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

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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

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Sales-Related 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: Apr.2. Swan Company sold merchandise on account to Bird Company, $18,400, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $305, which was added to the invoice. The cost of the merchandise sold was $11,600. 8. Swan Company sold merchandise on account to Bird Company, $29,000, terms FOB destination, 1/15, n/30. The cost of the merchandise sold was $17,400. 8. Swan Company paid freight of $760 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 18. Swan Company paid Bird Company a refund of $2,000 for defective merchandise in the April 2 purchase. Bird Company agreed to keep the merchandise. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on…
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Journalize each of the following transactions assuming a periodic inventory system and PST at 8% along with 5% GST. June 1 Purchased $3,800 of merchandise; terms 1/10, n/30. 5 Sold $2,800 of merchandise for $3,200; terms n/15. No 1 2 Date June 01 June 05 Purchases Accounts receivable Purchases Answer is not complete. General Journal 3 ** Debit 3,800 > Credit 3,360 2,800 **
Practice Problem #4: Assume a perpetual inventory system. Journalize the following sales related transactions. a) Purchased merchandise on account from B Co., list price P20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of P650 added to the invoice. b) Purchased merchandise on account from C Co., P8,000, terms FOB destination, 1/10, n/30. c) Sold merchandise on account to D Co., P9,800, terms 2/10, n/30. The cost of the merchandise sold was P5,800. d) Returned P2,000 of merchandise purchased from C Co. (b) e) Paid B Co. on account for purchase in (a) less discount. f) Received merchandise returned by D Co. from sale in (c), P1,800. The cost of the merchandise returned was P1,080. g) Paid C Co. on account for purchase in (b) less return (d) and discount. h) Received cash on account from D Co. for sale in (c) less return (f) and discount. i) Perpetual inventory records indicate that P85,000 of merchandise should be on hand. The physical…
December 22 - Dec. 22 Sold merchandise on account, $12,900 with terms 2/10, net 30. The cost of the goods sold was $8,385. Dec. 31 Received payment within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the chart of accounts for the exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE 410 Sales EXPENSES 510 Cost of Merchandise Sold 521…
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Returned defective merchandise with cost $1200 to A B C company from the last monthe purchase .. that will recorded at ... a. Cash receipt journal or b. General journal
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July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. 5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. 7. Returned $6,850 of merchandise purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800. 22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000. 23. Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000. Paid Parsley Co. a cash refund of…
Sales and Purchasing Transactions A. Prepare two sets of journal entries using the periodic inventory method and perpetual inventory system. Purchased merchandise for P6,000 on credit 4 Sold merchandise that cost 800 for P1,000 on credit 9 Paid for merchandise purchased on June 1 11 Received payment from the customer of June 4 15 Sold merchandise that costs 1200 for P2,000 on credit 24 Purchased merchandise for P3,500 on credit. June 1
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