Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles.Jan.1 Sold merchandise on account, $18,000 with terms 1/10, n/30, using the net method under a perpetualinventory system. The cost of the goods sold was $10,800.Received payment less the discount.Refunded $600 to customer for defective merchandise that was not returned.67

Lets understand the basics.Journal entries refer to the recording of transactions in an appropriate…

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Jan. 1 Sold merchandise on account, $18,000 with terms 1/10, n/30, using the net method under a perpetu inventory system. The cost of the goods sold was $10,800. Received payment less the discount. Refunded $600 to customer for defective merchandise that was not returned. 6 7

Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Jan. 1 Sold merchandise on account, $18,000 with terms 1/10, n/30, using the net method under a perpetu inventory system. The cost of the goods sold was $10,800. Received payment less the discount. Refunded $600 to customer for defective merchandise that was not returned. 6 7

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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Record the following transactions as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank.
Record the following transactions related to purchases for Horston's Art Supplies using the general journal foem provided below. Assume Horston's uses a periodic inventory system. Omit transaction descriptions from entries. Date Transaction Sept. 1 Purchased $8,000 of merchandise on account, FOB destination, n/30. 3 Returned $1,000 of merchandise purchased on September 1 due to defects. 7 Purchased $1,500 of merchandise on account, terms FOB shipping point, 2/10, n/30. Prepaid fresght of $75 was added to the invoice. 14 Paid for the merchandise purchased on September 7, less discoutnt. 20 Paid for merchandise purchased on September 1, less retarn. Sept. 1 Purchased $8,000 of merchandise on account, FOB destination, n/30. 3 Returned $1,000 of merchandise purchased on September 1 due to defects. 7 Purchased $1,500 of merchandise on account, terms FOB shipping point, 2/10, n/30. P 14 Paid for the merchandise purchased on September 7, less discount. 20 Paid for merchandise purchased on…
On March 10, the Stone Company sold merchandise listing for $3,000 to the Dillard Company, terms 1/10, n/30. On March 14, $200 worth of merchandise was returned because it was the wrong size. On March 20, Stone Company received a check for the amount due. Required Record the journal entries made by Stone Company for these transactions Stone uses the periodic inventory system General Journal Description Date Mar 10 Accounts Receivable Cath Sold merchandises Dund Company terms 1/16/30 14 Merchande returned by Dars Company 20 Cash Remittance received from Dard Company # 1 Debit 1.000 00 Credit 1.000 0 O 0
Required information Skip to question [The following information applies to the questions displayed below.]The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $1,500, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $900. October 6 The customer in the October 1 sale returned $150 of merchandise for full credit. The merchandise, which had cost $90, is returned to inventory. October 9 Sold merchandise for $700 cash. Cost of the merchandise is $450. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement—specifically, identify the accounts and amounts (including + or −) for each transaction.
Record the following transactions as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Aug. 6 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 Aug. 8 fill in the blank 8 fill in the blank 9 3 4 fill in the blank 11 fill in the blank 12 4 5 fill in the blank 14 fill in the blank 15 5 6 Aug. 13 fill in the blank 17 fill in the…
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
Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Culver on June 10 cost Concord $5,100, and the goods returned cost Concord $267.
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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.
3 Prepare Journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. August 8 Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $260 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters of…