General
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A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,300,…
A: The journal entries are prepared to record the transactions on regular basis. For FOB shipping…
Q: Record the following transactions as general journal entries. Use the gross-price method. Aug. 6…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: July 5 Purchased merchandise on account from Wheeler Warehouse, $4,300. Paid freight charge on…
A: Periodic inventory method is a method in which physical count of the inventory is performed at…
Q: May 1. Sold merchandise on account to Taiwan Palace Co., $36,010. The cost of the merchandise sold…
A: Accounting Equation Equity+ Liabilities = Asset Increase/decrease in asset or liability =…
Q: Journalize the following merchandise transactions: a. Sold merchandise on account, $19,400 with…
A: The journal entries for merchandise transactions are as follows:
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Bad debts expense = Accounts receivable - Cash received = $185,000 - $148,000 = $37,000
Q: Requirements 1 & 2. Prepare headings for a sales journal. Journalize the transactions that should be…
A: The journal entries are prepared to record the transactions on regular basis. The sales journal…
Q: Journalize the above transactions in the accounts of Sedona Interiors Company, a restaurant supply…
A: Journal entry: It is a systematic record of a financial transaction of an organization recorded in…
Q: The following were selected from among the transactions completed by Harrison Company during…
A: Journal is a book of accounts in which monetary events are recorded. Monetary events which are…
Q: May 1. Sold merchandise on account to Beijing Palace Co., $36,730. The cost of the merchandise sold…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
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: entry by Rasner Co. on April 19 to return the goods isis:
A: A purchase return refers to the process by which a buyer returns goods previously acquired from a…
Q: The following were selected from among the transactions completed by Harrison Company during…
A: The objective of this question is to journalize the transactions completed by Harrison Company…
Q: May 24 Sold merchandise on account to Old Town Cafe $37,940. The cost of the goods sold was $25,700.…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
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: Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts.…
A: Direct Write-off Method - Under the Direct Write-off method of accounting accounts that remain…
Q: Prepare general journal entries for the transactions above under the assumption that purchases are…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: May 1. Sold merchandise on account to Taiwan Palace Co., $43,440. The cost of the merchandise sold…
A: Under allowance method of recording doubtful accounts, allowance needs to be made for estimated…
Q: journalize entries for the following related transactions of greenville heating & air company: a.…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the…
A: Journal entries are used to record the financial transaction. It helps to prepare the ledger and…
Q: May 1. Sold merchandise on account to Beijing Palace Co., $18,900. The cost of the merchandise sold…
A: The financial bookkeeping term allowance method alludes to an uncollectible accounts receivable…
Q: Senger Company sold merchandise of $19,500, terms n/30, to Burris Inc. on April 12. Burris paid…
A: The objective of the question is to understand how to journalize the entries for a customer refund…
Q: Sep. 13: After negotiations, received a $500 allowance from Tripp Wholesalers. Date Sep. 13 Date…
A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: May 1. Sold merchandise on account to Taiwan Palace Co., $36,730. The cost of the merchandise sold…
A: Under the allowance method of accounting, allowance for doubtful accounts is used to record the…
Q: On March 2, Oriole Company sold $ 929,000 of merchandise on account to Cheyenne Company, terms 4/10,…
A: Sales discount = (Sales - sales return) x discount rate = (929000-92900)*4% = $33,444
Q: Nieman Company purchased merchandise on account from a supplier for $5,500, terms 2/10, n/30. Nieman…
A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…
Q: Journal the entries. Record the following transactions on page 21 of the journal. May 20 Sold…
A: Journal entry is a process of recording and classifying business transactions into books of accounts…
Q: April ed the following inventory transactions in April. 3 Purchased merchandise from DeVito Ltd. for…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Required: Compute the amount of Net Sales to be reported for the month ended July 31. (Round your…
A: Sales revenue refers to the amount received by the company from selling goods and services to the…
Q: urchased merchandise from Thompson Company for $7,200 under credit terms of 1/15, n/30, FOB shipping…
A: SOLUTION- JOURNAL ENTRY IS THE ACT OF KEEPING OR MAKING RECORDS OF ANY TRANSACTIONS EITHER ECONOMIC…
Q: May 1. Sold merchandise on account to Taiwan Palace Co., $36,000. The cost of the merchandise sold…
A: Solution:- Preparation of journal entries as follows under:-
Q: Avila Co. sold $10,000 of merchandise to Beasley Corp. on account with terms of 1/10, n/30. The…
A: Note: 1/10, n/30: Here, 1 represents the discount rate if payment is made within ten days. And if…
Q: Purchases Transactions Nieman Company purchased merchandise on account from a supplier for…
A: Given Purchase=$14,000 Purchase Returns: $3,400
Q: Feb. 3 Purchased $2,700 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping…
A: The journal entries are prepared to keep the record of daily transactions of the business.
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans…
A: Sales are the revenues generated by the business from its day to day operations. The sales revenue…
Q: The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Questions # 21-23 are based on the information below: Wicker Inc. has the following transactions…
A: Purchase: It implies to the acquisition or buying of goods & services by the business for the…
Q: ccount to Quinn Co., $15,600 with terms n/15. The cost of the goods sold was $9,400. 13 Paid…
A: A journal entry is a summary of corporate accounting transactions kept in its books of accounts. The…
Q: December 22 - Dec. 22 Sold merchandise on account, $12,900 with terms 2/10, net 30. The cost of the…
A: Date Account titles and explanation Debit Credit Dec. 22 Accounts Receivable $12,900…
Q: Journalize the following merchandise transactions: a. Sold merchandise on account, $14,850 with…
A: Sales discount = sales x discount rate = $14850 x 2% = $297
Q: May 10 (a) 11 19 24 Purchased goods billed at $15,200 subject to cash discount terms of 2/10, n/60.…
A: The company purchases goods from suppliers and suppliers also offer a discount to the company. The…
Q: July 1 Purchased merchandise from Zhang Company for $7,400 under credit terms of 1/15, n/30, FOB…
A: Introduction:Income statement is the important part of financial statement, which shows income and…
Q: Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased…
A: Journal entries are made in the account to record the financial transactions of the business. The…
Direction: Prepare the General Ledger for this transaction. Account number not included.
TRANSACTIONS:
January 1 - Purchased goods from May Company with list price of 600,000 less 10% purchase discount, paid cash
January 6 - Returned 40,000 of defective goods and replaced with cash
January 9 - Cash sales, 145,000 (cost 78,000)
January 13 - Purchased goods from Feh Enterprises worth 75,000 on account. Terms 2/15, n/30
January 16 - Paid 9,000 freight on goods purchased.
January 17 - Sold goods to Bet Trading on credit. Term: 1/10, n/30, 240,000 (cost 130,000)
January 20 - Received returned goods from January 17 sale worth 100,000 (cost 60,000)
January 22 - Received cash in full settlement of the account from Bet Trading
January 25 - Full settlement from the purchase of January 13
January 28 - Purchases on account, 130,000, terms: 2/10, n/30
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Solved in 3 steps
- February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15, n/45. Which of the following entries correctly applies the indicated method to receive the appropriate customer payment on February 12? Gross Price Method Cash 8,148 Accounts Receivable 8,148 Net Price Method Cash 8,400 Sales Revenue 252 Accounts Receivable 8,148 Gross Price Method Cash 8,400 Accounts Receivable 8,400 Net Price Method Cash 8,148 Accounts Receivable 8,148Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,800, terms FOB shipping point, n/30. The cost of the goods sold is $66,480. Shore paid freight of $1,900. Shore Co, issued a credit memo for $7,900 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box does not require an entry, leave it blank. Sale Credit Memo Payment CFlounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?
- July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July sukrale cab the th 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB…Instructions May Sept Dec. 24 Sold merchandise on account to Old Town Cafe $39,560. The cost of the goods sold was $24,540. Received $11,930 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible 30 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $27,630 cash in full payment. Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables Refer to the Chart of Accounts for exact wording of account t untitlesShore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box, does not require an entry, leave it blank. Sale Credit Memo Payment 00 00 00 00 00 00 00 00 00 00 00 00
- Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
- Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $22,000 of merchandise from Wright Co. on account, terms 2/10, n/30. Merchandise Inventory Accounts Payable-Wright Co. b. Paid the amount owed on the invoice within the discount period. Accounts Payable-Wright Co. Cash c. Discovered that $4,400 of the merchandise purchased in (a) was defective and returned items, receiving credit. Accounts Receivable-Wright Co. Merchandise Inventory d. Purchased $3,400 of merchandise from Wright Co. on account, terms n/30. Merchandise Inventory Accounts Payable-Wright Co. e. Received a refund from Wright Co. for return in (c) less the purchase in (d). Sales Returns and AllowancesShow Journal entries 3/1/22 Purchased $10,000 merchandise on account. Terms were 2/10, n/30, FOB Shipping Point. Sales taxes were 6% not included in the price. The shipping cost was $100. 3/3/22 Sold $20,000 merchandise to WG Company. Credit terms were 2/10, n/30, FOB Destination. The cost of goods sold was $8,000. Sales tax was 7% not included in the price. Paid $100 to UPS to ship the merchandise to WG Company 3/6/22 Bought back 500 shares of its own common stock at $14 per share from an unsatisfied stockholder 3/10 Collected from WG Company for the above sales.Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
