E5.2 "Information related to Almond Co. is presented below. 1. On April 5. purchased merchandise from Morris Company for $25,000, terms 2/10, net/30, FOB shipping point. 2. On April 6. paid freight costs of $900 on merchandise purchased from Morris. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Morris Company and was granted a $4,000 credit for returned merchandise. 5. On April 15, paid the amount due to Morris Company in full. Instructions: (a) Prepare the joumal entries to record these transactions on the books of Álmond Co. under a perpetual inventory system. (b) Assume that Almond Co. paid the balance due to Morris Company on May 4 instead of April 15. Prepare the journal entry to record this paýment

E5.2 "Information related to Almond Co. is presented below. 1. On April 5. purchased merchandise from Morris Company for $25,000, terms 2/10, net/30, FOB shipping point. 2. On April 6. paid freight costs of $900 on merchandise purchased from Morris. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Morris Company and was granted a $4,000 credit for returned merchandise. 5. On April 15, paid the amount due to Morris Company in full. Instructions: (a) Prepare the joumal entries to record these transactions on the books of Álmond Co. under a perpetual inventory system. (b) Assume that Almond Co. paid the balance due to Morris Company on May 4 instead of April 15. Prepare the journal entry to record this paýment

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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23. Maggie's Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10, n/30. Returned $1,500 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by a. $48,192. b. $49,400. c. $47,930. d. $48,900.
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Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $22,000 of merchandise from Wright Co. on account, terms 2/10, n/30. Merchandise Inventory Accounts Payable-Wright Co. b. Paid the amount owed on the invoice within the discount period. Accounts Payable-Wright Co. Cash c. Discovered that $4,400 of the merchandise purchased in (a) was defective and returned items, receiving credit. Accounts Receivable-Wright Co. Merchandise Inventory d. Purchased $3,400 of merchandise from Wright Co. on account, terms n/30. Merchandise Inventory Accounts Payable-Wright Co. e. Received a refund from Wright Co. for return in (c) less the purchase in (d). Sales Returns and Allowances
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The Freight In account is debited for the cost of transportation charges on incoming merchandise intended for resale. Freight costs that apply to non-merchandise assets purchased are added to the asset account that applies. Record the following transaction for Robert Corporation in general journal form. • Nov. 14 Bought merchandise on account from Trexel, Inc., invoice no. A2051, $2,225; terms net 30 days; dated November 13; FOB shipping point, freight prepaid and added to the invoice, $100.50 (total $2,325.50). • Nov. 24 Robert Corporation received credit memo no. 213 from Trexel, Inc., for merchandise returned, $125 If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. DATE Nov. 14 Nov. 24 GENERAL JOURNAL DESCRIPTION Purchased merchandise from Trexel Inc., invoice no. A2051, invoice dated Nov 13, terms n/30. Credit memo no. 213 for return of merchandise. POST. REF. DEBIT CREDIT
19.ABC Corp bought goods for P25000. Terms : 2%, 3% 2/10, n/30 FOB Shipping point Freight Prepaid. Freight related to the purchase was P1,000.The entry to record the purchase under the net method (periodic system) would include: Cr Accounts Payable 22,290 Cr Accounts Payable 24,290 Dr Purchases 23,290 Dr Purchases 24,290
This information relates to Swifty Corporation. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. On April 15, paid the amount due to Blue Spruce in full. Swifty uses a periodic inventory system. Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.) Date Account Titles and Explanation Debit DOOT Credit
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Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27. 2021. Net Solution paid ABC Shipping agency $136 Assume the company uses perpetual inventory system. (9')Journalize all the transactions for Net Solutions. EHKONBor the delivery and paid the balance on Nov 4. WIDDINI PEHKON the DEHK WIDDINI
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Thatcher Inc. had the following transactions: March 1: Purchased cars on account from Blitz Inc. for Tk.40,00,000, FOB shipping point, terms 2/10, n/30. 2: Freight cost paid on March 1 purchase of Tk.50,000 by concerned party. 4: Received Tk.10,00,000 credit for defective cars returned to Blitz Inc. 9: Paid Blitz Inc. in full, less discount. Journalize the transactions for the month of March using the periodic inventory system (ignore explanations).
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