Prepare the same journal entrie using the periodic system.Prepare all necessary journal entries-use GROSS method.AccountsDate6/5/20226/10/20226/10/20226/15/2022Compute gross profit using the periodic system.RECORD ENTRY TO PAY ON 6/15- AFTER THE DISCOUNT PERIOD has expired6/15/2022SalesCost of Goods SoldGross Profit(TIP-the entries are not the same-as perpetual)DebitFCredit 33012345678930313233343536373839CH 8 TE-2 M Company JUNE INVENTORY ENTRIES1-ион. Beginning inventory consists of 50 units that cost $34 each. (Tel5-ион. Purchased 150 units at $34 each9-ион. Returned 6 units for credit10-ион. Paid balance owed, net of discount.15-ион. Sold 125 units at $50 each.Assume perpetual systemPrepare all necessary journal entries using the NET METHOD and PERPETUAL INVENTORYDebitDateAccounts6/10/20226/10/20226/15/2022RECORD ENTRY TO PAY the amount owed ON 6/15- AFTER THE DISCOUNT PERIOD HAS expired6/25/2022Compute gross profit using the perpetual system.CreditSalesCost of Goods SoldGross ProfitREGRPEI

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Prepare the same journal entrie using the periodic system. Prepare all necessary journal entries-use GROSS method. Accounts Date 6/5/2022 6/10/2022 6/10/2022 6/15/2022 Compute gross profit using the periodic system. RECORD ENTRY TO PAY ON 6/15- AFTER THE DISCOUNT PERIOD has expired 6/15/2022 Sales Cost of Goods Sold Gross Profit (TIP-the entries are not the same-as perpetual) Debit F Credit

Prepare the same journal entrie using the periodic system. Prepare all necessary journal entries-use GROSS method. Accounts Date 6/5/2022 6/10/2022 6/10/2022 6/15/2022 Compute gross profit using the periodic system. RECORD ENTRY TO PAY ON 6/15- AFTER THE DISCOUNT PERIOD has expired 6/15/2022 Sales Cost of Goods Sold Gross Profit (TIP-the entries are not the same-as perpetual) Debit F Credit

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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Using the EOM, ROG, and Extra dating methods, calculate the discount date and the net date for the transaction. Unless otherwise specified, the net date is 20 days after the discount date. Date of Invoice Terms of Sale Discount Date Net Date April 28 3/15, EOM --Select--- ---Select-- ▼
Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to Oa. Merchandise Inventory Ob. Purchases Oc. Accounts Payable Od. Cost of Merchandise Purchased
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise Terms Payment (gross) a. $ 8,800 2/10, n/60 b. $ 25,700 1/15, n/90 C. $ 82,600 1/10, n/30 d. $ 19,500 3/15, n/45
Terminology Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profit G. Merchandise inventory H. Purchases discount 1. 2. 3. 4. 5. 6. 7. 8. Goods a company owns and expects to see to its customers. Time period that can pass before a customer's full payment is due. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. Time period in which a cash discount is available. Ownership of goods is transferred when delivered to the buyer's place of business. 1
Jenbright Incorporated adopted the dollar-value LIFO method last year. Last year's ending inventory was $53,700. The ending inventory for the current year at year-end (FIIFO) costs is $98,000 and on a dollar-value LIFO basis is $76,520. Based on this information, prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. Prepare the journal entry required to adjust Jenbright's ending inventory from a FIFO to a dollar-value LIFO basis. (Record debits first, then credits. Exclude explanations from any journal entries.) Record the adjusting entry for the current year. Account Year-end
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise Terms Payment (gross) а. $ 9,400 2/10, n/60 b. $ 26,600 1/15, n/90 c. $ 83,800 1/10, n/30 d. $ 21,000 3/15, n/45
The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above
A credit records financial informati. A. January 22, purchased, an asset, merchandise inventory on account for $2,800. EA7. Prepare journal entries to record the following transactions. will increase and the other side will- the terms debit and credit representedi- by calculating the difference between ectively. Depending on the acc 1. January 22, purchased, an asset merchandise inventory on account for $2,800. B. February 10, paid creditor for part of January 22 purchase, $1,600 C. July 1, issued common stock for cash, $15,000 D. July 15, purchased supplies, on account, $1,800 E. July 25, billed customer for accounting services provided, $950 BAT. Prepare journal entries to record the following transactions.
Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,800 133,300 7,000 163,600 4,700 $ 4,700 110,400 12,100 41,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.
prepare journal entries for the ransaction listed above and adjusting entries(including for cost of goods sold using the perpetual system)
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done