Information related to Swifty Co. is presented below.12.3.5.On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, net/30, FOB shipping point.On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird.On April 7, purchased equipment on account for $29,200.On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returnedmerchandise.On April 15 paid the amount due to Mockingbird Company in full. Assume that Swifty Co. paid the balance due to Mockingbird Company on May 4 instead of April 15. Prepare the journal entry torecord this payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debitentry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Date Account Titles and ExplanationMay 4DebitCredit

Information related to Swifty Co. is presented below. 1 2. 3. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, ne On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April & returned damaged merchandise to Mockingbird Company and was granted a $4.9

Information related to Swifty Co. is presented below. 1 2. 3. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, ne On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April & returned damaged merchandise to Mockingbird Company and was granted a $4.9

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
Information related to Splish Brothers Inc. is presented below. rch On April 5, purchased merchandise on account from Sheffield Company for $26,400, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $930 on merchandise purchased from Sheffield. On April 7, purchased equipment on account for $41,900. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sheffield Company in full. 1. 2. 3. 4. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system. (Credit account titles are automatically indented when 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.) No. 1. 2. Date Account Titles and Explanation norcal_archives_20....zip O i Ei W QCA 5.docx C ((( W response essay.docx Debit < 76°F_^ Credit
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Information related to Sheffield Co. is presented below. On April 5, purchased merchandise on account from Skysong Company for $ 29,500, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $ 960 on merchandise purchased from Skysong. On April 7, purchased equipment on account for $ 45,200. 1. 2. 3. On April 8, returned damaged merchandise to Skysong Company and was granted a $ 5,800 credit for returned merchandise. On April 15, paid the amount due to Skysong Company in full. 4. 5. Prepare the journal entries to record these transactions on the books of Sheffield Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credi 1. 3. > > 2. 4. 5.
This information relates to Sheridan Supply Co. 1. 2. 3. 4. 5. On April 5 purchased merchandise from Acme Wholesale Company for $25,000, terms 2/10, n/10. On April 6 paid freight costs of $1,000 on merchandise purchased from Acme Wholesale. On April 7 purchased equipment on account for $27,000. On April 8 returned some of April 5 merchandise to Acme Wholesale which cost $2,100. On April 15 paid the amount due to Acme Wholesale in full.
Information related to Riverbed Co. is presented below. 1. On April 5, purchased merchandise on account from Tamarisk Company for $36,000, terms 3/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $920 on merchandise purchased from Tamarisk. 3. On April 7, purchased equipment on account for $30,500. 4. On April 8, returned damaged merchandise to Tamarisk Company and was granted a $4,200 credit for returned merchandise. 5. On April 15, paid the amount due to Tamarisk Company in full.
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