Journalize each of the following transactions assuming a perpetual inventory system. April 5 Sold merchandise to a customer for $5,900; terms 2/10, n/30 (cost of sales $3,180). 7 Made a cash sale of $4,200 of merchandise to a customer today (cost of sales $2,160). 8 Sold merchandise for $11,500; terms 2/10, n/30 (cost of sales $6,540). 15 Collected the amount owing from the credit customer of April 5. 4 The customer of April 8 paid the balance owing. May

Journalize each of the following transactions assuming a perpetual inventory system. April 5 Sold merchandise to a customer for $5,900; terms 2/10, n/30 (cost of sales $3,180). 7 Made a cash sale of $4,200 of merchandise to a customer today (cost of sales $2,160). 8 Sold merchandise for $11,500; terms 2/10, n/30 (cost of sales $6,540). 15 Collected the amount owing from the credit customer of April 5. 4 The customer of April 8 paid the balance owing. May

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Description: Journalize each of the following transactions assuming a perpetual invetory system.April 5 Sold merchandise to a customer for $5,900; terms 2/10, n/30 (cost of sales $3,180).7 Made a cash sale of $4, 200 of merchandise to a customer today (cost of s

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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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.
Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. 6 Batson Co. paid the invoice within the discount period.
Using the following data taken from Payton Inc. which uses a periodic inventory system to answer this question. Merchandise inventory, June 1 $393,250 Merchandise inventory, May 31 380,100 Purchases 1,579,600 Purchases returns and allowances 81,200 Purchases discounts 16,500 Sales 2,060,000 Freight-in 59,250 Prepare the cost of merchandise sold section of the income statement for the year ended May 31.
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $66,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it bla b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Gr APR étv
p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1
Sales and purchase-related transactions for seller and buyer using perpetual inventory system The following selected transactions were completed during April between Swan Company and Bird Company: Date Transaction Apr. 2. Swan Company sold merchandise on account to Bird Company, $63,900, terms FOB shipping point, n/15. Swan paid freight of $1,550, which was added to the invoice. The cost of the goods sold was $34,840. 8. Swan Company sold merchandise on account to Bird Company, $44,100, terms FOB destination, n/15. The cost of the goods sold was $28,720. 8. Swan Company paid freight of $1,040 for delivery of merchandise sold to Bird Company on April 8. 17. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $66,550, terms FOB shipping point, n/eom. The cost of the goods sold was $40,840. 25. Swan Company paid Bird Company a cash refund of $2,350 for damaged…
Sales transaction Journalize the following merchandise transaction using the net method under a perpetual inventory system. A . Sold merchandise on account $18,000 with terms 1/10, and/30. Because of the goods sold was $10,800. If an amount box does not require an entry leave it blank. B. Received payment less the discount. If an amount box does not require an entry, Leave it blank. See. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.
Journalize the following transactions. Assume the Perpetual inventory system: December 9: Purchased merchandise from Ree Co. on account, $3,300, F.O.B. shipping point (buyer pays freight); terms 2/10, n/30. Freight to be paid on December 20. December 20: Paid freight on December 9 purchase, $110.
Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8
Journalize the following transactions for Jackson Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. Sold goods costing $5,400 to Lewis Company on account, $9,000, terms 5/10, n/30. March 2 March 8 Lewis Company was granted an allowance of $540 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. March 13 Received the amount due from Lewis Company. Date Account Title Debit Credit
Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8
a company purchased 3300 of merchandise on july 5th with term 3/10 n/30 on july 7th it returned of 900 worth of merchandise on july 12 it paid the full amount due assuming the company uses a perpetual inventory system and records purchases using the gross method the correct journal entry to record the payment on july 12th is debit merchandise inventory 2400 credit cash 2400 debit cash 2400 credit account Pay 2400 debit account Pay 2400 credit merchandise inventory 72 credit cash 2328 debit account pay 3300 credit cash 3300 debit account pay 2400 credit cash 2400