More info Requirement Apr 3 Purchased $5,100 of merchandise, paid cash. 9 Purchased $300 of supplies on account from Slater Unlimited. Terms, n/30, FOB destination. 16 Purchased $7,100 of merchandise on account from Home Supplies, Inc. Terms, 4/15, n/30, FOB shipping point. 22 Received a credit memo in the amount of $1,300 from Home Supplies, Inc., for damaged goods from the April 16 purchase that were returned. 28 Paid for the supplies purchased on April 9. 28 Paid Home Supplies, Inc., in full for the April 16 purchase.

More info Requirement Apr 3 Purchased $5,100 of merchandise, paid cash. 9 Purchased $300 of supplies on account from Slater Unlimited. Terms, n/30, FOB destination. 16 Purchased $7,100 of merchandise on account from Home Supplies, Inc. Terms, 4/15, n/30, FOB shipping point. 22 Received a credit memo in the amount of $1,300 from Home Supplies, Inc., for damaged goods from the April 16 purchase that were returned. 28 Paid for the supplies purchased on April 9. 28 Paid Home Supplies, Inc., in full for the April 16 purchase.

Name: on liststistiestiestiKMore infoThe following purchase-related transac
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Description: on liststistiestiestiKMore infoThe following purchase-related transactions for Greene, Inc., occurred during the month of April.(Click the icon to view the transactions.)RequirementApr 3 Purchased $5,100 of merchandise, paid cash.9 Purchased $300 of

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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Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
Use these to fill in the general journal. • July 1 Credit granted to customer Elizabeth Edwards for returned merchandise, $198.00 plus sales tax $13.86 for total of $211.86. Credit m - July 4 Credit granted to customer Eastside Hospital for damaged merchandise, $1,118.02 (no sales tax). Credit memo #4. - July 7 Credit granted to customer Chevy Chase for returned merchandise, $592.06 plus sales tax $41.44 for total of $633.50. Credit memo # - July 9 Credit granted to customer Wolf Blitzer for returned merchandise, $377.19 plus sales tax $26.40 for total of $403.59. Credit memo #6 Also answer these questions please. 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.
Recording Purchases of Merchandise On June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3 June 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the full amount owing. Which Following is the correct journal entry to record the payment made on June 8th? Dr. Accounts Payable $20,000; Cr. Merchandise Inventory $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Purchase Discounts $200; Cr. Cash $19,800 Dr. Accounts Payable $20,000; Cr. Cash $20,000 O Dr. Accounts Payable $19,800; Cr. Cash $19,800 Submit
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Purchase-related transactionsStylon Co., a women's clothing store, purchased $48,000 of merchandisefrom a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an Invoice amount of $7,500, receiving acredit memo. Journalize Stylon's entries to record (a) the purchase, (b)the merchandise return, (c) the payment within the discount period of10 days, and (d) the payment beyond the discount period of 10 days.
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Instructions May 1. Sold merchandise on account to Taiwan Palace Co., $43,440. The cost of the merchandise sold was $22,060. Aug. 30. Received $9,980 from Taiwan Palace Co, and wrote off the remainder owed on the sale of May 1 as uncollectible. Dec. 8. Reinstated the account of Taiwan Palace Co. that had been written off on August 30 and received $33,460 cash in full payment. Required: Journalize the above transactions in the accounts of Arizona Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables. 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.