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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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?
Directions: Post each journal entry to its corresponding ledger. Write your answers on a separate sheet of paper. 1. The owner purchased supplies worth P10,000. GENERAL JOURNAL Page 1 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 02 Supplies 103 P 10,000 Cash 101 P 10,000 To record purchase of supplies Account Name: Account No. Date Account Titles and J.R. Debit Credit Balance Explanations Account Name: Account No. Account Titles and Explanations Date J.R. Debit Credit Balance 2. The business received P8,000 for services rendered. GENERAL JOURNAL Page 2 Date Account Titles and Explanation P.R. Debit Credit 2019 Jul- 16 Cash 101 P 8,000 Service Revenue 401 P 8,000 To record cash received for services rendered
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Blue Barns purchased 888 gallons of paint at $19 per gallon from a supplier on June 3. Terms of the purchase are 2/15, n/45, invoice dated June 3. Blue Barns pays their account in full on June 20. On June 22, Blue Barns discovers 20 gallons are the wrong color and returns the gallons for a full cash refund. Record the journal entries to recognize these transactions for Blue Barns.
reading Youlube eBook Show Me How E Calculator Journalize the Tollowwing transactions in the accounts of Chanmplon Medical Co., a medical equipment company tnat uses thne direct write-off method of acCO uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $50,400. The cost of the merchandise sold was $27,200. July 7. Received $10,600 from Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $39,800 cash in full payment. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 19-sale Jan. 19-cost July 7 Nov. 2-reinstate Nov. 2-collection ( Previous Check My Work 00000
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.
On June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10 per bucket. The cost to Lolita is $2 per bucket. The terms of the sale are 2/10, n/60, with an invoice date of June 1. Create the journal entries for Lupita to recognize the following transactions. A. the initial sale B. the subsequent customer payment on July 12
Record journal entries for the following purchase transactions of Flower Company. A. On October 13, Flower Company purchased 85 bushels of flowers with cash for $1,300. B. On October 20, Flower Company purchased 240 bushels of flowers for $20 per bushel on credit. Terms of the purchase were 5/10, n/30, invoice dated October 20. C. On October 30, Flower Company paid its account in full for the October 20 purchase.
eBook Show Me How Caloulator Print Item Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. what is the amount of the gross profit? Check My Work Email Instructor Save and Exit All work saved. ch %23
ab User Management,... H https://outlook.offi... FES Protection Plan System 7 - North C... Homework Exercises Saved Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $1,005; terms n/30. 15 Recorded purchases for cash, $1,490. 30 Paid amount due to Salinas Company for the purchase on June 4. June Book Required: Record these transactions in a general journal. erences View transaction list Journal entry worksheet 1. 21 3 Paid amount due to Salinas Company for the purchase on June 4. Note: Enter cebits before credits.
PA9. LO 6.5 Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 45 chairs on credit, at a cost of $55 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Purchased 30 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.50 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 7 Aug. 12 Money Office Supplies pays in full for their purchase on August 3.
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