Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $370 to B. Facer for $555 cash, invoice no. 5703. 5 Purchased $2,650 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $999 to J. Dryer for $1,449, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $250 to R. Lamb for $400, terms n/30, invoice no. 5705. 16 Received $1,420 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment (noninventory) for $900 cash to Golf, Inc. 25 Sold merchandise costing $420 to T. Taylor for $659, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Receivable Dr. Cost of Goods Sold Dr. Date Account Debited Invoice Number Calas C

Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $370 to B. Facer for $555 cash, invoice no. 5703. 5 Purchased $2,650 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $999 to J. Dryer for $1,449, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $250 to R. Lamb for $400, terms n/30, invoice no. 5705. 16 Received $1,420 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment (noninventory) for $900 cash to Golf, Inc. 25 Sold merchandise costing $420 to T. Taylor for $659, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Receivable Dr. Cost of Goods Sold Dr. Date Account Debited Invoice Number Calas C

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Description: Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalizethe following transactions that should be recorded in the sales journal.May 2 Sold merchandise costing $370 to B. Fac

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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An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory system. The cost of Merchandise is RO 1200. Which of the following journal entry is correct for the Merchandise cost of goods sold? a. Debit Merchandise inventory RO 400 Credit Cost of goods sold RO 400 b. Debit Accounts receivable RO 1200 Credit Sales RO 1200 c. Debit Cash RO 1600 Credit Sales RO 1600 d. Debit Cost of goods sold RO 1200 Credit Merchandise inventory RO 1200
Biloxi Gifts uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize its transactions that should be recorded in the general journal. For those not recorded in the general journal, identify the special journal where each should be recorded. Nov. 2 The company purchased $2,600 of merchandise on credit from the Midland Co., terms 2/10, n/30. 12 The owner, T. Biloxi, contributed an automobile worth $17,000 to the company. 16 The company sold $1,200 of merchandise (cost is $800) on credit to K. Myer, terms n/30. 19 Biloxi granted K. Myer an allowance (price reduction) of $175 for merchandise sold on November 16. Biloxi credited Accounts Receivable for that amount.
Options are General Sales Purchases Cash receipts Cash Disbursements
Journalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for the exact wording of account titles. A. Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased $5,000 of merchandise from Schell Co. on account, terms n/30. E. Received a refund from Schell Co. for return in (C) less the purchase in (D). CHART OF ACCOUNTS Lilly Heating & Air Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment…
Consider the following transactions for RC Photo: • September 2 RC Photo Shop sold $44,700 of camera equipment on account, credit terms 3/15, n/EOM. . September 12 RC Photo Shop received a sales returns totaling $1,100 for damaged goods from the customer. . September 18 RC Photo Shop receives payment from the customer on the amount due, less the return and discount. Journalize the purchase transactions assuming RC Photo Shop uses the periodic inventory system. Credit Date September 2 September 12 September 18 Submit All Parts Description Debit
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Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Mar. 1 Sold merchandise on account, $77,100 with terms 2/10, n/30. The cost of the merchandise sold was $42,750. 9 Received payment less the discount. 13 Issued a $2,500 credit memo for damaged merchandise. The customer agreed to keep the merchandise. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation-Equipment 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment REVENUE 410 Sales 610 Rent Revenue EXPENSES 510 Cost of…
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Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $300 to B. Facer for $450 cash, invoice no. 5703. 5 Purchased $2,400 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $800 to J. Dryer for $1,250, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $9,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $200 to R. Lamb for $340, terms n/30, invoice no. 5705. 16 Received $1,225 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment (noninventory) for $900 cash to Golf, Inc. 25 Sold merchandise costing $500 to T. Taylor for $750, terms n/30, invoice no. 5706. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Cost of Goods Sold Dr. Sales Cr. Inventory Cr.
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a. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. a1. Account Titles Record the cost of the sale. a2. Debit Credit Account Titles Debit Credit b. Received check from Brown Co., $300, less 3% discount. (Assume $300 was the gross amount of the sale.) Account Titles Debit Credit b. c. Cash sales, $104. The cost of merchandise was $59. Begin by recording the sale portion of the entry. Do not record the cost of the sale yet. We will do that in the following step. Account Titles Debit Credit c1. Record the cost of the sale. Transactions a. Sold merchandise on account to Troy Co., invoice no. 10, $50. The cost of the merchandise was $28. b. Received check from Brown Co., $300, less 3% discount. c. Cash sales, $104. The cost of merchandise was $59. d. Issued credit memorandum no. 2 to Troy Co. for defective…