Journalize the following transactions of a merchandising business. 1) Purchased made on account from Pen Co., list price $10,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. 2) Purchased merchandise on account from Corner Co., $6,000, terms FOB destination, 1/10, n/30. 3) Sold merchandise on account to Pizza Co., $7,000, terms 2/10, n/30. The cost of the merchandise sold was $4,000. 4) Returned $1,000 of merchandise

Journalize the following transactions of a merchandising business. 1) Purchased made on account from Pen Co., list price $10,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. 2) Purchased merchandise on account from Corner Co., $6,000, terms FOB destination, 1/10, n/30. 3) Sold merchandise on account to Pizza Co., $7,000, terms 2/10, n/30. The cost of the merchandise sold was $4,000. 4) Returned $1,000 of merchandise

Name: Journalize the following transactions of a merchandising business.1) P
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Journalize the following transactions of a merchandising business.1) Purchased made on account from Pen Co., list price $10,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...

See similar textbooks

Similar questions

JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.
JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5Returned merchandise to Tower Industries, 500. 11Returned merchandise to A D Arms, 625. 23Returned merchandise to Mighty Mansion, 275.
JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger and accounts payable ledger accounts, journalize and post the following transactions: July 7Returned merchandise to Starcraft Industries, 700. 15Returned merchandise to XYZ, Inc., 450. 27Returned merchandise to Datamagic, 900.
Journalize the following sales related transactions. a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200, which were added to the invoice. b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000. c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co. d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (b). The cost of the merchandise was $1,200. e) Received amount due from Jangle Co. within the discount period. f) Received amount due, less return and discount from Comet Co. g) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in (h). The cost of the merchandise was $1,200. i) Received amount due from Jangle Co. within the discount period. j) Received amount due, less return and discount from…
Mountain Day Spa sold merchandise inventory on credit, terms n/30, to Marvin Smith, $400. Cost of goods sold was $250. When using a manual accounting information system, where should Mountain record this transaction, and what is the appropriate column in which to record the $250? a. Sales journal; Accounts Receivable DR, Sales Revenue CR b. Cash receipts journal; Cash DR, Sales Revenue CR c. Sales journal; Cost of Goods Sold DR, Merchandise Inventory CR d. Cash receipts journal; Cash DR, Accounts Receivable CR
Prepare General Journal entries to record the following perlodic system merchandising transactions for Safety Merchandising. Use a separate account for each recelvable and payable: October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, n/3e, $15, 800. 2 Sold merchandise for cash, $2,100. 7 Purchased merchandise on credit from Billings Co., terms 2/10, n/30, $11,6ee, FOB the seller's factory. 7 Paid $450 cash for freight charges on the merchandise shipment of the previous transaction. 8 Purchased delivery equipment from Finlay Supplies on credit, $24, 000. 12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/38, n/6e, $5,800. 13 Received a $1,500 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $620, n/30. 15 Sold merchandise on credit to Tom willis, terms 2/10, 1/30, n/60, $4,650. 15 Paid for the merchandise purchased on October 7. 16 Received a credit memo for unsatisfactory…
Journalize the following merchandise transactions: a. Sold merchandise on account, $12,400, with terms 2/10, net 30. The cost of the merchandise sold was $8,060. Sale Cost b. Received payment within the discount od.
Prepare General Journal entries to record the following perlodic system merchandising transactions for Safety Merchandising. Use a separate account for each recelvable and payable: October 1 Purchased merchandise from Zeon Company on credit, terms 2/10, n/30, $15,800. 2 Sold merchandise for cash, $2,180. 7 Purchased merchandise on credit from Billings Co., terms 2/10, n/30, $11,6ee, FOB the seller's factory. 7 Paid $450 cash for freight charges on the merchandise shipment of the previous transaction. 8 Purchased delivery equipment from Finlay Supplies on credit, $24,0ee. 12 Sold merchandise on credit to Comry Holdings, terms 2/15, 1/30, n/68, $5,800. 13 Received a $1,500 credit memo for merchandise purchased on October 7 and returned for credit. 13 Purchased office supplies on credit from Staples, $628, n/30. 15 Sold merchandise on credit to Tom Willis, terms 2/10, 1/30, n/68, $4,650. 15 Paid for the merchandise purchased on October 7. 16 Received a credit memo for unsatisfactory…
Mullis Company sold merchandise on account to a customer for $1,085, terms n/30. The journal entry to record this sale transaction would be: Multiple Choice Debit Accounts Receivable $1,085 and credit Sales $1,085. Debit Cash of $1,085 and credit Sales $1,085. Debit Accounts Receivable $1,085 and credit Cash $1,085. O Debit Sales $1,085 and credit Accounts Receivable $1,085. O Debit Cash of $1,085 and credit Accounts Receivable $1,085.
Merchandise With a sales price of $5000 is sold on account with terms 2/10, n/30. The journal entry is to record the sale which would include a a. Credit to sales for $4900 b debit to sales discount for $100 c. Debit to cash for $5000 d.
A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
Mountain Day Spa sold merchandise inventory on credit, terms n/30, to Marvin Smith, $400. Cost of goods sold was $250. When using a manual accounting information system, where should Mountain record this transaction, and what is the appropriate column in which to record the $250? Sales journal; Accounts Receivable DR, Sales Revenue CR Cash receipts journal; Cash DR, Sales Revenue CR Sales journal; Cost of Goods Sold DR, Merchandise Inventory Cash receipts journal; Cash DR, Accounts Receivable CR