meworkJournalize the following transactExclude explanations from journ(Click the icon to view the trDateNov. 11DateAccounts PayaPurchase DCashNov. 22More infoCashPurchase DiscountsAccounts ReceivableNov. 2Nov. 6Purchased $3,500 of merchandise inventory on account under terms 3/10, n/EOMand FOB shipping point.Returned $300 of defective merchandise purchased on November 2.Nov. 8Paid freight bill of $110 on November 2 purchase.Nov. 10Sold merchandise inventory on account for $6,700. Payment terms were 2/15, n/45.Paid amount owed on credit purchase of November 2, less the return and thediscount.Nov. 11Received cash from November 10 customer in full settlement of their debt, less theNov. 22 discount.Nov. 22: Received cash from November 10 customer in full settlement of their debt, less the discount.AccountsDebitPrint6432134DoneCredit6566X

Name: meworkJournalize the following transactExclude explanations from jour
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: meworkJournalize the following transactExclude explanations from journ(Click the icon to view the trDateNov. 11DateAccounts PayaPurchase DCashNov. 22More infoCashPurchase DiscountsAccounts ReceivableNov. 2Nov. 6Purchased $3,500 of merchandise invent

A journal is made to record all business transactions. All the financial transactions are recorded…

Business

Accounting

Journalize the following transact Exclude explanations from journ (Click the icon to view the tr Date Nov. 11 Accounts Paya Purchase D Cash Nov 22 Nov. 2 Nov. 6 Nov. 8 Nov. 10 Nov. 11 Cash Purchase Discounts Accounts Receivable Purchased $3,500 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. Returned $300 of defective merchandise purchased on November 2 Paid freight bill of $110 on November 2 purchase. Sold merchandise inventory on account for $6,700. Payment terms were 2/15, n/45. Paid amount owed on credit purchase of November 2, less the return and the discount. Received cash from November 10 customer in full settlement of their debt, less the Nov. 22 discount. Accounts Nov. 22: Received cash from November 10 customer in full settlement of their debt, less the discount. Date Print Debit 6432 134 Done Credit 6566

Journalize the following transact Exclude explanations from journ (Click the icon to view the tr Date Nov. 11 Accounts Paya Purchase D Cash Nov 22 Nov. 2 Nov. 6 Nov. 8 Nov. 10 Nov. 11 Cash Purchase Discounts Accounts Receivable Purchased $3,500 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. Returned $300 of defective merchandise purchased on November 2 Paid freight bill of $110 on November 2 purchase. Sold merchandise inventory on account for $6,700. Payment terms were 2/15, n/45. Paid amount owed on credit purchase of November 2, less the return and the discount. Received cash from November 10 customer in full settlement of their debt, less the Nov. 22 discount. Accounts Nov. 22: Received cash from November 10 customer in full settlement of their debt, less the discount. Date Print Debit 6432 134 Done Credit 6566

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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…
Determine the amount to be paid in full settlement of each purchase invoice, assuming that credit for returns and allowances was received prior and that all invoices were paid within the discount period, a. b. Merchandise $3,400 $13,300 3103 Freight Paid by Seller $287 $72 Freight Terms FOB shipping point, 1/10, net 30 FOB destination, 2/10, net 45 Returns and Allowances $300 $2,900 payment
Question Content Area Transactions for Buyer and Seller Ellis Co. sold merchandise to Angelleti Co. on account, $148,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $89,160. Ellis Co. paid freight of $2,100. Assume that all discounts are taken. Question Content Area Journalize Ellis Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. Question Content Area Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank.
Objective To record merchandise trnasaction in general journal form Direction: Record the following transaction of Sterling Company in general journal from: a) Sold merchandise on account to Smith CO$8,000. B) Sold merchandise for cash $500 C) Purchased merchandise on credit from Sutton Co., $6,500 d) Issued a credit memorandum to Paul Jones for the return of return of damaged merchandise $300 e) Issued a check to Tami Owens for the return of merchandise that was the wrong model $175 f) Returns merchandise to B & M Manufacturing Co. and recived credit, $4,200. g) Returned merchandise to Mobley Co. and recived a cash refund $800
Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Freight Paid Returns and Merchandise by Seller Freight Terms Allowances a. $11,000 $266 FOB Shipping Point, 1/10, net 30 $1,100 $14,000 $65 FOB Destination, 2/10, net 45 $3,100 a. b. %24 %24 b.
Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $22,000 of merchandise from Wright Co. on account, terms 2/10, n/30. Merchandise Inventory Accounts Payable-Wright Co. b. Paid the amount owed on the invoice within the discount period. Accounts Payable-Wright Co. Cash c. Discovered that $4,400 of the merchandise purchased in (a) was defective and returned items, receiving credit. Accounts Receivable-Wright Co. Merchandise Inventory d. Purchased $3,400 of merchandise from Wright Co. on account, terms n/30. Merchandise Inventory Accounts Payable-Wright Co. e. Received a refund from Wright Co. for return in (c) less the purchase in (d). Sales Returns and Allowances
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 Purchases of Merchandise On June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3 June 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the full amount owing. Which Following is the correct journal entry to record the payment made on June 8th? Dr. Accounts Payable $20,000; Cr. Merchandise Inventory $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Purchase Discounts $200; Cr. Cash $19,800 Dr. Accounts Payable $20,000; Cr. Cash $20,000 O Dr. Accounts Payable $19,800; Cr. Cash $19,800 Submit
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,900. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 109,270 Sales 109,270 Cost of Goods Sold 66,900 Inventory 66,900 Accounts Receivable-Blue Star Co. 2,000 Cash 2,000 Cash Accounts Receivable-Blue Star Co. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co.
Main.do?invoker=&takeAssignments Record the following transactons as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, /30. Bought an $18,000 truck from Pillner Co., paylng $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. Pald for the August 6 purchase of merchandise from Johnston Co. Purchased $1,743 of merchandise from Luls Co. Credit terms 2/10, n/30. 15 17 If an amount box does not requlre an entry, leave It blank. If required, round answers to the nearest cent. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 Aug. 6 1 2 2 3 Aug. 8 4 5 6 Aug. 13 7 8 Aug. 15 8 9 10 10 11 11 Aug. 17 12 12 Check My Work 1more Check My Workuseremanng. All work saveod.
Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900
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. Both companies use the net method under a perpetual inventory system. Ap 2. Swan Company sold merchandise on account to Bird Company, $54,800, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,620, which was added to the invoice. The cost ef the goods sold was $33,180. 8. Swan Company sold merchandise on account to Bird Company, $48,300, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $25,920. 8. Swan Company paid freight of $1,205 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 24. Swan Company sold merchandise on account to Bird Company, $66,060, terms FOB shipping point, n/eom. The cost of the goods sold was $37,140. 25. Swan…