Buyer/Seller Entries #1Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company vwith the terms 1/10 n/30, FODestination. The cost of the merchandise sold was $3,000.SellerDebitCreditBuyerDebitCreditJan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2nd sale shipped to thebuyer.SellerDebitCreditBuyerDebitCreditJan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was$800.SellerDebitCreditBuyerDebitCreditJan. 12 Blast Company pays for the Jan. 2nd purchase.SellerDebitCreditBuyerDebitCredity purchaseda

Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Buyer/Seller Entries #1 Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company with the terms 1/10 n/30, FOB Destination. The cost of the merchandise sold was $3,000. Debit Credit Seller Debit Credit Buyer Jan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2d sale shipped to the buyer. Debit Credit Seller Debit Credit Buyer Jan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was $800. Debit Credit Seller Debit Credit Buyer Jan. 12 Blast Company pays for the Jan. 2d purchase. Debit Credit Buyer Debit Credit Seller

Buyer/Seller Entries #1 Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company with the terms 1/10 n/30, FOB Destination. The cost of the merchandise sold was $3,000. Debit Credit Seller Debit Credit Buyer Jan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2d sale shipped to the buyer. Debit Credit Seller Debit Credit Buyer Jan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was $800. Debit Credit Seller Debit Credit Buyer Jan. 12 Blast Company pays for the Jan. 2d purchase. Debit Credit Buyer Debit Credit Seller

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Show Journal entries 3/1/22 Purchased $10,000 merchandise on account. Terms were 2/10, n/30, FOB Shipping Point. Sales taxes were 6% not included in the price. The shipping cost was $100. 3/3/22 Sold $20,000 merchandise to WG Company. Credit terms were 2/10, n/30, FOB Destination. The cost of goods sold was $8,000. Sales tax was 7% not included in the price. Paid $100 to UPS to ship the merchandise to WG Company 3/6/22 Bought back 500 shares of its own common stock at $14 per share from an unsatisfied stockholder 3/10 Collected from WG Company for the above sales.
Question
s
Feb 1. Analisa purchase merchandise with an invoice price of 280,000 and 3/10 , n/30 Feb 3. Analisa paid 8000 transportation cost on the purchased goods FOB shipping point Feb 10 analisa paid for merchandise What was analizas total cost lf the lurchased merchandise?
Bookmoto Marketing has the following transactions for the month of March, 200x: Mar 2 - Purchases on account, P800,000; terms: 5; 2/20; n/30. FOB shipping point, freight prepaid, P5,000. Mar 15 - Returned merchandise from Mar 2 purchases amounting to P20,000 Mar 20 - Paid purchases made on March 2 Mar 31 - Purchased goods on account P180,000. FOB destination, freight prepaid P14,000 Required: Journalize the above transactions using PERIODIC МЕТНOD
2
On March 5 PV Inc purchased $3,300 worth of merchandise from Panther Supply with the terms 2/10,n/30 On March 14, PV Inc paid Panther Supply the amount owed less the discount. Show the journal entry for March 5 and March 14
Prime book entries?
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
ACTIVITY 3: Entries for Purchase of Goods On January 3, 2020, Kim Taehyung made a purchase. The list price of the goods was P125,000. Trade discount is 4%. Credit terms are at 5/10, n/30. Kim Taehyung, responsible for the freight, paid for the delivery cost of P3,000. On January 7, 2020, Taehyung returned some goods with invoice price of P25,000. On January 12, 2020, Taehyung settled his account. On an Excel sheet, provide the entries for the foregoing purchase in separate sheets for the periodic and the perpetual methods.
Only 1B question. Thanks!
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.