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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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
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
Required: Record the following transactions of Evelyn's Designs in a general journal: DATE TRANSACTIONS 20x1 April 1 Purchased merchandise on credit from American Fabricators, Invoice 885, $2,000, terms 1/10, n/30; freight of $100 prepaid by American Fabricators and added to the invoice (total invoice amount, $2,100). Paid amount due to American Fabricators for the purchase of April 1, less the 1 percent discount, Check 457. Purchased merchandise on credit from Kalyagin Company, Invoice 145, $1,600, terms 1/10, n/30; freight of $50 prepaid by Kalyagin and added to the invoice. Returned damaged merchandise purchased on April 15 from Kalyagin Company; received Credit Memorandum 332 for $200. Paid the amount due to Kalyagin Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470. 15 17 24
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
How to journalized May 1: Paid rent for May, $5,000, May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. May 4: Paid freight on purchase of May 3, $600. May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000 May 7: Received $22,300 cash from Halstad Co. on account May 10: Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. May 13: Paid for merchandise purchased on May 3 May 15: Paid advertising expense for last half of May, $11,000. May 16: Received cash from sale of May 6. May 19: Purchased merchandise for cash, $18,700. May 19: Paid $33,450 to Buttons Co. on account May 20: Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000. May 20: Sold merchandise on account to…
Information related to Splish Brothers Inc. is presented below. rch On April 5, purchased merchandise on account from Sheffield Company for $26,400, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $930 on merchandise purchased from Sheffield. On April 7, purchased equipment on account for $41,900. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sheffield Company in full. 1. 2. 3. 4. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system. (Credit account titles are automatically indented when 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.) No. 1. 2. Date Account Titles and Explanation norcal_archives_20....zip O i Ei W QCA 5.docx C ((( W response essay.docx Debit < 76°F_^ Credit
BES-2 Prepare the journal entries to record the following transactions on Rowen Company's books: (a) On March 2, Hunt Company sold $900,000 of merchandise to Rowen Company, terms n/30. The cost of the merchandise sold was $600,000. (b) On March 6, Rowen Company returned $130,000 of the merchandise purchased on March 2 The cost of the returned merchandise was $90,000. The merchandise was returned to inven- tory for future resale. (c) On March 31, Hunt Company received the balance due from Rowen Company.
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