Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS
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Create a General Journal Merchandise Operation (Perpetual Activity) on JIBT DISTRIBUTORS
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- SCORE: NAME: PROFESSOR: SECTION: Problem #8 Purchase Transactions presented below Several purchase transactions of the Joey Beringuela Pharmacy are The credit terms of the entity are 3/10, n/30. Purchased merchandise for cash, P200,000; FOB shipping point. Purchased merchandise on account, P700,000. Returned merchandise purchased on account, P50,000. Paid supplier the amount due. Paid freight charges of P7,000 on merchandise acquired last Oct. 6. Oct. 6 12 15 17 19 Required: Prepare the journal entries. 340 | and 2021 by Prof. WIN BalladaRecord the transactions for Donaldson Inc. in the proper special journal and subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount periodRecord the transactions for Donaldson Inc. in the proper subsidiary ledger. Jul. 1 Sold 50 items to Palm Springs Inc. and offered terms of 2/10, n/30, $4,000 on July 1, and issued invoice #12 on account number #312 Jul. 5 Sold 20 thing-a-jigs to Miami Inc. for $2,150 cash on July 5, and issued invoice #13 Jul. 8 Sold 30 what-is to Smith Mfg. for $5,000 and offered terms of 2/10, n/30; issued invoice #14 on account number #178 Jul. 9 Received payment from Palm Springs Inc. Jul. 22 Received payment from Smith Mfg. after expiration of the discount period
- Purchases Transactions Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. Halibut Company returned $5,000 of the merchandise and received full credit. a. If Halibut Company pays the invoice within the discount period, what is the amount of cash required for the payment?$ b. What account is credited by Halibut Company to record the return?Purchases Transactions Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full credit. a. If Hoffman Company pays the invoice within the discount period, what is the amount of cash required for the payment?$fill in the blank 1 b. What account is debited by Hoffman Company to record the return?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.
- Purchases Transactions Nieman Company purchased merchandise on account from a supplier for $14,000, terms 1/10, n/30. Nieman returned $3,400 of the merchandise and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar.$fill in the blank 1 b. What account is debited by Nieman Company to record the return?Journalize the following transactions for a perpetual company: a. Issued credit memo no. 2, $37, to Lee Co. An allowance was granted and the customer kept the merchandise. The sale was on account. b. Cash sales, $175, with a cost of $60. c. Received check from Denise Co., $600, less 1% discount. d. Bought merchandise on account from Jaxon Co., $50, invoice no. 20; term 2/10, n/30. e. Cash purchase of merchandise, $45. f. Issued debit memo to Jaxon Co $30, for merchandise returned from invoice no. 20.Purchases Transactions Nieman Company purchased merchandise on account from a supplier for $5,500, terms 2/10, n/30. Nieman Company returned $1,400 of the merchandise and received full credit. a. If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is credited by Nieman Company to record the return? Accounts Payable Accounts Receivable Cash Devery Expense Merchandise Inventory Purchases Planck Wal =&... 10 SAMSUNG Previous 友利 5:07 AM 4/10/2023
- Purchases transactions Elkhorn Company purchased merchandise on account from Springhill company for $42,000, terms 2/10, and/30. Elkhorn returned merchandise with an invoice amount of $8000 and received for credit. If Alcorn company pays the invoice within the discount., What is the amount of cash required for the payment? What account is debited by Elkhorn company to record the return? ABM Co. is a merchandising business, registered as a sole proprietorship. The account balances of ABM Co. as of June 1, 2021 are as follows: 001 Cash P 35,750.00 002 Accounts receivable 15,000.00 003 Merchandise inventory 15,000.00 * 050 Accounts payable 060 Maharlika, Capital 20,000.00 30,000.00 100 Sales 30,000.00 101 Sales returns and allowances 5,000.00 102 Sales discounts 2,000.00 200 Cost of merchandise sold 5,000.00 301 Advertising expense 302 Utilities expense 1,500.00 750.00 303 Salaries expense 304 Transportation expense 400 Income summary During June, the following transactions were completed: June 1 Ms. Maharlika, the business owner, invested cash in the business, P100,000. Bought merchandise on account from XYZ Co., P55,000, terms 2/10, n/30, FOB Shipping Point. Paid freight, P2,000. 5 10 Sold merchandise on account to LMN Co., P22,000, terms 2/10, n/30, FOB Destination. Paid transportation expense, P500. The cost of merchandise sold was P20,000. 15 Paid cash for purchase…Accounts Debit Credit Cash..... P 5,040 Home Office Current . P 21,000 Purchases from outsiders . Shipments from Home Office. Accounts receivable .... Expenses ..... Interest expense.. Gain on sale of equipment.. Sales .... 25,000 56,216 15,360 7,500 684 8,800 80,000 P109.800 P109.800 10. Using the same information above, determine the branch current account in the Home Office books on January 1, 2022. * 11. Using the same information above, shipments to Branch account in the Home Office books on January 1, 2022.