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 <> 2 3 4 Record the merchandise purchased on account for $5,500. Note: Enter debits before credits. Debit Credit Transaction General Journal

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 <> 2 3 4 Record the merchandise purchased on account for $5,500. Note: Enter debits before credits. Debit Credit Transaction General Journal

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Description: 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

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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Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. Specialty Store purchased inventory on account for $6,800. Freight charges of $1,200 were paid in cash. 2. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,500 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
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Part 1: The following merchandise transactions occurred during the month of March for Jeffries Inc. which uses a perpetual inventory system. Jeffries Inc. records discounts using the gross method. a. March,3: Jeffries Inc. sold merchandise on account to Garrabrant LLC for $48,000 on terms 4/15, n/30. b. March 6: Jeffries Inc. sold merchandise on account to Thompson Inc. for $22,500 on terms 3/15, n/45. c. Márch 6: Jeffries Inc. estimates allowances of $2,160 will be honored on the sales to Thompson Inc. and records these estimates at point of sale. d. March 15: Garrabrant LLC paid Jeffries Inc. for the amount owed. e. March 30: Thompson Inc. paid Jeffries Inc. for the amount owed. Required: Prepare the journal entries using the gross method. Round all values to the nearest dollar. (a): Prepare the journal entry for Jeffries Inc. on March 3.
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