On October 4, 2o08, Terry Corporationhad credit sales transactions of P2,800 frommerchandise having cost P1,900. The entriesto record the day's credit transactionsinclude a *debit of P2,800 to Merchandise Inventory.O credit of P2,800 to Sales.O debit of P1,900 to Merchandise Inventory.O credit of P1,900 to Cost of Goods Sold.

Credit sales means sales which is made on account to customers and amount has not been received yet.…

Answered: On October 4, 2008, Terry Corporation…

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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Lloyd Gurango Co. completed the following sales transactions during the month of June 2019. All credit sales have terms of 3/10, n/30 and all invoices are dates as at the transaction date. June 1 Sold merchandise on account to KRA Company, P32 000. Invoice number 377 Sold merchandise on account to LRM Trading, P54 000. Invoice number 378. Sold P46 000 of merchandise for cash. Received payment from KRA Company, less discounts. Received payment from LRM Trading, less discounts. Sold merchandise to JPT Store on account, P62 000. Invoice number 379. 6. Borrowed P30 000 from the Unlad Bank issuing a 10% note payable due in 3 JPT Store returned P11 000 of merchandise from the June 13 sale. Sold merchandise to NOV Convenience Store on account, P17 000. Invoice months number 380. Collected amount due from JPT Store less returns and discounts. 16 Received P6 000 from NOV Convenience Store. Sold goods on account to LPR Co, P34 000. Invoice number 381 347935
On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440
Journalize the following transactions for Evans Company. Assume the company uses a perpetual inventory system. (a) Sold merchandise for $645 cash. The cost of merchandise sold was $375. (b) Sold merchandise for $432 and accepted VISA as the form of payment. The cost of merchandise sold was $195. (c) Sold merchandise on account for $670. The cost of merchandise sold was $438. (d) Paid credit card fees for the month of $85. If an amount box does not require an entry, leave it blank.
Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.
On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. 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 joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Provide correct answer
1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.
1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR Accounts Receivable CR Revenue DR COGS CR Inventory DR Inventory DR PP&E I b. Purchased merchandise inventory on account from various suppliers for $92,600. 92,600 CR Accounts Payable Paid rent of $23,500 for the month of October. CR Cash 170,000 23,500 73,000 23,500 170,000 73,000 92,600
Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with credit terms of 2/10, n/30. Light Saver returned P500 of the merchandise due to poor quality on September 3. If Oscar pays for the purchase on September 11, what entry does Brightstone make to record receipt of the payment? a. Debit Cash, P1,800; credit Sales Returns and allowances, P500; credit Accounts Receivable, P1,300 b. Debit Cash, P1,274; debit Sales Discounts P26; credit Accounts Receivable, P1,300 c. Debit Cash, P1,764; credit Accounts Receivable, P1,764 d. Debit Cash, P1,800; credit Sales Discounts P36; credit Accounts Receivable, P1,764
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
Record Baker’s November transactions, including the cost of goods sold entries for each sale. Calculate the net realizable value of accounts receivable as of November 30.
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