PA2. LO 6.1 Record journal entries for the following transactions of Barrera Suppliers.A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May12; the deluxe hammers cost Barrera Suppliers $88 each.B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition atthe original cost.

The procedure of entering commercial transactions for the first time in the books of accounts is…

PA2. LO 6.1 Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date M 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition a the original cort

PA2. LO 6.1 Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date M 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition a the original cort

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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Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 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 00 00 00 00 00 00 00 00 00 00 00 00
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285
Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,888.13; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $90.31 for shipping. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $149.93. Required: 1. For Ford Education Outfitters. Round your answers to the nearest cent. GENERAL JOURNAL PAGE DATE DESCRIPTION DOC. NO. POST. REF. DEBIT CREDIT (a) Purchased merchandise from Romero Textbooks, Inc., invoice no. 10594, terms n/30. (b) Credit memo no. 513A for return of merchandise. 2. For Romero Textbooks, Inc. Round your answers to the nearest cent.…
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.
Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts. A. Journalize the entries to record the sale on December 31. B. Journalize the entries to record the receipt of payment assuming it is made within the discount period on December 31.* C. Journalize the entries to record the receipt of payment assuming it is made beyond the discount period on December 31.* *Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSSchofield CompanyGeneral Ledger ASSETS 110 Cash 120 Accounts Receivable-Bernard Retail Inc. 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated…
Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $35,200, terms n/30. The cost of the merchandise sold is $21,100. Showcase Co. issues a credit memo for $6,000 as a price adjustment prior to Balboa Co. paying the original invoice. a. Journalize Balboa Co.’s entry for the purchase. b. Journalize Balboa Co.’s entry for the credit memo. c. Journalize Balboa Co.’s entry for the payment of the invoice.
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,480 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $460 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9. Mar. 20 Letter Depot sells $7,500 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,850. Shipping charges are an extra $420 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021
Dana Co. purchased S2,600 of merchandise from Mona Co. on April 10 with terms 2/10, n/30. On April 27, it returned $300 worth of merchandise. On May 6, it paid the full amount due to Mona Co. The journal entry to record the merchandise return on April 27 is: Debit Merchandise Inventory $300; credit Sales Returns $300 Debit Merchandise Inventory $2,300; credit Cash $2,300 O A. В. Debit Merchandise Inventory $300; credit Accounts Payable $300 Debit Accounts Payable $300; credit Merchandise Inventory $300 O C. OD. Activate Windows « Go to Settings to activate Winddws. > A Moving to another question will save this response.