Following are the selected transactions of ABC Furnishing Co. for the month c May 02: Sold merchandise to RY & Co. Invoice # 99 52,200 May 04: Sold merchandise to Gulab and Sons Invoice # 100 59,040 May 08: Sold merchandise to Faqeer & Co. Invoice # 105 63,000 May 11: Merchandise returned from RY & Co. Credit # 77 4,320 May 14: Sold merchandise to JD & Sons Invoice # 106 56,700 May 14: Sold merchandise to Kashif Azeem Invoice # 112 55,980 May 16: Received merchandise from Faqeer & Co. Credit # 78 4,500 May 19: Merchandise returned from JD & Sons Credit # 79 360 May 21: Merchandise returned from Kashif Azeem Credit # 80 1,080 May 22: Merchandise consigned to Pasha Brothers Invoice # 126 23,760 May 25: Sold merchandise to Gulab & Sons Invoice # 145 11,520 May 26: Merchandise returned from Pasha Brothers Credit # 81 360 May 29: Merchandise consigned to Pasha Brothers Invoice # 165 15,840 May 29: Sold Merchandise to Faqeer & Co. Invoice # 166 16,920 Required: • Prepare the following: o Sales journal o Sales return and allowance journal o Accounts receivable subsidiary ledger o Accounts receivable schedule

Following are the selected transactions of ABC Furnishing Co. for the month c May 02: Sold merchandise to RY & Co. Invoice # 99 52,200 May 04: Sold merchandise to Gulab and Sons Invoice # 100 59,040 May 08: Sold merchandise to Faqeer & Co. Invoice # 105 63,000 May 11: Merchandise returned from RY & Co. Credit # 77 4,320 May 14: Sold merchandise to JD & Sons Invoice # 106 56,700 May 14: Sold merchandise to Kashif Azeem Invoice # 112 55,980 May 16: Received merchandise from Faqeer & Co. Credit # 78 4,500 May 19: Merchandise returned from JD & Sons Credit # 79 360 May 21: Merchandise returned from Kashif Azeem Credit # 80 1,080 May 22: Merchandise consigned to Pasha Brothers Invoice # 126 23,760 May 25: Sold merchandise to Gulab & Sons Invoice # 145 11,520 May 26: Merchandise returned from Pasha Brothers Credit # 81 360 May 29: Merchandise consigned to Pasha Brothers Invoice # 165 15,840 May 29: Sold Merchandise to Faqeer & Co. Invoice # 166 16,920 Required: • Prepare the following: o Sales journal o Sales return and allowance journal o Accounts receivable subsidiary ledger o Accounts receivable schedule

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Description: Following are the selected transactions of ABC Furnishing Co. for the month of May 2002:May 02: Sold merchandise to RY & Co. Invoice # 99 52,200May 04: Sold merchandise to Gulab and Sons Invoice # 100 59,040May 08: Sold merchandise to Faqeer & Co. I

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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Provide all 17 journal entries
Pets Unlimited sells pet supplies to retailers. The company uses a perpetual inventory. Journalize the following transactions for the company: June 1 Sold merchandise for $6,250 with terms 2/10, n/30. Inventory cost was $5,000. 5 Sold merchandise for $10,000 with terms 3/10, n/30. Inventory cost was $6,000. 11 Received a check from the customer paying the balance due within the discount period.
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John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $5,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal 1b Record the payment of freight charges for $55o. 2. Record the return of merchandise purchased on account costing $850. 3a. Record the sale of merchandise for…
Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small retail business. Sales $120,700 Sales returns and allowances 810 Sales discounts 680 Merchandise inventory, January 1 34,800 Purchases during the period 77,000 Purchases returns and allowances during the period 3,840 Purchases discounts taken during the period 2,310 Freight-in on merchandise purchased during the period 1,390 Merchandise inventory, December 31 31,500 Determine the gross profit.
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
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Presented here are selected transactions for the Pharoah Company during April. Pharoah uses the perpetual inventory system. April 1: Sold merchandise to Mann Company for $6,400, terms 2/10, n/30. The merchandise sold had a cost of $2,600. April 2: Purchased merchandise from Wild Corporation for $7,800, terms 1/10, n/30. April 4: Purchased merchandise from Ryan Company for $1,000, n/30. April 10: Received payment from Mann Company for purchase of April 1 less appropriate discount. April 11: Paid Wild Corporation for April 2 purchase. Journalize the April transactions for Pharoah Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Record the following transactions as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Aug. 6 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 Aug. 8 fill in the blank 8 fill in the blank 9 3 4 fill in the blank 11 fill in the blank 12 4 5 fill in the blank 14 fill in the blank 15 5 6 Aug. 13 fill in the blank 17 fill in the…
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
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