of $55 prepaid byKroll and added to the invoice.Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $50.Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 2 percentdiscount, Check 470.April 1151724O Answer is not complete.NoDateGeneral JournalDebitCreditApr 01 20Y1Rurchacoc1600

Purchase Journal Date Invoice no. Purchased from whom Dr. Ac Cr. Ac Apr-01 885…

April 1 Purchased merchandise on credit from 0'Rourke Fabricators, Invoice 885, $1,600, terms 2/10, n/30; freight of $32 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $1, 632). Paid amount due to 0'Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. 15 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,050, terms 2/10, n/30; freight of $55 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $50. 24 Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 2 percent discount, Check 470. 17

April 1 Purchased merchandise on credit from 0'Rourke Fabricators, Invoice 885, $1,600, terms 2/10, n/30; freight of $32 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $1, 632). Paid amount due to 0'Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. 15 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,050, terms 2/10, n/30; freight of $55 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $50. 24 Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 2 percent discount, Check 470. 17

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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Feb. 3 Purchased $2,700 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from Sascha's Nest. Feb. 7 Returned $700 of defective merchandise purchased on February 3. Feb. 9 Paid freight bill of $300 on February 3 purchase. Feb. 10 Sold merchandise inventory on account for $4,500 to Top Mindfulness. Payment terms were 1/15, n/30. These goods cost the company $2,250. Feb. 12 Paid amount owed on credit purchase of February 3, less the return and the discount. Feb. 28 Received cash from Top Mindfulness in full settlement of their debt. Feb. 3: Purchased $2,700 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from Sascha's Nest. Date Accounts Debit Credit Feb. 3 Feb. 7: Returned $700 of defective merchandise purchased on February 3. Date Accounts Debit Credit Feb. 7…
Zorzi Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts On July 1, Zorzi purchased $60,000 inventory, terms 2/10, n/30 FOB shipping point Zorzi paid freight costs of $1,200 On July 3, Zorzi returned damaged goods and received a credit of $6,000 On July 10 Zorzi paid for the goods. Prepare the Journal Entries for the July 10 - Payment O Accounts Payable S60 000 Cash $60 000 O Accounts Payable $54,000 Cash $54 000 O Accounts Payable $54.000 Cash $52 920 $1 080 Purchases Discounts eCash Purchases Discounts $52 920 $1.080 Acounts Payable $54 000
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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, $18,400, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $305, which was added to the invoice. The cost of the merchandise sold was $11,600. 8. Swan Company sold merchandise on account to Bird Company, $29,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $17,400. 8. Swan Company paid freight of $760 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…
Purchased $6,000 of merchandise on account, terms 2/10, n/30
GLO402 (Static) - 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.) August 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $5,200 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 $5,400 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corporation August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $400 and was sold for $600. The merchandise was…
Journal entries under perpetual system.
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On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice О Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 О Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventory 9.600
Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $27,700. The merchandise had cost Mesa $18,891. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period.2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $27,700. Note: Enter debits before credits. Transaction…
Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. 6 Batson Co. paid the invoice within the discount period.