McGovern Distributing is a merchandising company. Record each of the following transactions related to the company's purch and selling of merchandise: March 1- Purchased merchandise on account for $6,800; terms were 1/10,n/30 March 3 - Paid $200 cash for freight on the March 1 purchase March 6 - Returned merchandise costing $400 (part of the March 1st purchase) March 10 - Paid for merchandise purchased on March 1 March 12 - Sold merchandise on account costing $7,500 for $10O,000 March 15 - Accepted returned merchandise from a customer costing $300 that had been sold on account for $400 March 20 - Received payment from customer for merchandise sold on March 12 View transaction list Journal entry worksheet 1 3 4 8. 9. <> March 1 - Purchased merchandise on account for $6,800; terms were 1/10,n/30

McGovern Distributing is a merchandising company. Record each of the following transactions related to the company's purch and selling of merchandise: March 1- Purchased merchandise on account for $6,800; terms were 1/10,n/30 March 3 - Paid $200 cash for freight on the March 1 purchase March 6 - Returned merchandise costing $400 (part of the March 1st purchase) March 10 - Paid for merchandise purchased on March 1 March 12 - Sold merchandise on account costing $7,500 for $10O,000 March 15 - Accepted returned merchandise from a customer costing $300 that had been sold on account for $400 March 20 - Received payment from customer for merchandise sold on March 12 View transaction list Journal entry worksheet 1 3 4 8. 9. <> March 1 - Purchased merchandise on account for $6,800; terms were 1/10,n/30

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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on june 3, concord comoany sold to chester merchandise having a sale price of $5,500 with terms 2/10,n/60,F.O.B. shipping point. An invoice totalling $99, terms n/30, was received by chester on june 8 from john booth transportservice for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the concord company books to record all the events noted above under each of the following basis. (1) sales and receivable are entered at gross selling price. (2). sales and receivable are entered at net cash discounts.
The options for the blue shaded discerption tabs are: Accounts payable, accounts receivable, cash, cost of goods sold, inventory, sales revenue, sales returns and allowances, sales discounts.
Part 1: The following merchandise transactions occurred during the month of March for Jeffries Inc. which uses a perpetual inventory system. Jeffries Inc. records discounts using the gross method. a. March,3: Jeffries Inc. sold merchandise on account to Garrabrant LLC for $48,000 on terms 4/15, n/30. b. March 6: Jeffries Inc. sold merchandise on account to Thompson Inc. for $22,500 on terms 3/15, n/45. c. Márch 6: Jeffries Inc. estimates allowances of $2,160 will be honored on the sales to Thompson Inc. and records these estimates at point of sale. d. March 15: Garrabrant LLC paid Jeffries Inc. for the amount owed. e. March 30: Thompson Inc. paid Jeffries Inc. for the amount owed. Required: Prepare the journal entries using the gross method. Round all values to the nearest dollar. (a): Prepare the journal entry for Jeffries Inc. on March 3.
ABC Company is a merchandising firm. On June 3, the company sells, on account, merchandise for $2,200, credit terms 2/10, n/30. The cost of merchandise sold is $1,200. On June 8, ABC Company collects the amount due from June 3 sale. Which of the following is correct regarding the journal entry to record the transaction on June 8:
Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,800, terms FOB shipping point, n/30. The cost of the goods sold is $66,480. Shore paid freight of $1,900. Shore Co, issued a credit memo for $7,900 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box does not require an entry, leave it blank. Sale Credit Memo Payment C
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…
Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,800 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $140 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $3,024 with terms n/30. The cost of the merchandise is $1,512. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.
Provide all 17 journal entries
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Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and November 5, for a cash refund. 10 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $210 and cost $105; the items were not damaged and were returned to inventory. returns $100 of defective merchandise purchased on November 1, and paid for on Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet 2 3 4 5 6 7 > Dollar Store purchases merchandise for $1,500 on…
Subject:- accounting
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.