i (Click the icon to view the transactions.) Requirements 1. 2. Journalize the purchase transactions. Explanations are not required. In the final analysis, how much did the inventory cost Brighton Drug Store? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Aug. 2: Brighton purchased $23,000 worth of inventory on account with credit terms of 3/15, n/60, FOB shipping point from Granite Medical Supplies. Date Accounts Debit Credit Aug. 2 More info

i (Click the icon to view the transactions.) Requirements 1. 2. Journalize the purchase transactions. Explanations are not required. In the final analysis, how much did the inventory cost Brighton Drug Store? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Aug. 2: Brighton purchased $23,000 worth of inventory on account with credit terms of 3/15, n/60, FOB shipping point from Granite Medical Supplies. Date Accounts Debit Credit Aug. 2 More info

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1M

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Consider the following transactions for Brighton Drug Store: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Brighton Drug Store? ... Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Jan. 2: Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Date Jan. 2 Accounts Debit Credit Transactions Jan. 2 Jan. 3 Brighton Drug Store purchased $20,300 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Birch Medical Supplies. Brighton Drug Store paid a $160 freight charge. Jan. 8 Brighton Drug Store returned $6,500 of the merchandise due to…
Consider the following transactions for Tacoma Drug Store: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Tacoma Drug Store? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Feb. 2: Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Date Feb. 2 Accounts Feb. 4: Tacoma Drug Store paid a $90 freight charge. Date Feb. 4 Accounts Debit Credit Transactions Feb. 2 Tacoma Drug Store purchased $20,250 worth of inventory on account with credit terms of 3/15, n/30, FOB shipping point from Red Medical Supplies. Feb. 4 Tacoma Drug Store paid a $90 freight charge. Debit Credit…
Consider the following transactions for Elfland Toys: A (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Elfland Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Oct. 8: Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/ 60. Date Accounts Debit Credit Oct. 8 More Info Oct. 8 Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. Oct. 12: Elfland Toys returned $11,400 of the merchandise to ConnectABlock due to damage during shipment. Oct. 12 Elfland Toys returned $11,400 of the merchandise to ConnectABlock due to damage during shipment. Date Accounts Debit Credit Oct. 16 Elfland Toys…
Consider the following transactions for BigGuy Toys: View the transactions. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost BigGuy Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Jan. 6: BigGuy Toys purchased $112,300 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. Date Jan. 6 Accounts Transactions Jan. 6 Jan. 13 Debit Credit BigGuy Toys purchased $112,300 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. BigGuy Toys returned $11,150 of the merchandise to ConnectABlock due to damage during shipment. Jan. 16 BigGuy Toys paid the amount due, less the return and discount. Print Done ☑
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Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
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Please provide an answer along with an explanation, and clarify whether each option is correct or incorrect.
Could you show the journal entry he will need to make in order to write down the ending inventory from cost to market?
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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) (Click the icon to view the transactions.) Date 2024 Oct. Oct. 1 Post. Accounts Merchandise Office Supp. Account Credited Terms Ref. Payable CR Inventory DR DR Ball Co. Milly Co. Mor Slip Co. Vendor Oct. 11 Oct. 24 Purchases Journal Purchased merchandise inventory on account with credit terms of 5/10, n/30 from Milly Co., $3,000. Purchased office supplies on account from Ball Co., $650. Terms were n/EOM. Purchased furniture on account with credit terms of 3/10, n/60 from Slip Co., $1,700. Print Done Page 6 Other Accounts DR Account Post. Title Ref. Amount
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