Preparing Buyer Journal Entries Prepare journal entries to record the following transactions for Zglejc's Diggs, a retail store. Assume a perpetual inventory system. Apr 2 Purchased $4,600 of merchandise from O'Connor Company with credit terms of 2/15, n/60, invoice dated April 2 and FOB shipping point. Apr 3 Paid $300 for shipping charges on the April 2 purchase. Apr 4 Returned to O'Connor Company unacceptable merchandise that had an invoice price of $600. Apr 17 Sent a check to O'Connor Company for the April 2 purchase, net of the discount and the returned merchandise. Apr 18 Purchased $8,500 of merchandise from Halloran Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. Apr 21 After negotiations, received from Halloran a $500 allowance toward the $8,500 owed on the April 18 purchase. Apr 28 Sent check to Halloran paying for the April 18 purchase, net of the discount and allowance.

Preparing Buyer Journal Entries Prepare journal entries to record the following transactions for Zglejc's Diggs, a retail store. Assume a perpetual inventory system. Apr 2 Purchased $4,600 of merchandise from O'Connor Company with credit terms of 2/15, n/60, invoice dated April 2 and FOB shipping point. Apr 3 Paid $300 for shipping charges on the April 2 purchase. Apr 4 Returned to O'Connor Company unacceptable merchandise that had an invoice price of $600. Apr 17 Sent a check to O'Connor Company for the April 2 purchase, net of the discount and the returned merchandise. Apr 18 Purchased $8,500 of merchandise from Halloran Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. Apr 21 After negotiations, received from Halloran a $500 allowance toward the $8,500 owed on the April 18 purchase. Apr 28 Sent check to Halloran paying for the April 18 purchase, net of the discount and allowance.

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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ed ook Print GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Turner'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 July 1 in Accounts Payable-Griffin.) eferences Graw Hill July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee…
Retro Clothes uses a perpetual inventory system. Journalize the following transactions for Retro Clothes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the gross method to record sales. Round all numbers to the nearest whole dollar.) View the transactions. Aug. 1: Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Date Aug. 1 Accounts Debit Credit Transactions Aug. 1 Aug. 5 Aug. 7 Aug. 8 Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Returned $400 of defective merchandise purchased on August 1. Paid freight bill of $250 on August 1 purchase. Sold merchandise inventory on account for $2,400 to Youth Outfitters. Payment terms were 2/15, n/30. These goods cost the company $1,100. Aug. 10 Paid amount owed on credit purchase of August 1, less the return and the…
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Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
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