Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $4,000, terms 1/10, n/30. May 3 Pays cash for freight costs of $270 on books purchased from Readers. May 5 Returns books with a cost of $300 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,700 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on May 31, assuming the company has no beginning or ending inventory.

Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $4,000, terms 1/10, n/30. May 3 Pays cash for freight costs of $270 on books purchased from Readers. May 5 Returns books with a cost of $300 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $4,700 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on May 31, assuming the company has no beginning or ending inventory.

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

On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 as a price adjustment prior to Balboa Co. paying the original invoice on March 29. Journalize Showcase Co.’s entries for (a) the sale, including the cost of the merchandise sold; (b) the credit memo; and (c) the receipt of the check for the amount due from Balboa Co. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
[The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,708, terms 2/10, n/38. May 3 Pays cash for freight costs of $140 on books purchased from Readers. May 5 Returns books with a cost of $250 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $3,400 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry is requi transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Record purchase of books on account from Readers Wholesale for $2,700, terms 2/10, n/30. Note: Enter debits before credits. Date May 02 General Journal Debit Credit
Please see below. I need help with this asap please and thank you.
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold nerchandise for S8, 400 (that had cest $6,000) and accepted the customer's Suntrust Bank Card. 12 Sold merchandise for $5,600 (that had cost $3,se0) and accepted the custoer's Continental Card. Prepare journal entries to record the above selected credit card transactions of Levine Company. View journal entry workaheet View transaction list No Date General Journal Debit Credit Apr 08 Cash Credi card expense Sales Apr 08 Cost of goods soid Merchandise inventory Apr 12 Cash Credit card expense Sales Apr 12 Cost of goods soid Merchandise invontory
! Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,400, terms 3/10, n/30. May 3 Pays cash for freight costs of $110 on books purchased from Readers. May 5 Returns books with a cost of $200 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $3,100 on account. 2. Assume that payment to Readers is made on May 24 instead of May 10. Record this payment. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Record the transactions on the books of marigold corporation.
Provisions Grocery Store purchased merchandise on account from Federal Grocers for $500.00 on April 6, terms 2/10, n/30. Federal Grocers prepaid freight charges of $25.00 and added them to the invoice. Assuming Provisions Grocery Store pays the amount due within the discount period, what is the amount of the payment?
Domestic
Required information [The following information applies to the questions displayed below.] Littleton Books has the following transactions during May. May 2 Purchases books on account from Readers Wholesale for $2,300, terms 2/10, n/30. May 3 Pays cash for freight costs of $100 on books purchased from Readers. May 5 Returns books with a cost of $300 to Readers because part of the order is incorrect. May 10 Pays the full amount due to Readers. May 30 Sells all books purchased on May 2 (less those returned on May 5) for $3,000 on account. Required: 1. Record the transactions of Littleton Books, assuming the company uses a perpetual inventory system. (If no entry i transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet < 1 2 3 5 Note: Enter debits before credits. Date: May 02 Record purchase of books on account from Readers Wholesale for $2,300, terms 2/10, n/30. 6 General Journal Debit Credit
ok DS Unlimited has the following transactions during August. August 6 Purchases 52 handheld game devices on account from GameGirl, Incorporated, for $110 each, terms 2/10, n/60. August 7 Pays $310 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl seven game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 32 game devices purchased on August 6 for $130 each to customers on account. The total cost of the 32 game devices sold is $3,670.00. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.)
The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $2,200 sales price in cash. The goods cost Bear's $1,200. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $7,600 (total); terms 3/10, n/30. The goods cost Bear's $4,300. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bear's $4,900. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory…
On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms 2/10, n30. The cost of the items sold is $4,500. Klein uses PERPETUAL inventory system and the GROSS METHOD of accounting for sales. Babson pays the invoice on March 17th and takes the appropriate discount. What is the journal entry Klein makes on March 17th?