Journalizing Purchases Transactions Enter the following transactions in a purchases journal. Jan. Purchased merchandise from Feng, $5,500. Invoice No. 416, dated January 1, terms 3 2/10, n/30. Purchased merchandise from Schneider, $9,100. Invoice No. 624, dated January 10, 12 terms n/30. Purchased merchandise from J. B. Barba, $5,800. Invoice No. 190, dated January 18, 19 terms 1/10, n/30. Purchased merchandise from Ramirez, $3,800. Invoice No. 923, dated January 25, 26 terms 1/15, n/30. Page: 1 PURCHASES DEBIT INVOICE NO. POST. REF. DATE FROM WHOM PURCHASED ACCTS. PAY. CREDIT M. d 1 1 M. d M. d 3 M. d 4 2) 3. 00 4.

Journalizing Purchases Transactions Enter the following transactions in a purchases journal. Jan. Purchased merchandise from Feng, $5,500. Invoice No. 416, dated January 1, terms 3 2/10, n/30. Purchased merchandise from Schneider, $9,100. Invoice No. 624, dated January 10, 12 terms n/30. Purchased merchandise from J. B. Barba, $5,800. Invoice No. 190, dated January 18, 19 terms 1/10, n/30. Purchased merchandise from Ramirez, $3,800. Invoice No. 923, dated January 25, 26 terms 1/15, n/30. Page: 1 PURCHASES DEBIT INVOICE NO. POST. REF. DATE FROM WHOM PURCHASED ACCTS. PAY. CREDIT M. d 1 1 M. d M. d 3 M. d 4 2) 3. 00 4.

Name: Chapter 12 HomeworkеBookShow Me HowPrint ItemJournalizing Purchases T
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Chapter 12 HomeworkеBookShow Me HowPrint ItemJournalizing Purchases TransactionsEnter the following transactions in a purchases journal.Jan.Purchased merchandise from Feng, $5,500. Invoice No. 416, dated January 1, terms3 2/10, n/30.Purchased mercha

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

Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. May 2 Sold merchandise costing $300 to B. Facer for $450 cash, invoice no. 5703. 5 Purchased $2,400 of merchandise on credit from Marchant Corp. 7 Sold merchandise costing $800 to J. Dryer for $1,250, terms 2/10, n/30, invoice no. 5704. 8 Borrowed $9,000 cash by signing a note payable to the bank. 12 Sold merchandise costing $200 to R. Lamb for $340, terms n/30, invoice no. 5705. 16 Received $1,225 cash from J. Dryer to pay for the purchase of May 7. 19 Sold used store equipment (noninventory) for $900 cash to Golf, Inc. 25 Sold merchandise costing $500 to T. Taylor for $750, terms n/30, invoice no. 5706. SALES JOURNAL Date Account Debited Invoice Number Accounts Receivable Dr. Cost of Goods Sold Dr. Sales Cr. Inventory Cr.
Journalizing Purchases Transactions Enter the following transactions in a purchases journal. May 3 Purchased merchandise from Cintron, $5,600. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Mitsui, $2,300. Invoice No. 614, dated May 8, terms 2/10, n/30. 18 Purchased merchandise from Aloha Distributors, $3,300. Invoice No. 180, dated May 15, terms 1/15, n/30. 23 Purchased merchandise from Soto, $6,300. Invoice No. 913, dated May 22, terms 1/10, n/30.
Journalizing Purchases Transactions Enter the following transactions in a purchases journal. May 3 Purchased merchandise from Climen, $7,200. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Misho, $3,100. Invoice No. 614, dated May 8, terms 2/10, n/30. 18 Purchased merchandise from Alelu Distributors, $4,700. Invoice No. 180, dated May 15, terms 1/15, n/30. 23 Purchased merchandise from Saltex, $5,900. Invoice No. 913, dated May 22, terms 1/10, n/30.
Journal Entries Under the Perpetual Inventory System Bhushan Building Supplies entered into the following transactions. June 1 Purchased merchandise on account from Brij Builder’s Materials, $30,000. 3 Purchased merchandise for cash, $24,000. 5 Sold merchandise on account to Champa Construction for $60,000. The merchandise cost $45,000. Prepare journal entries under the perpetual inventory system.
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $1,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $495 to R. Allen for $825, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $390 to J. Meyer for $650 cash, Invoice No. 2081. pay for the purchase of June 9. 19 Received $825 cash from R. Allen to 27 Sold merchandise costing $525 to B. Kraft for $750, terms n/10, Invoice No. 2082. Date Account Debited SALES JOURNAL Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
Purchases Journal The following purchase transactions occurred during October for K-Town Inc.: Purchased office supplies for $190, on account from U-Save Supply Inc. Oct. 6. Purchased office equipment for $2,100, on account from Zell Computer Inc. Oct. 14. Oct. 26. Purchased office supplies for $295, on account from U-Save Supply Inc. Record these transactions in the following purchases journal. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" and leave the amount boxes blank. PURCHASES JOURNAL Account Credited Accounts Payable Cr. Office Supplies Dr. Other Accounts Dr. DATE Post. Ref. Amount Post. Ref. Oct. 6 Oct. 14 Oct. 26
Sales-related transactions using perpetual inventory system The following selected transactions were completed by Green LawnSupplies Co., which sells irrigation supplies primarily to wholesalers andoccasionally to retail customers: InstructionsJournalize the entries to record the transactions of Green Lawn SuppliesCo.
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
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $4,200 of merchandise on credit from Roman Corporation June 9 Sold merchandise costing $1,395 to R. Allen for $2,325, terms n/10, Invoice Number 2080. June 12 Sold merchandise costing $750 to J. Meyer for $1,250 cash, Invoice Number 2081. June 19 Received $2,325 cash from R. Allen to pay for the June 9 purchase. June 27 Sold merchandise costing $945 to B. Kraft for $1,350, terms n/10, Invoice Number 2082.
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,000. Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,000. Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200. Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank. Page: 121 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Oct. 8 Accounts Receivable-Cabrera Inc. Accounts Receivable-Cabrera Inc. 1 2 Accounts Payable-Price Inc. Accounts Payable-Price Inc. 2 PURCHASES JOURNAL Page: 113 Date Account PurchaseOrder No. Ref. MerchandiseInventory DR AccountsPayable CR 2019 Oct. 1 fill…
1