Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Purchases Feedback ✓ Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale i made. In the first entry, accounts receivable and the sale are recorded, less the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on hand. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash

Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Purchases Feedback ✓ Check My Work (a) When the perpetual inventory system is used, two entries are recorded each time a sale i made. In the first entry, accounts receivable and the sale are recorded, less the discount. A second entry records the cost of the merchandise sold and the reduction of inventory on hand. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash

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Description: Journalize the following merchandise transactions, using the net method under a perpetual inventory system.a. Sold merchandise on account, $18,800 with terms 1/10, n/30. The cost of the goods sold was $11,280. If an amount box does not require an en

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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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
Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $12,900, with terms 2/10, net 30. The cost of the merchandise sold was $8,385. Sale Cost b. Received payment within the discount period.
answer in text form please (without image), Note: .Every entry should have narration please
Travis Company purchased merchandise on account from a supplier for $14,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, journalize these transactions. If an amount box does not require an entry, leave it blank. a. b.
Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,900 with terms 2/10, net 30. The cost of the goods sold was $9,685. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.
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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
Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.