Homework Help is Here – Start Your Trial Now!
Business
Accounting
On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Hostel Sales, terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson issued cheque #84 in the amount of $335 to pay Express Shipping Service for the delivery charges on the merchandise on May 11 On May 12, Wilson returned $1,200 of goods to Hostel Sales, which restored them to Inventory. The returned goods had cost Hostel $800. On May 20, Wilson mailed cheque #85 to Hostel for the amount owed on that date. Hostel received and recorded the cheque on May 21 Required: 1. Record the transactions for Wilson Purchasing in a Purchases Journal, Cash Payments Journal, and General Journal as appropriate assuming a periodic inventory system. (Enter the transactions in the order provided in the question.) Date May 11 Date May 11 May 20 Account Credited Date of Invoice Hostel Sales May 11 Ch. No. 84 85 Payee Express Shipping Service Hostel Sales WILSON PURCHASING Purchases Journal Terms 3/10, 1/00 Accounts Payable Credit WILSON PURCHASING Cash Payments Journal Account Debited Transportation-in Purchase discount 30,000 Purchases Office Supplies Debit Debit 30,000 Cash Credit 335 27,936 Purchase: Discount Credit 804 Other Accounts Debit Other Accts. Accts. Payable Debit Debit 335 28,800

On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Hostel Sales, terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson issued cheque #84 in the amount of $335 to pay Express Shipping Service for the delivery charges on the merchandise on May 11 On May 12, Wilson returned $1,200 of goods to Hostel Sales, which restored them to Inventory. The returned goods had cost Hostel $800. On May 20, Wilson mailed cheque #85 to Hostel for the amount owed on that date. Hostel received and recorded the cheque on May 21 Required: 1. Record the transactions for Wilson Purchasing in a Purchases Journal, Cash Payments Journal, and General Journal as appropriate assuming a periodic inventory system. (Enter the transactions in the order provided in the question.) Date May 11 Date May 11 May 20 Account Credited Date of Invoice Hostel Sales May 11 Ch. No. 84 85 Payee Express Shipping Service Hostel Sales WILSON PURCHASING Purchases Journal Terms 3/10, 1/00 Accounts Payable Credit WILSON PURCHASING Cash Payments Journal Account Debited Transportation-in Purchase discount 30,000 Purchases Office Supplies Debit Debit 30,000 Cash Credit 335 27,936 Purchase: Discount Credit 804 Other Accounts Debit Other Accts. Accts. Payable Debit Debit 335 28,800

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter10: Cash Receipts And Cash Payments
Section: Chapter Questions
Problem 3PB
See similar textbooks
icon
Related questions
Question
Journal entry worksheet Record the return of merchandise purchased. Note: Enter debits before credits Date General Journal May 12 Accounts payable-Hostel Sales Purchase returns and allowances Record entry Date May 11 Clear entry HOSTEL SALES Sales Journal Account Debited Wilson Purchasing 2. Record the transactions for Hostel Sales in a Sales Journal, Cash Receipts Journal, and General Journal as appropriate assuming a periodic inventory system. Also assume invoice #1601 for the May 11 sale. (Enter the transactions in the order provided in the question.) Invoice Number 1601 Debit A/R Dr. Sales Cr. 1,200 30,000 Credit 1,200 View gen journal
Transcribed Image Text:Journal entry worksheet Record the return of merchandise purchased. Note: Enter debits before credits Date General Journal May 12 Accounts payable-Hostel Sales Purchase returns and allowances Record entry Date May 11 Clear entry HOSTEL SALES Sales Journal Account Debited Wilson Purchasing 2. Record the transactions for Hostel Sales in a Sales Journal, Cash Receipts Journal, and General Journal as appropriate assuming a periodic inventory system. Also assume invoice #1601 for the May 11 sale. (Enter the transactions in the order provided in the question.) Invoice Number 1601 Debit A/R Dr. Sales Cr. 1,200 30,000 Credit 1,200 View gen journal
On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Hostel Sales, terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson issued cheque #84 in the amount of $335 to pay Express Shipping Service for the delivery charges on the merchandise on May 11 On May 12, Wilson returned $1,200 of goods to Hostel Sales, which restored them to inventory. The returned goods had cost Hostel $800. On May 20, Wilson mailed cheque #85 to Hostel for the amount owed on that date. Hostel received and recorded the cheque on May 21 Required: 1. Record the transactions for Wilson Purchasing in a Purchases Journal, Cash Payments Journal, and General Journal as appropriate assuming a periodic inventory system. (Enter the transactions in the order provided in the question.) Date May 11 Date May 11 May 20 Account Credited Hostel Sales Ch. No. 84 85 Date of Invoice May 11 Payee Express Shipping Service Hostel Sales WILSON PURCHASING Purchases Journal Terms 3/10, 1/90 Accounts Payable Purchases Credit Debit 30,000 WILSON PURCHASING Cash Payments Journal Account Debited Transportation-in Purchase discount 30,000 Cash Credit 335 27,936 Office Supplies Debit Purchase Discount Credit 864 Other Accounts Debit Other Accts. Accts. Payable Debit Debit 335 28,800
Transcribed Image Text:On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Hostel Sales, terms 3/10, n/90, FOB Hostel Sales. The cost of the goods to Hostel was $20,000. Wilson issued cheque #84 in the amount of $335 to pay Express Shipping Service for the delivery charges on the merchandise on May 11 On May 12, Wilson returned $1,200 of goods to Hostel Sales, which restored them to inventory. The returned goods had cost Hostel $800. On May 20, Wilson mailed cheque #85 to Hostel for the amount owed on that date. Hostel received and recorded the cheque on May 21 Required: 1. Record the transactions for Wilson Purchasing in a Purchases Journal, Cash Payments Journal, and General Journal as appropriate assuming a periodic inventory system. (Enter the transactions in the order provided in the question.) Date May 11 Date May 11 May 20 Account Credited Hostel Sales Ch. No. 84 85 Date of Invoice May 11 Payee Express Shipping Service Hostel Sales WILSON PURCHASING Purchases Journal Terms 3/10, 1/90 Accounts Payable Purchases Credit Debit 30,000 WILSON PURCHASING Cash Payments Journal Account Debited Transportation-in Purchase discount 30,000 Cash Credit 335 27,936 Office Supplies Debit Purchase Discount Credit 864 Other Accounts Debit Other Accts. Accts. Payable Debit Debit 335 28,800
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS