Prepare journal entries to record the following transactions for a retail store. The company uses a perpet- ual inventory system and the gross method. Purchased $4.600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Apr. 2 Paid S300 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of S600. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 17 18 Purchased S8.500 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 S500 allowance toward the S8.500 owed on the April 18 purchase. Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. 21

Prepare journal entries to record the following transactions for a retail store. The company uses a perpet- ual inventory system and the gross method. Purchased $4.600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Apr. 2 Paid S300 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of S600. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 17 18 Purchased S8.500 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 S500 allowance toward the S8.500 owed on the April 18 purchase. Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. 21

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

Need help please
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. August 1 Purchased merchandise with an invoice price of $117,000 and credit terms of 3/10, n/30. August 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet 1 2 Purchased merchandise with an invoice price of $117,000 and credit terms of 3/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01 Record entry Clear entry View genera
-please detail solution and explnation
A buyer uses a perpetual inventory system, and it purchased. $4,000 of merchandise on credit terms of 2/10, n/30 on December 5. Later, on December 15, the buyer pays the invoice in full. Complete the buyer's journal entry for payment by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. No 1 Date December 15 Sales Accounts receivable Answer is not complete. General Journal XX Debit 4,000✔ Credit
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. Aug. 1 Purchased merchandise from Aron Company for $7,500 under credit terms of 1∕10, n∕30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $5,200 under credit terms of 2∕10, n∕60, FOB destination, invoice dated August 5. The merchandise had cost $4,000. 8 Purchased merchandise from Waters Corporation for $5,400 under credit terms of 1∕10, n∕45, FOB shipping point, invoice dated August 8. 9 Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. 10 Baird returned merchandise from the August 5 sale that had cost Lowe’s $400 and was sold for $600. The merchandise was restored to inventory. 12 After negotiations with Waters Corporation concerning problems…
Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual inventory system. (a) On March 2, Wildhorse Company sold $915,000 of merchandise on account to Novak Company, terms 2/10, n/30. The cost of the merchandise sold was $597,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount enter an account title to record cost of merchandise sold enter a debit amount…
Using the following accounts, record journal entries using the periodic inventory system for the following purchase transactions of Apex Industries. Accounts Receivable Cost of Goods Sold Purchase Returns and Allowances Accounts Payable Merchandise Inventory Sales Cash Purchases Sales Returns and Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. DR CR Returned 5 defective computers for a full refund from the manufacturer on November 10. DR CR Paid account in full from the November 6 purchase on November 22. DR CR
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 $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $300 cash for shipping charges on the April 2 purchase. April 3 April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $8,500 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 $500 allowance toward the $8,500 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 1 2 3…
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…
Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,000 with terms 2/10, net 30. The cost of the goods sold was $9,100. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.
On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice О Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 О Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventory 9.600