E6.5receivable?Record transactions in sales and purchases journal.L09,10,13Duckstein Ltd uses special joumals and a general journal. The following transactions occurred during September2023.Sept. Sold inventory on account to R. Crow, invoice no. 101 for $960, terms n/30. The cost of the inventory sold was $600.2Purchased inventory on credit from L. Dayne $1200, termes 2/7, n/301012Purchased office equipment on account from B. Piazza $13000.Sold inventory on account to Buffy Ltd, invoice no. 102 for $1600, terms 2/14, n/30. The cost of the inventory sold21 was $9602527RequiredPurchased inventory on account from F. Sage $1800, terms n/30.Sold inventory to Harold Ltd for $1400 cash. The cost of the inventory sold was $840.(a) Draw up a sales journal (see figure 6.13) and a single-column purchases journal (see figure 6.18). (Use page 1for each journal.)(b) Record the transaction(s) for September that should be journalised in the sales journal and the purchasesjournal(c) What is the advantage of having a multicolumn purchases journal as opposed to a single-column purchasesjournal?

Sales Journal:Date Account Debited Invoice No. Particulars AmountSept 13 Buffy - Sold inventory (18…

Answered: E6.5 receivable? Record transactions in…

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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answer in text form please (without image), Note: .Every entry should have narration please
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,000. Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,000. Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200. Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank. Page: 121 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Oct. 8 Accounts Receivable-Cabrera Inc. Accounts Receivable-Cabrera Inc. 1 2 Accounts Payable-Price Inc. Accounts Payable-Price Inc. 2 PURCHASES JOURNAL Page: 113 Date Account PurchaseOrder No. Ref. MerchandiseInventory DR AccountsPayable CR 2019 Oct. 1 fill…
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Sold merchandise inventory to Hayes Company,5500,on account .Term3/15, n/35.Cost of goods ,2,530. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expenses related to the sale. We will do that in the following step.
Question
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $900.00 to the vendor. Which of the following would be the correct journal entry to record these returns? OA. Accounts Payable 900 Merchandise Inventory 900 OB. Accounts Payable 900 Purchase Returns 900 OC. Merchandise Inventory 900 Accounts Payable 900 OD. Purchase Returns 900 Accounts Payable 900
Carla Vista Company uses special journals and a general journal. The following transactions occurred during September 2022. Sept. 2 (a) 10 12 21 25 Purchased merchandise on account from D. Downs $820, terms n/30. 27 Sold merchandise to S. Miller for $730 cash. The cost of the merchandise sold was $415. Sold merchandise on account to H. Drew, invoice no. 101, $695, terms n/30. The cost of the merchandise sold was $375. Date Purchased merchandise on account from A. Pagan $555, terms 2/10, n/30. Purchased office equipment on account from R. Cairo $6,400. Sold merchandise on account to G. Holliday, invoice no. 102 for $765, terms 2/10, n/30. The cost of the merchandise sold was $465. Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order presented in the problem statement.) 2022 Account Debited CARLA VISTA COMPANY Sales Journal Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr. S1 Cost of Goods Sold Dr. Inventory…
On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period on December 31. Required: Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Travis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE…
JOURNAL TRANSACTION: Sold $45,500 in inventory to a customer for $68,250 on account, 2/10, n/30. Transaction for $68,250:
Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8
7 Morgan, Incorporated uses a perpetual inventory system and the net method of recording purchases. On May 12, a merchandise purchase of $19,600 was made on credit, 3/10, n/30. The journal entry to record this purchase is: Multiple Choice Account Title Debit Credit Merchandise Inventory 19,600 Accounts Payable 19,600 Account Title Debit Credit Purchases 19,600
. EX.06.204.ALGO Sampson Co. sold merchandise to Batson Co. on account, $28,500, terms 2/15, net 45. The cost of the merchandise sold is $21,375. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Journalize these transactions for Sampson Co. If an amount box does not require an entry, leave it blank. a. fill in the blank 9d2beefcd029043_2 fill in the blank 9d2beefcd029043_3 fill in the blank 9d2beefcd029043_5 fill in the blank 9d2beefcd029043_6 b. fill in the blank 9d2beefcd029043_8 fill in the blank 9d2beefcd029043_9 fill in the blank 9d2beefcd029043_11 fill in the blank 9d2beefcd029043_12 c. fill in the blank 9d2beefcd029043_14 fill in the blank 9d2beefcd029043_15 fill in the blank 9d2beefcd029043_17 fill in the blank 9d2beefcd029043_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b.…

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