Flint Ltd. had beginning inventory of 51 units that cost $100 each. During September, the company purchased 206 units on account at $100 each, returned 7 units for credit, and sold 150 units at $203 each on account. Journalize the September transactions, assuming that Flint Ltd. uses a perpetual inventory system. Account Titles and Explanation Debit Credit
Q: The following were selected from among the transactions completed by Babcock Company during November…
A: Journal entries refers to the entries which are passed at the year end for the transactions incurred…
Q: Sheridan Company uses a perpetual inventory system. Its beginning inventory consists of 68 units…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Vaughn Company uses a perpetual inventory system. Its beginning inventory consists of 88 units that…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: 1. Discount received for purchase made on April 2 Purchase = 4,100 Goods returned = 700 Net value…
Q: Prepare closing entries. (List all debit entries before credit entries. Credit account titles are…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Record the following transactions on the books of Hiroole Ltd., which uses a perpetual inventory…
A: Perpetual inventory system: It is a method of inventory management that records real-time…
Q: a. Sold merchandise on account, $13,100, with terms 2/10, net 30 on December 26. The cost of the…
A: Perpetual inventory system is a inventory system in which purchases and sales of inventory are…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: Journal entry is the first step of bookkeeping . All transactions incurred during the period are…
Q: Apr. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: . Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: The procedure of entering business transactions for the first moment in the books of accounts is…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: April 2 Purchase:Debit Merchandise Inventory $4,000Credit Accounts Payable $4,000April 3 Cash…
Q: Assume that Sunland Company uses a periodic inventory system and has these account balances:…
A: Calculate cost of goods sold and gross profit:
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: ournalize the following inventory merchandise transactions, assuming that the company uses the…
A: Perpetual inventory system is an inventory system which records all purchase and sales in the…
Q: repare the necessary general journal entries for the month of October for Wildhorse Retail for each…
A: Journal entry is a primary entry that record the financial transactions initially. The transactions…
Q: Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Travis Company purchased merchandise on account from a supplier for $9,400, terms 2/10, net 30.…
A: The journal entries are prepared to record the transactions on regular. Under perpetual inventory…
Q: The following were selected from among the transactions completed by Essex Company during July of…
A: The net method is defined as a procedure adopted to record the inventory in the books after…
Q: A company uses the perpetual inventory system and the gross method of accounting for purchases and…
A: Perpetual inventory system is that inventory system under which all transactions related to…
Q: A company purchased $2,400 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…
A: Step 1: It is given that the company is following perpetual inventory system to record the journal…
Q: On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On September 12, Vandelay Company sold merchandise in the amount of $7,800 to Jepson Company, with…
A: The question is based on the concept of cost accounting. When goods are purchased on the credit then…
Q: Journalize the following transactions for Allen Company using the gross method of accounting for…
A: Formula = Cost of merchandise returned = Total sale value of merchandise returned × cost…
Q: On June 5, a company purchases 170 units of inventory on account for $20 each, with terms 1/10,…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Litton Industries uses a perpetual inventory system. The company began its fiscal year with…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Journalize the following transactions for Cox Company using the gross method of accounting for sales…
A: The journal entries keep the record for inventory on different basis such as perpetual or periodic.
Q: On December 22, Travis Company purchased merchandise on account from a supplier for $13,200, terms…
A: Calculation of Discount Received on Purchases: Merchandise purchased = $ 13200. Discount = 2% =…
Q: 2 Fabri Corporation is considering eliminating a department that has an annual contribution margin…
A: Incremental Analysis :— This analysis shows the comparison between two different alternatives. A…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Sales staff salaries expense 2,500 Prepare a multiple-step Income statement for the year ended…
A: Income Statement is a financial statement that includes revenue earned and expenses incurred during…
Q: papers presented below. Also following are a series of transactions for Sheridan Co. for the month…
A: Sales journal refers to the form of a ledger account that reflects the overall sales transactions of…
Q: Marigold Corp. uses a perpetual inventory system. The company had the following inventory…
A: When a business purchases products or services on credit and promises to pay the supplier or vendor…
Q: Prepare journal entries to record each of the following transactions. The company records purchases…
A: Journal entries (JE) refers to recording of transactions into the books of accounts or original…
Q: ournalize the following inventory merchandise transactions, assuming that the company uses the…
A: Following are the requisite Journal entries
Q: The Comet Company, Inc. uses the perpetual inventory system. Their credit terms are 2/10, n/30. They…
A: The journal entries are prepared to record the transactions on regular basis. The customer is…
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: Income statement is one of the most integral part of any financial statement. Income statement shows…
Q: Donaldson Corporation uses a periodic inventory system. On January 1, inventory is $253,000. On…
A: The objective of the question is to determine the correct journal entries to record the sale of…
Q: Larkspur, Inc. uses a perpetual inventory system. Its beginning inventory consists of 210 units that…
A: Perpetual inventory system is an inventory system in which all transactions related to inventory…
Q: Journalize the following transactions for the Evans Company. Assume the company uses a perpetual…
A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…
Q: Skysong Company uses a perpetual inventory system. Its beginning inventory consists of 65 units that…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: he gross method. (Hint: It will help to identify each receivable and payable; for example, record…
A: Journal entries are the records of the transactions entered into by the organization during the…
Q: Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming…
A: Discount = Amount payable x rate of dicount = $34,200 x 2% = $684
Q: Prepare journal entries for the following merchandising transactions of Powell Company assuming it…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: Answer:- Journal entry meaning:- The act of maintaining or creating records of any transactions,…
Step by step
Solved in 3 steps
- Concord Ltd. had beginning inventory of 53 units that cost $101 each. During September, the company purchased 208 units on account at $101 each, returned 9 units for credit, and sold 154 units at $201 each on account. Journalize the September transactions, assuming that Concord Ltd. uses a perpetual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record purchase on account enter a debit amount enter a credit amount enter an account title to record purchase on account enter a debit amount enter a credit amount (To record purchase on account) enter an account title to record purchase return enter a debit amount enter a credit amount enter an account title to record purchase return enter a debit…Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $37,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet P 2 Record the purchase of inventory on account. Note: Enter debits before credits. Date February 02 Record entry General Journal Clear entry Debit Credit View general journalCurrent Attempt in Progress Bramble Ltd. had beginning inventory of 54 units that cost $105 each. During September, the company purchased 206 units on account at $105 each, returned 6 units for credit, and sold on account 153 units at $201 each. Prepare journal entries for the September transactions, assuming that Bramble uses a periodic inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) Preparjalneries for the Sopomber tramming that perdicimentary titles are automatically indented whes the amount is entered De not indest manually. If ne entry is required, Entry for the account ctles and enter O for the amounts List el dret estr les defane crentes) Account Titles and…
- Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron. August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $220 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After…On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period on December 31. Required: Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Travis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE…Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction? Debit Credit A. Sales revenue 11,700 Accounts receivable 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 B. Accounts receivable 11,700 Merchandise inventory 7,900 Sales revenue 3,800 C. Accounts receivable 3,800 Sales revenue 3,800 D. Accounts receivable 11,700 Sales revenue 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 Group of answer choices A. B. C. D.
- Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of…Journalize the following transactions for Jackson Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. Sold goods costing $5,400 to Lewis Company on account, $9,000, terms 5/10, n/30. March 2 March 8 Lewis Company was granted an allowance of $540 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. March 13 Received the amount due from Lewis Company. Date Account Title Debit Credit
- Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units that cost $ 220 each. During August, the company purchased 255 units at $ 220 each, returned 4 units for credit, and sold 375 units at $ 340 each. Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)Current Attempt in Progress Prepare the necessary journal entries to record the following transactions, assuming Cullumber Company uses a perpetual inventory system. (a) Cullumber sells $57,500 of merchandise, terms 1/10, n/30. The merchandise cost $39,220. (b) The customer in (a) returned $5,300 of merchandise to Cullumber. The merchandise returned cost $3,710. (c) Cullumber received the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Transactions Account Titles and Explanation (a) (To record credit sale.) (To record cost of goods sold.) Debit Credit SU