ays.S.HW 2April 1The purchase transactions of Mrs. Bimala, a stationery shop are given.Purchased from Nissan Stationery:April 5eivable book Rsim for 60 dpon him ffor 45 dayspayable book R20 pieces of exercise books at Rs.20 each25 pieces of compass at Rs.10 eachPurchased from Kissan Stationery:10 bottles of gum at Rs.90 per bottle.3 reams of photocopy paper at Rs.250 per ream.(Trade discount at 5%)April 12 Purchased from Aastha Furniture on credit2 pieces of cupboard at Rs.3,000 eachApril 19 Purchased from Ishan Stationers on cash10 dozens of pencils at Rs.100 dozen.per20 pieces of register at Rs.30 each.Required: a)Purchase bookb)Purchase account[Ans.: Total of purchase book Rs.2,217.5; Purchase a/c Rs.3,817.5]

To solve the problem based on the purchase transactions listed in the image, we need to create two…

Answered: ays. S. HW 2 April 1 The purchase…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 16Q: A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms...

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2. Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Birdy Birdhouses purchases 55 birdhouses at $14 each with cash. Birdy Birdhouses purchases 80 birdhouses at $19 each on credit. Terms of the purchase are 4/10, n/30, invoice date September 8. Birdy discovers 12 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 8 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since 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. 10 Sep. 18
PA1. LO 6.1 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.
PB5. LO 6.3Review 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.
A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?
A. Cash Discount1. An invoice for Php 70 250 dated March 25, terms 5/10, 2/30, n/60, is paidin full on April 20. What is the total amount paid to settle the account?2. Ms. Garcia received an invoice dated April 18 amounting to Php 30 123for her orderedplants. The invoice comes with cash discount terms, 5/5, 2/15, n/30, R.O.G.The plants were received on April 25. If she paid on May 12, how much did she pay?
From the following particulars, prepare the Purchases Book of Devi Stationers and also show the ledger postings. 2018 Aug. 5 Purchased from Madan Mohan & Sons on credit 5 reams of white paper @ Rs. 75 per ream, 10 Purchased from Gopikrishna Bros. 5 dozen ink bottles @ Rs. 52 per dozen at a discount of 10%. 14 Purchased from Avanti Pen Stores 3 dozen ball pens @ Rs. 15 per dozen at a discount of 20%. 18 Purchased 100 pencils from Muralidhar & Co. @ Rs. 0.75 each. 25 Purchased a typewriter on credit from Office Equipment Limited for Rs. 4,500. 28 Purchased one dozen pen stands @ Rs. 100 per dozen for cash. 30 Purchased 5 dozen of note books on the credit from Rama & Co. @ Rs. 24 per dozen. (Hint: Transactions dated August 25 and 28 are not to be entered in Purchases Book.) (Answer: Total of Purchases Book Rs. 840)
3. Review the following transactions for Birdy Birdhouses and record any required joumal entries. Birdy Birdhouses purchases 55 birdhouses at $40 each with cash Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund Birdy also discovers that 10 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them sınce the supplier granted an allowance of $20 per birdhouse. Віrdy pays allowances, and/or discounts. Sep. 6 Sep. 8 Sep. 10 Sep. 18 their account in full from the September 8 purchase, less any returns,
PB6. LO 6.3Review 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 45 sets of cutlery for $100 per set with cash. Nov. 9 Dish Mart purchases 50 sets of cutlery for $120 per set on credit. Terms of the purchase are 5/15, n/60, invoice date November 9. Nov. 13 Dish Mart discovers 15 of the cutlery sets are damaged from the November 9 purchase and returns them to the supplier for a full refund. Nov. 14 Dish Mart purchases 30 sets of cutlery for $130 per set on credit. Terms of the purchase are 5/10, n/60, invoice date November 14. Nov. 15 Dish Mart discovers that 10 of the cutlery sets from the November 14 purchase and 20 of the cutlery sets from the November 5 purchase are missing a few spoons but keeps them since the supplier granted an allowance of $30 per set for the November 14 cutlery sets and $35 per set for the November 5…
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
General Account Subject
PA5. LO 6.3 Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 10 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since 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. 10 Sep. 18
25. Jacob Co. sells merchandise on credit to Isaiah Co. for $11,000. The invoice is dated on May 1 with terms of 2/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? a.$440, May 15 b.$440, May 16 c.$220, May 16 d.$220, May 15

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