< > m AAPriva×system er...G governm...cv.blackboard.comG administr...Departm...BUS 241 - Principles Of Accounting I (20953)G reese rd e...Mastery Assignment Instructionsđất 14K, thiIZAKIKAI AN XƯA KHI t shit & Jour 1841 Altith stAR/HA SIER Vô Blllt 4HKKthey should balance.PA2.) 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 May 12; the deluxe hammers cost Barrera Suppliers $88 each.B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellablecondition at the original cost.Û + OC. May 20: Customer found 2 defective hammers but kept the merchandise for an allowanceof $200.D. May 22: Customer paid their account in full with cash.x Content < > m AAPriva×system er...G governm...cv.blackboard.comG administr...Departm...BUS 241 - Principles Of Accounting | (20953)Mastery Assignment InstructionsPA6.) Review the following transactions for Dish Mart and record any required journal entries.Note that all purchase transactions are with the same supplier.Nov. 5Dish Mart purchases 26 sets of dishes for $460 per set with cash.Nov. 9 Dish Mart purchases 30 sets of dishes for $430 per set on credit. Terms of the purchaseare 10/15, n/60, invoice date November 9.Nov. 13Dish Mart discovers 5 of the dish sets are damaged from the November 9purchase and returns them to the supplier for a full refund.G reese rd e...Nov. 14Dish Mart purchases 10 sets of dishes for $450 per set, on credit. Terms of thepurchase are 10/10, n/60, invoice date November 14.Û + ONov. 15 Dish Mart discovers that 2 of the dish sets from the November 14 purchase and 4of the dish sets from the November 5 purchase are missing a few dishes but keeps them since thesupplier granted an allowance of $50 per set for the November 14 dish sets and $75 per set forthe November 5 dish sets. Dish Mart and the supplier have agreed to reduce the amount Dishx Content

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PA2.) 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 May 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 at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.

PA2.) 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 May 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 at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.

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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Q.22.
Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $9,000 of the merchandise, receiving a credit memo. Journalize Warwick’s entries to record (a) the purchase, (b) the merchandise return, and (c) the payment within the discount period of ten days, and (d) payment beyond the discount period of ten days. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions. Chart of Accounts CHART OF ACCOUNTS Warwick’s Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 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 Depreciation-Office Equipment…
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.
1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
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.
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The related data: The following transactions of Marian Company for the month of June are as follows: 1. Purchase merchandise on account of 200,000 with freight of 20,000 of goods to supplier. 150,000 to various customers with a markup of 30,000 5,000 2. Upon detailed inspection, Marian returned 3. Sold merchandise on account amounting to 4. A customer return goods with sales price of Requirement (1) Prepare the journal entries under Periodic & Perpetual; (2) Determine the ending balance of merchandise inventory under Periodic & Perpetual 50% Note: The freight is excluded from the P200,000 merchandise. The mark-up of 50% is based on cost. You may follow the format below. Periodic System Perpetual System Credit Debit 1. Purchase of merchandise on account Debit Credit 2. Return of goods 3. Sale of merchandise on account and cost of sale 4. Return of merchandise sold 5. Adjustment of ending inventory
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4. On January 1st, 2018, Blue Co. made a $10,000 sale for 1,000 water bottles on account with terms: of 2/15, n/30. If the company uses the net method, which of the following will be included in the Journal entry to record customer payment for all 1,000 water bottles on January 28th, 2018? a) credit Accounts Receivable $10,000 b) credit Sales Discounts Forfelted $200 c) debit Sales Discount $200 d) debit Cash $9,800