Mar. 1. Purchased merchandise from Haas Co., $14,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $400 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,600, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $5,500, terms FOB destination, 1/10, n/30. 14. Issued debit memo to Jost Co. for $1,000 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $12,000, terms FOB shipping point, r/eom. 18. Paid freight of $300 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $11,800, tems FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13, less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transadtions of Britt Co. for March.

Mar. 1. Purchased merchandise from Haas Co., $14,500, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $400 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,600, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $5,500, terms FOB destination, 1/10, n/30. 14. Issued debit memo to Jost Co. for $1,000 of merchandise returned from purchase on March 13. 18. Purchased merchandise from Fairhurst Company, $12,000, terms FOB shipping point, r/eom. 18. Paid freight of $300 on March 18 purchase from Fairhurst Company. 19. Purchased merchandise from Bickle Co., $11,800, tems FOB destination, 2/10, n/30. 23. Paid Jost Co. for invoice of March 13, less debit memo of March 14. 29. Paid Bickle Co. for invoice of March 19. 31. Paid Fairhurst Company for invoice of March 18. 31. Paid Whitman Co. for invoice of March 5. Required: Journalize the entries to record the transadtions of Britt Co. for March.

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

Jan. 2 Purchased merchandise on account from Nunez Company, $27,600, terms 3/10, n/30. (Wildhorse uses the perpetual inventory system.) 1 Issued a 9%, 2-month, $27,600 note to Nunez in payment of account. Feb. Mar. 31 Accrued interest for 2 months on Nunez note. Apr. 1 Paid face value and interest on Nunez note. July 1 Purchased equipment from Marson Equipment paying $10,200 in cash and signing a 10%, 3-month, $68,400 note. Sept. 30 Accrued interest for 3 months on Marson note. Oct. 1 Paid face value and interest on Marson note. Dec. 1 Borrowed $27,600 from the Paola Bank by issuing a 3-month, 8% note with a face value of $27,600. Dec. 31 Recognized interest expense for 1 month on Paola Bank note. Prepare Journal entries for the listed transactions and events. Post the accounts Notes Payable, Interest payable, and Interest Expense. Show the balance sheet presentation of notes and interest payable at December 31. What is the total interest expense for the year?
please dont give handwritten typed answer
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
What did you guys get on this one?
Current Attempt in Progress 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. Purchased calculators from Dragoo Co. at a total cost of $1,580, on account, terms n/30 FOB shipping point. 6. Paid freight of $49 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $62 credit because they did not meet specifications. Sold calculators costing $480 for $680 to Fryer Book Store, on account, terms n/30. Granted credit of $46 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $36. 10 12 14 20 Sold calculators costing $560 for $800 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions for Office Depot. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…
Question
This information relates to Swifty Corporation. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. On April 15, paid the amount due to Blue Spruce in full. Swifty uses a periodic inventory system. Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.) Date Account Titles and Explanation Debit DOOT Credit
How to journalized May 1: Paid rent for May, $5,000, May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. May 4: Paid freight on purchase of May 3, $600. May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000 May 7: Received $22,300 cash from Halstad Co. on account May 10: Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. May 13: Paid for merchandise purchased on May 3 May 15: Paid advertising expense for last half of May, $11,000. May 16: Received cash from sale of May 6. May 19: Purchased merchandise for cash, $18,700. May 19: Paid $33,450 to Buttons Co. on account May 20: Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000. May 20: Sold merchandise on account to…
Journalize the following transactions for Armour Inc. Oct. 7 Sold merchandise on credit to Rondo Distributors, for $1,200, terms n/30. The cost of the merchandise was $720. Purchased merchandise, $10,000, terms FOB shipping point, 2/15, n/30, with prepaid freight charges of $525 added to the invoice. Journalize the transactions above using the periodic inventory system. If an amount box does not require an entry, leave it blank. Oct. 7 Oct. 8 Journalize the transactions above using the perpetual inventory system. Oct. 7- Sale Cost Oct. 8
Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Culver on June 10 cost Concord $5,100, and the goods returned cost Concord $267.
Karan
Information related to Splish Brothers Inc. is presented below. rch On April 5, purchased merchandise on account from Sheffield Company for $26,400, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $930 on merchandise purchased from Sheffield. On April 7, purchased equipment on account for $41,900. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sheffield Company in full. 1. 2. 3. 4. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. 1. 2. Date Account Titles and Explanation norcal_archives_20....zip O i Ei W QCA 5.docx C ((( W response essay.docx Debit < 76°F_^ Credit