Gamegirl Inc., has the following transactions during August.August 6 Sold 58 handheld game devices for $140 each to DS Unlimited on account, terms 2/10, net 60. The cost of the 58 gamedevices sold, was $120 each.August 10 DS Unlimited returned three game devices purchased on 6th August since they were defective.August 14 Received full amount due from DS Unlimited.Required:Prepare the transactions for GameGirl, Inc., assuming the company uses a perpetual inventory system. (If no entry is required for atransaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet234Record the sale of inventory on account.Note: Enter debits before credits.DateGeneral journalDebitCreditAugust 06Record entryClear entryView general journal

The net accounts receivable of $7,700 is computed by reducing sales return, $420 from the sales…

Answered: Gamegirl Inc., has the following…

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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On December 7, Smart Touch delivers equipment to a small retailer on consignment. The cost of the equipment was $1,460 and the combined retail selling price is $2,200. If the retail shop sells the equipment, Smart Touch will pay 20% commission. Both companies use a perpetual inventory method. Date Accounts Debit Credit
Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to Oa. Merchandise Inventory Ob. Purchases Oc. Accounts Payable Od. Cost of Merchandise Purchased
I just need to know how to find the cost of imventory sold
Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 25 shovels, for a total cost of $200. The company had the following transactions during the month: Sold 7 shovels on account at a selling price of $13 per unit. January 2 January 16 Sold 10 shovels on account at a selling price of $13 per unit. January 18 Bought 8 shovels on account at a cost of $8 per unit. January 19 Sold 10 shovels on account at a selling price of $13 per unit. January 24 Bought 10 shovels on account at a cost of $8 per unit. January 31 Counted inventory and determined that 15 units were on hand.
Required information [The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials $49,000 Work in process Finished goods 9,600 64,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials. Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 1. Raw materials purchases for cash. 2. Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. O
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) a (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. More Info Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milk Co., $2.700, Oct. 11 Purchased office supplies on account from Book Co., $400. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 4/10, n/60 from Slip Co., $1,600. Print Done
Create General Journal entries
Bill Blumberg owns an auto parts business called Bill's Auto Parts. The following transactions took place during July of the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. 8 Pald frelght charge on merchandise purchased, $230. 12 Sold merchandise on account to Blg TIme Spoller, $3,500. The merchandise cost $2,500. 15 Recelved a credit memo from Wheeler Warehouse for merchandise, $670. 22 Issued a credit memo to Blg Time Spoller for merchandise returned, $820. The cost of the merchandise Is $550. Required: 1. Journalize the above transactions In a general journal using the perlodic Inventory method. If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDIT REF. 1 July 5 1. 2 3. July 8 4 4. July 12 July 15 6. July 22 10 10 2. Journalize the above transactions In a general journal using the perpetual Inventory method. If an amount box does not requtre an entry, leave it blank. Page: 1 POST. DEBIT CREDIT…
Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,800 133,300 7,000 163,600 4,700 $ 4,700 110,400 12,100 41,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.

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