B. Journalize the following transactions using the Perpetual method:
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- 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 Lowe's $400 and was sold for $600. The merchandise was restored to inventory. August 12 After…November 1 Dollar Store purchases merchandise for $1,400 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $70 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,512 with terms n/30. The cost of the merchandise is $756. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual Inventory system and the gross method. No 1 2 3 4 5 6 7 8 Date November 01 November 05 November 07 November 10 November 13 November 13 November 16 November 16…Saved Prepare journal entries to record the following merchandising transactions of Lowe'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 August 1 in Accounts Payable-Aron. 1 Purchased merchandise from Aron Company for $7,000 under credit terms of l/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. 8 Purchased merchandise from Waters Corporation for $6, 000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. 9 Paid $100 cash for shipping charges related to the August 5 sale to Baird Corp. 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. 12 After negotiations with Waters Corporation concerning problems…
- Prepare journal entries to record the following merchandising transactions of Lowe'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 August 1 in Accounts Payable-Aron. 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. August 9 Paid $220 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 $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After…Requirement No. General Journal No. Date July 01 Date June 30 General Ledger Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Cash Debit Common stock Debit Trial Balance Credit Credit 000 Schedule of Receivables General Ledger Account Balance 27,000 Balance 1 of 1 Income Statement MacBook Air F6 Merchandise Inventory Debit Impact on Income Next F7 Credit DII FO Balance 13,000Prepare journal entries to record the following merchandising transactions of Lowe’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 August 1 in Accounts Payable—Aron. Aug. 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. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe’s $400 and was sold for $600. The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems…
- Melisandre Merchandising sold merchandise on credit to Ellaria, terms 2/10, r/45, $26,000, on April 6th, 2021, with a cost of $16.000. On April 6th, the journal entry recorded, under the PERIODIC method, would be:Prepare journal entries to record each of the following sales transactions of a merchandising company. Assume a perpetual inventory system and use of the gross method (beginning inventory equals $9,000). June 1 Sold 50 units of merchandise to a customer for $150 per unit under credit terms of 2∕10, n∕30, FOB shipping point, and the invoice is dated June 1. The 50 units of merchandise had cost $100 per unit. 7 The customer returns 2 units purchased on June 1 because those units did not fit its needs. The seller restores those units to its inventory (as they are not defective) and credits Accounts Receivable from the customer. 11 The seller receives the balance due from the June 1 sale to the customer less returns and allowances. 14 The customer discovers that 10 units have minor damage but keeps them because the seller sends a $50 cash payment allowance to compensate.Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $800 (cost of goodssold of $500) was made to Sarah’s Cycles on February 1. Assume Cycle Wholesaling uses a perpetual inventory system.Required:1. Give the journal entry Cycle Wholesaling would make to record the sale to Sarah’s Cycles.2. Give the journal entry to record the collection of the account, assuming it was collected in fullon February 9.3. Give the journal entry, assuming, instead, that the account was collected in full on March 2.4. Calculate the gross profit percentage for the sale to Sarah’s Cycles (rounded to one decimalplace), assuming the account was collected in full on February 9.
- Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals. The company uses a perpetal imventory system. l) Prepare thecompany's imventory record usimg FIFO. 2) ldentify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on 0ctober 16 and 24. please quickly thanks !Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the purchase July 1 in Accounts Payable-Jones Company. Do the analysis component. July 1 Purchased merchandise from Jones Company for $14,80e under credit terms of 1/15, n/30, FOB factory. 2 Sold merchandise to Terra Co. for $2,6e0 under credit terms of 2/1e, n/60, FOB shipping point. The merchandise had cost $1,950. 3 Paid $450 for freight charges on the purchase of July 1. 8 Sold merchandise that cost $3,825 for $5,100 cash. 9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination. 12 Received a $1,500 credit memo acknowledging the return of merchandise purchased on July 9. 12 Received the balance due from Terra Co. for the credit sale dated July 2. 13 Purchased office supplies from EastCo on credit, $968, n/30. 16 Paid the balance due to Jones Company. 19 Sold merchandise that cost…Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. Apr. 4 The customer in the April 1 sale returned $460 of merchandise for full credit. The merchandise, which had cost $276, is returned to inventory. Apr. 8 Sold merchandise for $1,400, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $980. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,280. View transaction list Journal entry worksheet 1 2 3 Date Apr 01 Sold merchandise for $3,800, with credit terms n/30. Note: Enter debits before credits. 4 5 6 7 General Journal Debit Credit >