EJ-6 Norren Company uses special journals and a general journal. The following transactions Record tran occurred during September 2017. and purcha: Sept. 2 (LO 2), AP 10 12 21 25 27 Sold merchandise on account to J. Yancey, invoice no. 101, $780, terms n/30. The cost of the merchandise sold was $420. Purchased merchandise on account from H. Heerey $600, terms 2/10, n/30. Purchased office equipment on account from Y. Kojima $6,500. Sold merchandise on account to K. Pricer, invoice no. 102 for $800, terms 2/10, n/30. The cost of the merchandise sold was $480. Purchased merchandise on account from G. Jeanik $835, terms n/30. Sold merchandise to D. Schaff for $700 cash. The cost of the merchandise sold was $400. Instructions (a) Prepare a sales journal (see Illustration J-6) and a single-column purchases journal (see Illustration J-12). (Use page 1 for each journal.) (b) Record the transaction(s) for September that should be journalized in the sales journal and the purchases journal.

EJ-6 Norren Company uses special journals and a general journal. The following transactions Record tran occurred during September 2017. and purcha: Sept. 2 (LO 2), AP 10 12 21 25 27 Sold merchandise on account to J. Yancey, invoice no. 101, $780, terms n/30. The cost of the merchandise sold was $420. Purchased merchandise on account from H. Heerey $600, terms 2/10, n/30. Purchased office equipment on account from Y. Kojima $6,500. Sold merchandise on account to K. Pricer, invoice no. 102 for $800, terms 2/10, n/30. The cost of the merchandise sold was $480. Purchased merchandise on account from G. Jeanik $835, terms n/30. Sold merchandise to D. Schaff for $700 cash. The cost of the merchandise sold was $400. Instructions (a) Prepare a sales journal (see Illustration J-6) and a single-column purchases journal (see Illustration J-12). (Use page 1 for each journal.) (b) Record the transaction(s) for September that should be journalized in the sales journal and the purchases journal.

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

2
Journalize sales transactions. BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. a. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $94,000. c. On March 12, Borst Company received the balance due from McLeena Company. Journalize purchase transactions.
A5
Required information PA6-3 (Algo) Recording Sales with Discounts and Estimated and Actual Returns, and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5] [The following information applies to the questions displayed below.] Foster Supplies is a wholesaler of hair supplies. Foster Supplies uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: a. Sold merchandise for cash (cost of merchandise $34,917). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $390). c. Sold merchandise (costing $9,595) to a customer on account with terms n/60. d. Collected half of the balance owed by the customer in (c). e. Granted a partial allowance relating to credit sales the customer in (c) had not yet paid. f. Anticipate further returns of merchandise (costing $310) after year-end from sales made during the year. PA6-3 (Algo) Part 1 Required: 1. Compute Net Sales and…
Mar 2 sold merchandise on credit to Ryan Co Invoice number 854, for $27,600 (cost is 17,000) Mar 12 received payment from Ryan Co For the March 2 sale less the discount of $552 What is the journal entry
Question
Hi, please answer the attached question BR,
On March 10, the Stone Company sold merchandise listing for $3,000 to the Dillard Company, terms 1/10, n/30. On March 14, $200 worth of merchandise was returned because it was the wrong size. On March 20, Stone Company received a check for the amount due. Required Record the journal entries made by Stone Company for these transactions Stone uses the periodic inventory system General Journal Description Date Mar 10 Accounts Receivable Cath Sold merchandises Dund Company terms 1/16/30 14 Merchande returned by Dars Company 20 Cash Remittance received from Dard Company # 1 Debit 1.000 00 Credit 1.000 0 O 0
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
Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Culver on June 10 cost Concord $5,100, and the goods returned cost Concord $267.
Karan
. 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.…