July 5Purchased merchandise on account from Wheeler Warehouse, $4,300.Paid freight charge on merchandise purchased, $230.Sold merchandise on account to Big Time Spoiler, $3,500. The merchandise cost$2,500.1215Received a credit memo from Wheeler Warehouse for merchandise, $670.Issued a credit memo to Big Time Spoiler for merchandise returned, $820. The22cost of the merchandise is $550.Required:1. Journalize the above transactions in a general journal using the periodic inventorymethod. If an amount box does not require an entry, leave it blank.Page: 1POST.DATEDESCRIPTIONDEBIT CREDITREF.1 ul. 53 Jul. 83.5 Jul. 127 Jul. 15

Periodic inventory method is a method in which physical count of the inventory is performed at…

Answered: July 5 Purchased merchandise on account…

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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Provide 7 graphs In answer
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…
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $200 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $7,100 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $400 allowance toward the $7,100 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discoun
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Oriole Co. at a total cost of $1,770, terms n/30. 9. Paid freight of S60 on calculators purchased from Oriole Co. Returned calculators to Oriole Co. for $69 credit because they did not meet specifications. Sold calculators costing $500 for $750 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $30 Sold calculators costing $700 for $890 to Heasley Card Shop, terms n/30. 10 12 14 20 Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the…
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.
July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July sukrale cab the th 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB…
2
Mar 2 sold merchandise on credit to Ryan Co Invoice number 854, for $27,600 (cost is 17,000) Mar 12 received payment from Ryan Co For the March 2 sale less the discount of $552 What is the journal entry
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
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Journal entries.
The question in the picture please

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