QE-F:5-22 Journalizing purchase transactions (Learning Objective 2)Howie Jewelers had the following purchase transactions. Journalize allnecessary transactions. Explanations are not required.WJun. 2020Jul. 414&1618Received a $300 allowance from Southboro Diamonds for damaged butusable goods.24 Paid Southboro Diamonds, less allowance and discount.4-Purchased inventory of $5,100 on account from Sanders Diamonds, ajewelry importer. Terms were 2/15, n/45, FOB shipping point.Paid freight charges, $400.Returned $600 of inventory to Sanders.7Paid Sanders Diamonds, less return.Purchased inventory of $3,500 on account from Southboro Diamonds, ajewelry importer. Terms were 2/10, n/EOM, FOB destination.4+8144(F5-56ABinsert←prt scbackspace9:28 PM9/21/2022deletehom

Introduction: A transaction is a business occurrence that has a monetary impact on an entity's…

E-F:5-22 Journalizing purchase transactions (Learning Objective 2) Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. Jun. 20 20 Jul. 4 14 16 18 24 Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $400. Returned $600 of inventory to Sanders. Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Southboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Received a $300 allowance from Southboro Diamonds for damaged but usable goods. Paid Southboro Diamonds, less allowance and discount.

E-F:5-22 Journalizing purchase transactions (Learning Objective 2) Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. Jun. 20 20 Jul. 4 14 16 18 24 Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $400. Returned $600 of inventory to Sanders. Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Southboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Received a $300 allowance from Southboro Diamonds for damaged but usable goods. Paid Southboro Diamonds, less allowance and discount.

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

Number 4-8 please
Please answer it completely Thanks tutor.
eBook Show Me How I Print Item Journal Entries-Periodic Inventory Instructions Chart of Accounts General Journal Instructions Amy Douglas owns a business called Douglas Distributors. The following transactions took place during January of the current year. January Transactions: Jan. Purchased merchandise on account from Elite Warehouse, $3,950. 8 Paid freight charge on merchandise purchased, $250. 12 Sold merchandise on account to Memories Unlimited, $4,650. 15 Received a credit memo from Elite Warehouse for merchandise returned, $680. 22 Issued a credit memo to Memories Unlimited for merchandise returned, $440. Required: Journalize the transactions in a general journal using the periodic inventory method.
(Learning Objectives 4, 5: Compute gross profit; estimate inventory using the grossprofit method) Cleveland Company, a camera store, lost some inventory in a fire on October15. To file an insurance claim, the company must estimate its October 15 inventory using thegross profit method. For the past two years, Cleveland Company’s gross profit has averaged41% of net sales. Its inventory records reveal the following data:Inventory, October 1................ $ 57,700Transactions October 1–15:Purchases ................................. 490,800Purchase discounts................... 17,000Purchase returns....................... 70,900Sales......................................... 660,000Requirements1. Estimate the cost of the lost inventory using the gross profit method.2. Prepare the income statement for October 1 to October 15 for this product through grossprofit. Show the detailed computations of cost of goods sold in a separate schedule.
please answer and explain correctly and completely
Juanita Jolley purchases inventory on credit for her jewellery business. She buys 3 diamond rings at $5,940 each including GST. What journal entries are required? O Debit Inventory $5,400; Debit GST $540; Credit Accounts payable $5,940 Debit Accounts payable $5,940; Credit Inventory $5,400, Credit GST $540 ● Debit Inventory $5,940; Credit Accounts payable $5,400, Credit GST $540 Debit Inventory $5,940; Credit Accounts payable $5,940
9:46 MW Σ e5-20 Learning Objective3 Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. Sold $16,000 of antiques on account, credit terms are n/30. Cost of 4 goods is $8,000. 8 QAA Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150. 5G+ lll 62% Ę 13 Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. C 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. 20 Antique Mall paid $70 on freight out. 29 Received payment from the customer on the amount due from Jan. 20, less the discount. 301/ 1480 ►C Word Bit ||| 0 < : ×
please fill out all requirements.
Learning Task 2: Journalizing using Periodic Inventory System Prepare necessary adjusting entries on September 2020. Masaya Merchandising sells facsimile, copers and other types of office equipment. The transaction during the month:
Purchase related transactions, need help asap.
Cost of good sold over this period ?
Merchandising Business using Periodic Inventory System Instruction: Prepare journal entries for the following transactions using the general journal format given in class discussion. KIKAY HARDWARE CHART OF ACCOUNTS ASSETS INCOME 100 Cash and Cash Equivalents 400 Sales 101 Accounts Receivable 401 Sales Returns and Allowances 102 Merchandise Inventory 402 Sales Discount 103 Supplies 104 Equipment EXPENSES 500 Purchases LIABILITIES 501 Purchase returns and Allowances 200 Accounts Payable 502 Purchase Discounts 201 Bonds Payable 503 Freight In EQUITY 504 Advertising 300 Mark Reyes, Capital 505 Freight Out 301 Mark Reyes, Drawings 506 Salaries 507 Utilities 508 Income Summary Kikay HARDWARE STORE completed the following merchandising transactions in the month of May. At the beginning…