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

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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.
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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…
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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.