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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Journalize the following transactions on the books of Veronica Company, assuming a perpetual inventory system: May 5 Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30. Prepaid freight costs of $100 were added to the invoice. 12 Issued a debit memo to Archie Co. for $2,500 of merchandise returned from purchase on May 5. 14 Paid Archie Co. for invoice of May 5, less debit memo of May 12 and discount. If an amount box does not require an entry, leave it blank. May 5 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 12 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 14 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18
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The following were selected from among the transactions completed by Babcock Company during November of the current year. Babcock uses the net method under a perpetual inventory system. Nov. 3 Purchased merchandise on account from Moonlight Co., list price $90,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $36,900. The cost of the goods sold was $20,480. 5 Purchased merchandise on account from Papoose Creek Co., $50,700, terms FOB shipping point, 2/10, n/30, with prepaid freight of $750 added to the invoice. 6 Returned $12,750 ($17,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $14,550 with terms n/15. The cost of the goods sold was $9,510. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6. 14 Sold merchandise on VISA, $239,110. The cost of the goods sold was $137,270. 15 Paid…
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Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: 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. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. 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.
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