Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journali the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $310 to B. Facer for $465 cash, invoice no. 5703. 5 Purchased $2,700 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $837 to J. Dryer for $1,214, terms 1/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $209 to R. Lamb for $334, terms n/30, invoice no. 5705. 16 Received $1,202 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 $360 to T. Taylor for $565, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Date Account Debited Invoice Number Inventory Cr.

Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journali the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $310 to B. Facer for $465 cash, invoice no. 5703. 5 Purchased $2,700 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $837 to J. Dryer for $1,214, terms 1/10, n/30, invoice no. 5704. 8 Borrowed $8,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $209 to R. Lamb for $334, terms n/30, invoice no. 5705. 16 Received $1,202 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 $360 to T. Taylor for $565, terms n/30, invoice no. 5706. SALES JOURNAL Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Date Account Debited Invoice Number Inventory Cr.

Name: Finer Company uses a sales journal, purchases journal, cash receipts
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
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 $310 to B. Fac

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

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.
jitu
Journalizing Sales, Sales Returns and Allowances, and Cash Receipts Prepare journal entries for the following transactions. Aug. 4 Sold merchandise on account to S. Miller for $320 plus sales tax of 4%, with 2/10, n/30 cash discount terms. 6 Sold merchandise on account to K. Krtek for $210 plus sales tax of 4%. 10 S. Miller returned merchandise purchased on August 4 for $20 plus sales tax for credit. 13 S. Miller paid the balance due on her account. 15 K. Krtek returned merchandise purchased on August 6 for $40 plus sales tax for credit. 20 K. Krtek paid the balance due on his account. Page: 1 DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT 1 20--Aug. 4 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 fill in the blank 8 fill in the blank 9 3 4 4 5 Aug. 6 fill in the blank 11 fill in the blank 12 5 6 fill in the blank 14 fill in the blank 15…
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…
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $200 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $7,100 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $400 allowance toward the $7,100 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discoun
p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1
From the general journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references. Accounts Receivable Subsidiary Ledger Henry Co. Lincoln Co. Now post to the partial general ledger. Use transaction dates as posting references. Partial General Ledger Accounts Receivable 112 Merchandise Inventory 142 Sales 411 Cost of Goods Sold 505
Caesar 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. June 5 Purchased $1,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $495 to R. Allen for $825, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $390 to J. Meyer for $650 cash, Invoice No. 2081. pay for the purchase of June 9. 19 Received $825 cash from R. Allen to 27 Sold merchandise costing $525 to B. Kraft for $750, terms n/10, Invoice No. 2082. Date Account Debited SALES JOURNAL Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
Li 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 cash receipts journal. May 1 C. Li, the owner, contributed $10,000 cash to the company. May 7 The company purchased $6,000 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $650 to E. James for $750 on credit, terms n/10. May 15 The company borrowed $3,500 cash by signing a note payable to the bank. May 18 The company received $750 cash from E. James in payment of the May 9 purchase. May 24 The company sold merchandise costing $400 to B. Cox for $450 cash.
Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
Caesar 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. June 5 Purchased $4,200 of merchandise on credit from Roman Corporation June 9 Sold merchandise costing $1,395 to R. Allen for $2,325, terms n/10, Invoice Number 2080. June 12 Sold merchandise costing $750 to J. Meyer for $1,250 cash, Invoice Number 2081. June 19 Received $2,325 cash from R. Allen to pay for the June 9 purchase. June 27 Sold merchandise costing $945 to B. Kraft for $1,350, terms n/10, Invoice Number 2082.
Caesar 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. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.