omework Exercises A Soved Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Required: Record the following transactions of J. Min Designs in a general journal: DATE TRANSACTIONS 20X1 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $1,600, terms 2/10, n/30; freight of $32 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $1,632). Paid amount due to O'Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. Purchased merchandise on credit from Kroll Company, Invoice 145, $1,050, terms 2/10, n/30; freight of $55 prepaid by April 1 15 Kroll and added to the invoice. Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $50. Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 2 percent discount, Check 470. 17 24

omework Exercises A Soved Help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Required: Record the following transactions of J. Min Designs in a general journal: DATE TRANSACTIONS 20X1 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $1,600, terms 2/10, n/30; freight of $32 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $1,632). Paid amount due to O'Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457. Purchased merchandise on credit from Kroll Company, Invoice 145, $1,050, terms 2/10, n/30; freight of $55 prepaid by April 1 15 Kroll and added to the invoice. Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $50. Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 2 percent discount, Check 470. 17 24

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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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Current Attempt in Progress Sandhill Company uses special journals and a general journal. The following transactions occurred during September 2022 Sold merchandise on account to H. Drew, invoice no. 101. $745, terms n/30. The cost of the merchandise sold was $455. Sept. 2 10 12 21 25 27 Purchased merchandise on account from A. Pagan $600, terms 2/10, n/30. Purchased office equipment on account from R. Cairo $6,200. Sold merchandise on account to G. Holliday, invoice no. 102 for $785, terms 2/10, n/30. The cost of the merchandise sold was $430 Purchased merchandise on account from D. Downs $860, terms n/30. Sold merchandise to S. Miller for $665 cash. The cost of the merchandise sold was $420.
Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Blossom Company's books. Blossom uses a perpetual inventory system. Mar. 12 13 14 21 Blossom purchased $20,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. The correct company paid freight costs of $175. Blossom returned $3,100 of the merchandise purchased on March 12 because it was damaged. Blossom paid the balance owing to Dalibor. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
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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.
Whispering Company 'sells one product. Presented below is information for January for Whispering Company. Jan. 1 4 11 13 20 27 Inventory 111 90 159 130 149 85 Sale Purchase Sale Purchase Sale Whispering uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Whispering uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry" for the account titles and enter O for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) units at $5 each units at $8 each units at $6 each units at $9 each units at $7 each units at $11 each Date Account Titles and Explanation (To record the sale) (To record the cost of inventory) (To record the sale) Debit Credit
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