PA4. LO 6.2 Pharmaceutical Supplies sells medical supplies to customers. Review the following transactions and prepare the journal entry or entries if Pharmaceutical Supplies uses: A. the perpetual inventory system B. the periodic inventory system Jul. 9 A customer purchases 50 pairs of crutches at a sales price of $20 per pair. The cost to Pharmaceutical Supplies per pair is $8.00. The terms of the sale are 5/10, n/30, with an invoice date of July 9. The customer who made the July 9 purchase returns 9 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $8.00 per pair. The customer pays in full for the remaining crutches, less the return. Jul. 12 Jul. 18

PA4. LO 6.2 Pharmaceutical Supplies sells medical supplies to customers. Review the following transactions and prepare the journal entry or entries if Pharmaceutical Supplies uses: A. the perpetual inventory system B. the periodic inventory system Jul. 9 A customer purchases 50 pairs of crutches at a sales price of $20 per pair. The cost to Pharmaceutical Supplies per pair is $8.00. The terms of the sale are 5/10, n/30, with an invoice date of July 9. The customer who made the July 9 purchase returns 9 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $8.00 per pair. The customer pays in full for the remaining crutches, less the return. Jul. 12 Jul. 18

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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At the end of the of May, the sales journal of Horizons appears as follow: Date Customers (debtors) Invoice No. Amount May 6 10 17 25 Smith Harris Buck Harris 3,880 2,940 1,850 1,340 31 Total 10,010 Horizon also record the returns of some merchandise with the following Sales Return Journal: Date Customers (debtors) Invoice No. Amount May 9 May 20 Smith Harris 400 350 31 Total 750 Required: A. Prepare an Account Receivable subsidiary ledger (customer accounts) and post all the entries from the journals. B. prepare General ledger from the above journals.
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es ! Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. Income Statement Components Sales (gross) Sales discounts Sales returns and allowances Net sales Cost…
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