Dog CESartDo It! Review 5-02Your answer is partially correct. Try again.On October 5, Kingbird, Inc. buys merchandise on account from Whispering Winds Company. The selling price of the goods is $5,900, and the cost to Whispering Winds Company is $3,110. OnOctober 8, Kingbird returns defective goods with a selling price of $720 and a fair value of $110.Record the transactions on the books of Kingbird, Inc.. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, sele"No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)

Journal Entry :— It is an act of recording transactions in books of account when transaction…

Answered: CES art Do It! Review 5-02 Your answer…

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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DO IT! 5-2 On October 5, Wang Company buys merchandise on account from Davis Company. The selling price of the goods is $4,800, and the cost to Davis Company is $3,100. On October 8, Wang returns defective goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Wang Company. DO ITI 5-3 Assume information similar to that in DO ITI 5-2: On October 5, Wang Com- pany buys merchandise on account from Davis Company. The selling price of the goods is $4,800, and the cost to Davis Company is $3,100. On October 8, Wang returns defective goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Davis Company. DO IT! 5-4 The trial balance of Beads and Bangles at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest Revenue $5,000, Freight-Out $1,800, Utilities Expense $7,700, and Salaries and Wages Expense…
assume informotion similar to that inthe do it on the page 207 that is on septemper 5 de lahoya company buys merchandise on account from junot diaz company the selling price of the goods is $1500 and the cost to diaz compony was $800 0n september 8 de la hoya returns defective goods with a selling price of $200 and a scrab value of $80 record the transactions on the books of junot diaz compony
PA1. Record journal entries for the following transactions of Furniture Warehouse. 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. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash.
Consider the following transactions for BigGuy Toys: Apr. 7 BigGuy Toys purchased $198,800 worth of MegoBlock toys on account with credit terms of 2/10, n/60. Apr. 13 BigGuy Toys returned $19,800 of the merchandise to MegoBlock due to damage during shipment. Apr. 15 BigGuy Toys paid the amount due, less the return and discount. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost BigGuy Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Apr. 7: BigGuy Toys purchased $198,800 worth of MegoBlock toys on account with credit terms of 2/10, n/60. Date Accounts Debit Credit Apr. 7…
Don't provide handwritten solution... On February 3, Smart Company sold merchandise in the amount of $2,100 to Kennedy Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,450. Smart uses the perpetual inventory system and the gross method. Kennedy pays the invoice on February 8 and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Account Title Debit Credit Cash 1,450 Accounts Receivable 1,450 Account Title Debit Credit Cash 2,100 Accounts Receivable 2,100 Account Title Debit Credit Cash 2,020 Sales discounts 15 Accounts Receivable 2,035 Account Title Debit Credit Cash 1,370 Accounts Receivable 1,370 Account Title Debit Credit Cash 2,079 Sales discounts 21 Accounts Receivable 2,100
Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764
Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
Refer to the following merchandising transactions for Scout Systems. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays $480 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. Nov. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. a. Journalize the above transactions for Scout Systems assuming a perlodic system. (If no entry Is requlred for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 3 4 5 6 7 8 1 2 Record purchases on account for $ 4,400; credit terms of 2/10, n/30. Note: Enter debits before…
Record the following transactions in the sales journal: Jan. 15 Invoice #325, sold goods on credit for $2,600, to Maroon 4, account #4501. Jan. 22 Invoice #326, sold goods on credit for $4,000 to BTS, account #5032. Jan. 27 Invoice #327, sold goods on credit for $1,450 to Imagine Fireflies, account #3896. If an amount box does not require an entry, leave it blank.
Consider the following transactions for RC Photo: • September 2 RC Photo Shop sold $44,700 of camera equipment on account, credit terms 3/15, n/EOM. . September 12 RC Photo Shop received a sales returns totaling $1,100 for damaged goods from the customer. . September 18 RC Photo Shop receives payment from the customer on the amount due, less the return and discount. Journalize the purchase transactions assuming RC Photo Shop uses the periodic inventory system. Credit Date September 2 September 12 September 18 Submit All Parts Description Debit
21.) Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 for defective merchandise, which was not returned to Abbey. Gomez Co. paid the invoice within the discount period. What is the gross profit earned by Abbey Co. on these transactions? Select one: a. $10,500 b. $30,772 c. $6,272 d. $31,400 16.) The service fee charged by a bank is a reduction to the bank account balance and therefore should be listed as a debit entry on the bank statement. Select one: True False
On March 1, Pearl Industries sold merchandise on account to Amelia Company for $30,300, terms 2/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,200. On March 11, Pearl Industries receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Pearl Industries's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 11

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