Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,10e of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,10e of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

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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Prepare journal entries Oct 7 Sold merchandise on credit to Lacson Retailers terms n/30, FOB shipping point P30,000 1. Purchased merchandise on credit from ORCAJADA Wholesalers terms n/30 FOB shipping point, ₱60,000 2. Paid Mendoza- corp for shipping charges on merchandise purchased on Oct 8, ₱2, 540 3. Purchase merchandise on credit from Ortiz imports terms n/30 FOB shipping ₱90,000. Freight prepared by Ortiz, ₱6,000. 4. Purchased office supplies on credit from Dedumo Corp, terms n/10, ₱24,000. 5. Returned damaged merchandise received from ORCAJADA Wholesalers on Oct 8 for credit ₱6,000. 6. Received check payment from Lacson Retailers for his purpose on Oct 7 7. Returned a portion of office supplies received on Oct 13 fro credit ₱4,000 8. Sold merchandise for cash, ₱18,000 9. Paid Ortiz imports fro purchase of Oct 10 10. Paid ORCAJADA Wholesalers the balance from the transactions on Oct 8 and 14 11. Accepted from Tagum Corp a return of merchandise, ₱2,000.
Obj. 2 PR 5-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to other businesses and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the goods sold was $13,300. 3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,000. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, n/eom. The cost of the goods sold was $33,200. 5. Sold merchandise for $30,000 plus 6% sales tax to retail customers who used MasterCard. The cost of the goods sold was $19,400. 12. Received check for amount due from Equinox Co. for sale on March 2.
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ab User Management,... H https://outlook.offi... FES Protection Plan System 7 - North C... Homework Exercises Saved Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $1,005; terms n/30. 15 Recorded purchases for cash, $1,490. 30 Paid amount due to Salinas Company for the purchase on June 4. June Book Required: Record these transactions in a general journal. erences View transaction list Journal entry worksheet 1. 21 3 Paid amount due to Salinas Company for the purchase on June 4. Note: Enter cebits before credits.
Practice Quiz Retail Transactions ABC Co. began operations on January 1. Please prepare journal entries, where appropriate, for the following transactions during January. Jan 2 Purchased $8,000 merchandise, 2/10, n/30. FOB Shipping Point Jan 4 The responsible party paid the freight bill of $75 Jan 8 Returned $600 of merchandise purchased on Jan 2 receiving credit memo Jan 12 Paid amount owed for January 2 Jan 14 Sold $4,000 of merchandise, 1/10, n/30, FOB Destination. Cost of the merchandise was $1,500 Jan 16 The responsible party paid the freight bill of $50 Jan 24 Collected amount owed from January 14 Jan 29 Sold $2,000 of merchandise, n/30, FOB Shipping Point. Cost of the merchandise was $750 Jan 31 The responsible party paid the freight bill of $50 Prepare a multi-step Income Statement for the month of January using the above information and the additional information below: Sales Salaries $800 Property Taxes…
Buyer/Seller Entries #1 Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company vwith the terms 1/10 n/30, FO Destination. The cost of the merchandise sold was $3,000. Seller Debit Credit Buyer Debit Credit Jan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2nd sale shipped to the buyer. Seller Debit Credit Buyer Debit Credit Jan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was $800. Seller Debit Credit Buyer Debit Credit Jan. 12 Blast Company pays for the Jan. 2nd purchase. Seller Debit Credit Buyer Debit Credit y purchaseda
PB3. LO 6.2Costume Warehouse sells costumes and accessories and purchases their merchandise from a manufacturer. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses the perpetual inventory system the periodic inventory system Jun. 4 Costume Warehouse purchases 88 costumes on credit at a purchase price of $15 per costume. The terms of the purchase are 5/15, n/30, with an invoice date of June 4. Jun. 12 Costume Warehouse returns 20 costumes to the manufacturer for a full refund. Jun. 19 Costume Warehouse pays in full for the remaining costumes, less the return.
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.
Problem #4 Journalizing Merchandising Transactions Janet Matuguinas Trading Company engaged in the following transactions in October: Sold merchandise on credit to Lacson Co., terms n/30, FOB shipping point, P30,000 Purchased merchandise.on credit from Orcajada Co., terms n/30, FOB shipping point, P60,000. Paid Mendoza Co. for shipping charges on merchandise purchased on Oct. 8, P2,5,40. Purchased merchandise on credit from Ortiz Co., terms n/30, FOB shipping, P90,000. Freight prepaid by Ortiz, P6,000. Purchased office supplies on credit from Dedumo Co., terms n/10, P24,000. Oct. 7 8 10 13 14 Sold merchandise on credit to Tagum Co., terms n/30, FOB shipping, P24,000. Returned damaged merchandise received from Orcajada Co. on Oct. 8 for credit, P6,000. Received check payment from Lacson Co. for his purchase on Oct. 7. Returned a portion of the office supplies received on Oct. 13 for credit, P4,000. 14 17 18 19 Sold merchandise for cash, P18,000. Paid Ortiz Co. for purchase of Oct. 10.…
Chapter 11 Homework еBook Show Me How Print Item Trade Discount and Cash Discounts Instructions Chart of Accounts Calculations General Journal Instructions Merchandise was purchased on account from Grant's Distributors on June 12. The purchase price was $4,000, less a 10% trade discount and credit terms of 2/10, n/30. Required: 1. Calculate the net amount to record the invoice, less the 10% trade discount. 2. Calculate the amount to be paid on this invoice within the discount period. 3. Journalize the purchase of the merchandise on June 12 and the payment on June 22 (within the discount period) in a general journal. %3D