Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. September 15 Purchased merchandise with an invoice price of $35,000 and credit terms of 2/5, n/15. September 29 Paid supplier the amount owed on the September 15 purchase.
Q: Prepare journal entries to record the following merchandising transactions of Chang Company, which…
A: Preparation of journal entry for a merchandising transaction in the books of Chang Company is shown…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: 1. Discount received for purchase made on April 2 Purchase = 4,100 Goods returned = 700 Net value…
Q: Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB…
A: As student mentioned the specific date entry as on "Aug 08" i am providing the respective date…
Q: User Rancho Furniture completed the following transactions relating to the purchase of merchandise…
A: Summary of Findings:COGS for August: $556,864Goods Available for Sale: $644,664Account Payable to…
Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…
A: Purchase Journal A customized journal used by businesses to track all credit purchases is called a…
Q: Apr. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: The procedure of entering business transactions for the first moment in the books of accounts is…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: April 2 Purchase:Debit Merchandise Inventory $4,000Credit Accounts Payable $4,000April 3 Cash…
Q: Prepare journal entries to record each of the following transactions. The company records purchases…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Prepare journal entries to record the following merchandising transactions of Gonzalez's, which uses…
A: Journal entries are the records of the transactions entered into by the organization during the…
Q: Aviles Corporation engaged in the following transactions during June. DATE. TRANSACTIONS June 4,…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: Laurel Industries sold merchandise with an invoice price of $1,700 to Calvary Company, with terms of…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: a ccompany purchased $1,800 of merchandise on July 5, with terms 2/10, n/30. On july 7. it returned…
A: Discount on payment = (Purchases - purchase return) x discount rate = (1800-200)*2% = $32
Q: Travis Company purchased merchandise on account from a supplier for $6,800, terms 2/10, net 30.…
A: Journal entries refer to the recording of financial transactions in the format of debit or credit…
Q: Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments…
A: Purchase Journal is a special journal that records all credit purchases like merchandise, supplies,…
Q: A company uses the perpetual inventory system and the gross method of accounting for purchases and…
A: Perpetual inventory system is that inventory system under which all transactions related to…
Q: Purchase-Related Transactions The Stationery Company purchased merchandise on account from a…
A: Introduction: A perpetual inventory system is an inventory control technique that use a real-time…
Q: A company purchased $2,400 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…
A: Step 1: It is given that the company is following perpetual inventory system to record the journal…
Q: Using the following accounts, record journal entries using the periodic inventory system for the…
A: Journal: Recording of a business transactions in a chronological order.
Q: Recording Purchases Dawson Enterprises, uses the perpetual system to record inventory transactions.…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: Accounts Payable is a ledger that represents purchases made on account. Inventories are purchases…
Q: On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Santa Fe Retailing purchased merchandise from Mesa Wholesalers with credit terms of 3/10, n/60 and…
A: Lets understand the basics.The journal entries are prepared to record the transactions on regular…
Q: Journalize the following transactions for Allen Company using the gross method of accounting for…
A: Formula = Cost of merchandise returned = Total sale value of merchandise returned × cost…
Q: Prepare journal entries to record each of the following transactions. The company records purchases…
A: The objective of the question is to prepare journal entries for the given transactions using the…
Q: On December 22, Travis Company purchased merchandise on account from a supplier for $13,200, terms…
A: Calculation of Discount Received on Purchases: Merchandise purchased = $ 13200. Discount = 2% =…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: Prepare journal entries to record each of the following transactions. The company records purchases…
A: Journal entries (JE) refers to recording of transactions into the books of accounts or original…
Q: The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: nces Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,500 (that…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had…
A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…
Q: Travis Company purchased merchandise on account from a supplier for $12,000, terms 2/10, net 30.…
A: Under perpetual inventory system, inventory account is used instead of purchases account. For every…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: This Numerical has covered the concept of Merchandise Inventory.
Q: ournalize the following inventory merchandise transactions, assuming that the company uses the…
A: Following are the requisite Journal entries
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: Income statement is one of the most integral part of any financial statement. Income statement shows…
Q: Prepare journal entries to record each of the following transactions. The company records purchases…
A: Payment made = Purchases - discount amount Where, Discount amount (if payment made witin discount…
Q: Sandra’s Store purchased merchandise from a manufacturer with an invoice price of $11,000 and credit…
A: Journal: Journal is the primary book of accounts. Transactions are recorded on it day-to-day basis.…
Q: Journalize the following transactions for the Evans Company. Assume the company uses a perpetual…
A: Journal is the primary book where transactions are originally recorded. Further, a journal entry is…
Q: Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had…
A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: he gross method. (Hint: It will help to identify each receivable and payable; for example, record…
A: Journal entries are the records of the transactions entered into by the organization during the…
Q: Prepare journal entries for the following merchandising transactions of Powell Company assuming it…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: Answer:- Journal entry meaning:- The act of maintaining or creating records of any transactions,…
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: The objective of this question is to prepare journal entries for Lowe's merchandising transactions…
Prepare
September 15 | Purchased merchandise with an invoice price of $35,000 and credit terms of 2/5, n/15. |
---|---|
September 29 | Paid supplier the amount owed on the September 15 purchase. |
Unlock instant AI solutions
Tap the button
to generate a solution
Click the button to generate
a solution
- Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. July 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $567. July 3 Paid $100 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,100 for $2,500 cash. July 9 Purchased merchandise from Leight Company for $3,000 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due from Creek Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company within the…Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Aron. August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $220 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After…
- Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. July 1 Purchased merchandise from Boden Company for $6,900 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $950 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $575. July 3 Paid $110 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,200 for $2,600 cash. July 9 Purchased merchandise from Leight Company for $2,500 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $500 of merchandise purchased on July 9 from Leight Company and debited its account payable for that amount. July 12 Received the balance due from Creek Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Boden Company…On October 5, your company buys and receives inventory costing $5,400, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase.Prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the net method.On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The invoice was paid on June 27. The company uses a perpetual inventory system and records purchases gross. The June 27 journal entry to record payment of the account would include: Select one: a credit to Cash for $30,000. a credit to Inventory for $600. a credit to Purchases Discounts for $600. a debit to Accounts Payable for $29,400.
- On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period on December 31. Required: Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Travis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE…Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. Apr. Apr. Apr. Apr. 2 Purchased $6,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $280 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. Apr. 3 4 17 18 Apr. 21 28 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $11,500 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. After negotiations, received from Frist a $600 allowance toward the $11,500 owed on the April 18 purchase. Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. August 8 Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $150 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters of…
- 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.On October 5, your company buys and receives inventory costing $5,900, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase.Prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the gross method.Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.