Exercise 5-4 Recording journal entries for merchandise sales transactions-perpetual LO3Journalize each of the following transactions assuming a perpetual inventory system. You are not required to identify the account number in your journal entries.AprilMay5 Sold merchandise to a customer for $6,400; terms 3/10, n/30 (cost of sales $3,680).7Made a cash sale of $4,700 of merchandise to a customer today (cost of sales $2,660).8Sold merchandise for $12,000; terms 3/10, n/30 (cost of sales $7,040).154Feb.Collected the amount owing from the credit customer of April 5.The customer of April 8 paid the balance owing.The company's chart of accounts include the following:101106119201401 Sales414 Sales returns and allowances415 Sales discounts500 Cost of goods soldCashAccounts ReceivableMerchandise inventoryAccounts PayableExercise 5-5 Recording journal entries for merchandise sales transactions-perpetual LO3Journalize each of the following transactions assuming a perpetual inventory system.SOLVE IT1 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, n/30, FOB destination.2 Paid $225 to ship the merchandise sold on February 1.3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory.4 Sold merchandise to a customer for $3,800 (cost of sales $2,280); terms 2/10, n/30, FOB destination.11 Collected the amount owing from the customer of February 1.23 Sold merchandise to a customer for cash of $1.200 (cost of sales $720).28 The customer of February 4 paid the amount owing.

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Description: Exercise 5-4 Recording journal entries for merchandise sales transactions-perpetual LO3Journalize each of the following transactions assuming a perpetual inventory system. You are not required to identify the account number in your journal entries.A

A journal is the initial book of entries where financial transactions are recorded in chronological…

Business

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LO3 Exercise 5-4 Recording journal entries for merchandise sales transactions-perpetual Journalize each of the following transactions assuming a perpetual inventory system. You are not required to identify the account number in your journal entries. April May 5 Sold merchandise to a customer for $6,400; terms 3/10, n/30 (cost of sales $3,680). 7 Made a cash sale of $4,700 of merchandise to a customer today (cost of sales $2,660). 8 Sold merchandise for $12,000; terms 3/10, n/30 (cost of sales $7,040). 15 Collected the amount owing from the credit customer of April 5. 4 The customer of April 8 paid the balance owing. The company's chart of accounts include the following: 101 Cash 106 Accounts Receivable 119 Merchandise inventory 201 Accounts Payable 401 Sales 414 415 Sales discounts 500 Cost of goods sold Sales returns and allowances

LO3 Exercise 5-4 Recording journal entries for merchandise sales transactions-perpetual Journalize each of the following transactions assuming a perpetual inventory system. You are not required to identify the account number in your journal entries. April May 5 Sold merchandise to a customer for $6,400; terms 3/10, n/30 (cost of sales $3,680). 7 Made a cash sale of $4,700 of merchandise to a customer today (cost of sales $2,660). 8 Sold merchandise for $12,000; terms 3/10, n/30 (cost of sales $7,040). 15 Collected the amount owing from the credit customer of April 5. 4 The customer of April 8 paid the balance owing. The company's chart of accounts include the following: 101 Cash 106 Accounts Receivable 119 Merchandise inventory 201 Accounts Payable 401 Sales 414 415 Sales discounts 500 Cost of goods sold Sales returns and allowances

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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SOLVE IT Exercise 5-5 Recording journal entries for merchandise sales transactions-perpetualLO3 He Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, n/30, FOB destination. 2 Paid $225 to ship the merchandise sold on February 1. 3 The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. 4 Sold merchandise to a customer for $3,800 (cost of sales $2,280); terms 2/10, n/30, FOB destination. 11 Collected the amount owing from the customer of February 1. 23 Sold merchandise to a customer for cash of $1,200 (cost of sales $720). 28 The customer of February 4 paid the amount owing.
Question 5
PARRISH 7-1 INVENTORY Please solve the following showing in a 3 column format how each transaction would be recorded. New Sales Compnay has just gone into business and is starting to receive inventory items it has ordered. The problem facing New Sales is that no one knows whether the system to use should be the periodic or perpetual system. Using a 3 column format please do the following a) Record each of the following transactions using the periodic method 5/6 Purchased $5000 of goods on account. The freight charges on the goods were $50. Goods costing $35 were damaged and were returned to the seller; the seller reduced the amount owed by $35 5/9 New Sales found that items costing $95 were nto ordered and could not be used. New Sales returned the items, and the supplier reduced the amount owed. 5/26 Paid supplier the amount owed. b) Record each of the following transactions using the perpetual method in 3 column format 5/6 Purchased $5000 of goods on account. The freight…
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