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
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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 **
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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July 1 Purchased merchandise from Zhang Company for $7,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Knight Company for $1,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $960. July 3 Paid $405 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,900 for $3,100 cash. July 9 Purchased merchandise from Taylor Company for $2,900 under credit terms of 2/15, n/60, FOB destination, invoice dated July July 11 Returned $600 of merchandise purchased on July 9 from Taylor Company and debited its account payable for that amount. July 12 Received the balance due from Knight Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Zhang Company within the discount period. July 19 Sold merchandise that cost $1,800 to Wright Company for $2,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated…
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…
Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. 6 Batson Co. paid the invoice within the discount period.
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…
Merchandise is purchased for $3,300 on September 2 subject to terms of 2/10, n/30, FOB destination. Freight costs paid by the seller totaled $193. What is the cost of the merchandise if paid on September 12, assuming the discount is taken? Oa. $3,493 Ob. $3,559 Oc. $3,234 Od. $3,168
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. 28. Paid…