Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and thegross method.Apr. 2 Purchased $6,600 of merchandise from Lyon Company with credit terns of 2/15, n/60, invoice dated April 2, andFOB shipping point.3 Paid $270 cash for shipping charges on the April 2 purchase.4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $400.17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.18 Purchased $12,500 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, andFOB destination.21 After negotiations, received from Frist a $500 allowance toward the $12,500 owed on the April 18 purchase.28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.O Answer is not complete.NoDateGeneral JournalDebitCreditApr 02Merchandise inventory6,600 OAccounts payable-Lyon6,600Apr 03Merchandise inventory270Cash2703Apr 04Accounts payable Lyon400 OMerchandise inventory4004.Apr 17Accounts payable Lyon6,600 0132Merchandise inventoryCash

solution: concept credit terms 2/15 ,n/60 means if the payment is made within 15 days discount of 2…

Answered: Prepare journal entries to record the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Journalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Travis Company purchased merchandise on account from a supplier for $6,000, terms 2/10, net 30. 6 Travis Company paid for the merchandise within the discount period.
Journalize the following transactions that occurred in September for Lemon Field, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales using the gross method.) View the transactions. ... Transactions Sep. 3: Purchased merchandise inventory on account from Sidecki Wholesalers, $4,400. Terms 2/15, n/EOM, FOB shipping point. Sep. 3 Date Accounts Debit Credit Sep. 4 Purchased merchandise inventory on account from Sidecki Wholesalers, $4,400. Terms 2/15, n/EOM, FOB shipping point. Paid freight bill of $55 on September 3 purchase. Sep. 3 Sep. 4 Purchase merchandise inventory for cash of $2,000. Sep. 6 Sep. 8 Returned $500 of inventory from September 3 purchase. Sep. 9 Sep. 10 Sep. 12 Sep. 13 Sold merchandise inventory to Duluth Company, $5,600, on account. Terms…
Provide 7 graphs In answer
Prepare Journal Entries to record transaction A-F
Sales and Purchasing Transactions A. Prepare two sets of journal entries using the periodic inventory method and perpetual inventory system. Purchased merchandise for P6,000 on credit 4 Sold merchandise that cost 800 for P1,000 on credit 9 Paid for merchandise purchased on June 1 11 Received payment from the customer of June 4 15 Sold merchandise that costs 1200 for P2,000 on credit 24 Purchased merchandise for P3,500 on credit. June 1
Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. 6 Batson Co. paid the invoice within the discount period.
Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method. May 1 Powell purchased merchandise with a price of $875 and credit terms of n/30. May 12 Powell returned merchandise that had a price of $125. May 31 Powell paid the amount due from the May 1 purchase, minus the May 12 return. June 3 Powell sold merchandise for $450, with credit terms n/15. Cost of the merchandise is $300. June 5 The customer discovers some of the units are scratched. Powell gives a price reduction (allowance) and credits the customer’s accounts receivable for $20 to compensate for the scratches. June 18 Powell received payment for the amount due from the June 3 sale less the June 5 allowance.
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $200 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $7,100 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $400 allowance toward the $7,100 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discoun
The following information is about a merchandise organization. Write journal entries under perpetual inventory system. July 1st Sold OMR 8,500 of merchandise on credit (Cost OMR 4,500), with terms 3/10, n/30. July 13th the customer returned OMR 750 worth of slightly demanded merchandise to the retailer and received a full refund. The retailer returned the merchandise to its inventory at a cost of OMR 150. July 15th the customer discovered some merchandise was the wrong color and received an allowance from the retailer of OMR 350 July 25th The customer paid the account in full
Mc Graw Hill Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list 1 2 Sold merchandise for $6,400 (that had cost $4,147) and accepted the customer's Continental Card. Continental charges a 2.5% fee. 3 Sold merchandise for $3,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Record the cost of goods sold, $2,513. Sold merchandise for $6,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. 4 Record the cost of goods sold, $4,147. Note : = journal entry has been entered EX ank Card. Credit >
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 $6,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $4,200 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 $5,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $120 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…
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…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS