EB 14. LO 6.5 Review the following situations and record any necessary journal entries for Wall World. Dec. 6 Wall World purchases $5,510 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $146 cash. Terms of the purchase are 2/15, n/40, FOB Shipping Point, invoice dated December 6. Dec. 10 Wall World sells $3,590 worth of merchandise to a customer, who pays on credit. The merchandise has a cost to Wall World of $1,400. Shipping charges are an extra $115 cash. Terms of the sale are 4/10, n/30, FOB Destination, invoice dated December 10.

Q: After the amount due on a sale of $22,400, terms 1/10, n/eom, is received from a customer within the…

A: The buyer has paid the amount within the discounted period.  So the refund will also be made after…

Q: On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice…

A: Business Translations: An economic event involving a third party that is documented in the…

Q: Journalize the following merchandise transactions: (If an amount box does not require an entry,…

A: Journal is a book where all the entries has been recorded in chronological order. Term 2/10 , net 30…

Q: March 3 Bought merchandise on account from Todd Industries, invoice no. 1124, $5,560.30; terms 2/10,…

A: Under a perpetual inventory system transactions of purchases and sales are recorded through the use…

Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…

A: Purchase Journal A customized journal used by businesses to track all credit purchases is called a…

Q: Mackenzie Company sold $560 of merchandise to a customer who used a Regional Bank credit card.…

A: Credit card  fees = sales×2.5% = $560×2% =$11.20

Q: Scout Systems purchases merchandise for $4,600 on credit with terms of 1/10, n/30.   5 Scout Systems…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…

A: 2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…

Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Feb. 10: Sold merchandise inventory on account for $4,200 to Trinkett Topiaries. Payment terms were…

A: Introduction:A transaction is a business event that has a monetary effect on a company's financial…

Q: uly 12 Sold merchandise to Customer R, who charged the $3,400 purchase on his Visa credit card. Visa…

A: Explanation: The Terms 3/10, n/30 mean if the payment is made within 10 days, a 3 % discount will be…

Q: Purchase-Related Transactions The Stationery Company purchased merchandise on account from a…

A: Introduction: A perpetual inventory system is an inventory control technique that use a real-time…

Q: PA1. LO 6.1 Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3:…

A: Journal entries are made to record the financial transactions in the books. It is the second step in…

Q: Issued Check No. 319 to Martin Company for merchandise purchased September 2, $8,500, terms 1/10,…

A: A credit memo is given at time of sales return by the seller to the buyer. 1/10, n/30 terms means…

Q: ook dint rint rences April 2 Purchased $3,600 of merchandise from Lyon Company with credit terms of…

A: Journal Entry:— It is an act of recording transactions in books of account when transaction…

Q: 3. Journalize the following: On May 4, Hanlon purchased $30,000 of merchandise with credit terms of…

A: Journalizing is the process of recording a business transaction in accounting records. Journal…

Q: Prepare the journal entry Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30;…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: a.  Journalize Balboa Co.’s entry for the purchase. If an amount box does not require an entry,…

A: Balboa is the Purchaser so Journal entries will be passed accordingly. Here the Discount is not…

Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $56,900, terms…

A: Req-a       Transaction  General Journal   Debit   Credit  (1) Accounts Receivable $56,900…

Q: Journalizing Sales, Sales Returms and Allowances, and Cash Receipts Prepare journal entries for the…

A: 1. Sold merchandise on account to B. Farnsby = $300. Sales tax rate = 4% Sale tax amount = sales x…

Q: Journalizing Sales, Sales Returns and Allowances, and Cash Receipts   Prepare journal entries for…

A: Sales returns and allowances account is described as the contra-sales account, which reduces the…

Q: Funtime Gadgets buys $137,200 worth of merchandise from Gadget Wareho edit terms of 2/10, n/30. 2…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: TB MC Qu. 07-149 (Algo) MacKenzie Company sold... MacKenzie Company sold $460 of merchandise to a…

A: Company will record cash sales transaction in its books, as the payment has been made by the…

Q: PA3. LO 6.2 Costume Warehouse sells costumes and accessories. Review the following transactions and…

A: Sales discount = Accounts receivable x discount rate = (1575-175) x 3% = $42

Q: Merchandise with a sales price of $5,200 is sold on account with terms 2/10, n/30. The journal entry…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Consider the following transactions for BigGuy Toys​: Apr. 7 BigGuy Toys purchased $198,800 worth of…

A: Perpetual Inventory System: The perpetual inventory system involves tracking inventory after every,…

Q: Purchases Transactions Nieman Company purchased merchandise on account from a supplier for…

A: Given Purchase=$14,000 Purchase Returns: $3,400

Q: The following table contains information about four potential investment projects that Castle…

A: It is necessary to divide the average annual profit by the initial investment for the purpose of…

Q: Recognizing Accounts Receivable On June 7, Bixby Co. sells $950 of merchandise to Jasmine Co. on…

A: Journal Entry:— It is an act of recording transactions in books of account when transaction…

Q: 28 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/2 old two items…

A: The complete amount of income earned from the sale of products or services before any returns,…

Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…

A: Purchase Journal - Purchase Journal is a form of table used to record all the purchases made on…

Q: Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases…

A: The journal entries are prepared to record day to day transactions of the business. Under perpetual…

Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans…

A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…

Q: A buyer uses a perpetual inventory system, and it purchased $4,000 of merchandise on credit terms of…

A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…

Q: Record the following transaction for Robert Corporation in general journal form. Nov. 14 Bought…

A: Perpetual inventory system is the method of recording stores balances after every receipts and issue…

Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $10,400. The invoice is dated on May 1 with…

A: Discount:  It refers to a percentage that is deducted from the normal selling price of a product.

Q: A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22%…

A: Discount:  It refers to a percentage that is deducted from the normal selling price of a product.

Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: merchandise on account to Equinox Co., $18,900, terms F- ds sold was $13,300. merchandise for…

A: Journal entries refers to the the concept of stating the day to day activities of a business in the…

Q: Journal entry worksheet 1 2 3 4 Sydney accepts delivery of $27,000 of merchandise it purchases for…

A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…

Q: May 10 (a) 11 19 24 Purchased goods billed at $15,200 subject to cash discount terms of 2/10, n/60.…

A: The company purchases goods from suppliers and suppliers also offer a discount to the company. The…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is