Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $210 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $7,900 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $400 allowance toward the $7,900 owed on the April 18 purchase. 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 4 5 6 7 > Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits. Date General Journal Debit Credit Apr 02

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $210 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. 18 Purchased $7,900 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. 21 After negotiations, received from Frist a $400 allowance toward the $7,900 owed on the April 18 purchase. 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 4 5 6 7 > Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Note: Enter debits before credits. Date General Journal Debit Credit Apr 02

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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APPLYING THE CONCEPTS: Purchases and sales in action This is a list of purchases and sales transactions that occurred in the month of November. Correctlyjournalize these transactions below. Use Smart Entry when dropdowns are not available. Forcompound entries, if amount box does not require an entry, leave it blank. If required, round to the nearest cent. November 1 Purchased inventory on account with credit terms 2/10, n/30, $4900. November 2 Paid freight-in costs FOB shipping point, $200. November 6 Returned part of inventory purchased on 11/1 for a credit, $980. November 8 Sold inventory on credit, terms 2/10, n/30, $3600. November 10 Paid one half of the amount due for the purchase on 11/1. November 15 Accepted return of part of inventory sold on 11/8 for credit, $720. November 16 Paid the remaining balance of the amount due for the purchase on 11/1. November 17 Collected in full for the sale on 11/8.
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Journalize the transaction under the periodic inventory and perpetual inventory system. Show the necessary computation after the journal entry. 1.Co. Purchased merchandise with an invoice cost of 33,600. Terms: 2/10,n/30. FOB Shipping point. 2.Paid in full the amount in no.1 within the Discount period. 3.Co sold merchandise with a total invoice cost of 67,200 for cash. The cost of goods sold is 42000. 3. A customer in no.1 transaction retirned merchandise costing 2,000 because of defective quality. 4.Recieved full payment from customer in no.1 within the discount period 5. Co. Sold merchandise costing 80,000 to a valued customer. The mark up to cost 40%. Terms of the sale:5,3/10,n/30. Freight amounting to 3,000 (FOB Destination) was paid by Co. 6. Co. Received merchandise returned by customer in no. 2 due to defective quality. The total invoice price is 5,000
nces Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,500 (that had cost $6,282) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $9,800 (that had cost $6,350) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list View journal entry worksheet i No 1 2 3 4 Date April 08 April 08 April 12 April 12 Cash Credit card expense Sales Cost of goods sold Merchandise inventory Cash Credit card expense Sales Cost of goods sold Merchandise inventory General Journal Debit 8,160 340 6,000 9,555 245 6,350 Credit 8,500 6,000 9,800 6,350 Ⓒ
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 Sold merchandise for $8,400 (that had cost $5,443) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list Journal entry worksheet > 1 2 3 4 Record the cost of goods sold, $5,443. Note: Enter debits before credits. Date General Journal Debit Credit April 12 Cost of goods sold Merchandise inventory
Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. Nov. 3 The company purchased $3,500 of merchandise on credit from Hart Co., terms n/20. 7 The company sold merchandise costing $924 to J. Than for $1,015 on credit, subject to a $20 sales discount if paid by the end of the month. 9 The company 13 J. Ali, the 18 The company sold merchandise costing $147 to B. Cox for $262 cash. 22 The company paid Hart Co. $3,500 cash for the merchandise purchased on November 3. 27 The company received $995 cash from J. Than in payment of the November 7 purchase. 30 The company paid salaries of $1,750 in cash. Date borrowed $3,450 cash by signing a note payable to the bank. owner, contributed $4,750 cash to the company. Account Credited Cash Dr. CASH RECEIPTS JOURNAL Accounts Receivable. Sales Cr. Cr. Sales Discount Dr. Other Accounts Cr. Cost of…
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…
Jade Company uses the perpetual inventory system. It bought merchandise from Lilac Company. After two months, Jade Company returned merchandise worth $400 to Lilac Company. Which of the following journal entries records the return of merchandise by Jade? a. A debit to Cost for Goods Sold for $400 and a credit to Merchandise Inventory for $400 b. A debit to Accounts Payable, Lilac Company for $400 and a credit to Merchandise Inventory for $400 c. A debit to Accounts Payable, Lilac Company for $400 and a credit to Cost for Goods Sold for $400 d. A debit to Accounts Payable, Lilac Company for $400 and a credit to Purchases Returns and Allowances for $400
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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
Prepare Journal Entries to record transaction A-F