Problem #17Journalizing Merchandising TransactionsTransactions for the Mariano Lerin Bookstore for March 2020 follows:Purchased merchandise on credit from Digao Publishers, terms 2/10.n/30, FOB destination, P74,000.Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FORshipping point, P10,000.Sold merchandise for cash, P7,000.Purchased and received merchandise on credit from Made EasyBookstore, terms 2/10, n/30, FOB shipping point, P42,000.Received freight bill from Super Express from shipment received on Mar.6, P570.Mar. 27.Sold merchandise on credit to Recoletos Books, terms 1/10, n/30, FOBdestination, P38,000.Purchased merchandise from Digao Publishers, terms 2/10, n/30, FOBshipping point, P26,500, including freight costs of P500.Received freight bill from Super Express for sale on Mar. 9, P291.Paid Digao Publishers for purchase of Mar. 2.Received payment in full for Detoya Books Shop's purchase of Mar. 3.Paid Made Easy Bookstore half the amount owed on the Mar. 6 purchase.A discount is allowed on partial payment.Returned faulty merchandise worth P3,000 to Digao Publishers for credit6.101112131415against purchase of Mar. 10.Purchased office supplies from Olamit Supplies for P4,780, terms n/10.Received payment from Recoletos Books for half of the purchase of Mar.9. A discount is allowed on partial payment.Paid Digao Publishers in full for amount owed on purchase of Mar. 10, less161718return on Mar. 15.19Sold merchandise to Sir Ed Trading on credit, terms 2/10, n/30, FOBshipping point, P7,800.Returned for credit several items of office supplies purchased on Mar. 16,20P1,280.Issued a credit memo to Sir Ed Trading for returned merchandise, P1,800.Paid for purchase of Mar. 16, less returns on Mar. 20.Paid freight entity for freight charges for Mar. 7 and 11.Received payment of amount owed by Sir Ed Trading for purchase of Mal.19, less credits of Mar. 22.Paid Made Easy Bookstore for the balance on the Mar. 6 purchase.Sold merchandise for cash, P9,730.222526272831Required: Prepare the journal entries.3.56

The inventory purchased or possessed by the entity with the intention to sell it to third party is…

Problem #17 Journalizing Merchandising Transactions Transactions for the Mariano Lerin Bookstore for March 2020 follows: Purchased merchandise on credit from Digao Publishers, terms 2/10. n/30, FOB destination, P74,000. Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FOR Mar. 2 3 shinning noint D10 000

Problem #17 Journalizing Merchandising Transactions Transactions for the Mariano Lerin Bookstore for March 2020 follows: Purchased merchandise on credit from Digao Publishers, terms 2/10. n/30, FOB destination, P74,000. Sold merchandise on credit to Detoya Books Shop, terms 1/10, n/30, FOR Mar. 2 3 shinning noint D10 000

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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oogle Google Se... PMyLab Math | Pears... M Gmail ▸YouTube eBook Journal-Beartooth Co. Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Sum Aug. The following selected transactions were completed during August between Summit Company and Beartooth Co.: Check My Work E 2 5 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 9 15 16 20 25 Maps City-Data.com - Sta... P MLA Fo Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was $40,000. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. Summit Company sold merchandise on account to Beartooth…
13. Paid Hoagie Co. for invoice of October 3. 14. Paid Taco Co. for invoice of October 4, less debit memo of October 6. 19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/com. 19. Paid freight of $400 on October 19 purchase from Veggie Co. 20. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30. 30. Paid Caesar Salad Co. for invoice of October 20. 31. Paid UK Imports Co. for invoice of October 1. 31. Paid Veggie Co. for invoice of October 19. Instructions Journalize the entries to record the transactions of Capers Company for October. PR 6-2A Sales-related transactions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3. Sold…
Question 20 Flounder Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $2,250 from Catlin Publishers. 3 Sold books on account to Garfunkel Bookstore for $1,400. The cost of the merchandise sold was $75o. 6 Received $50 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,400. The cost of the merchandise sold was $900. 20 Purchased books on account for $750 from Priceless Book Publishers. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $2,850. The cost of the merchandise sold was $750. 30 Granted General Bookstore $150 credit for books returned costing $45. Prepare a tabular summary to record the transactions…
QS 9-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
.ll Verizon LTE 11:37 AM 1@ 73% AA v2.cengagenow.com Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal The following were selocted from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.…
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 $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. July 3 Paid $125 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,300 for $1,700 cash. July 9 Purchased merchandise from Leight Company for $2,200 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $200 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…
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Chapter 12 Homework eBook Show Me How Print Item Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. Sept. 1 Sold merchandise on account to K. Smith, $1,700, plus sales tax. Sale No. 228. 3 Sold merchandise on account to J. Arnes, $2,900, plus sales tax. Sale No. 229. 5 Sold merchandise on account to M. Denison, $2,700, plus sales tax. Sale No. 230. 7 Sold merchandise on account to B. Marshall, $1,500, plus sales tax. Sale No. 231. ACCOUNTS RECEIVABLE DEBIT Page: 1 SALES TAX PAYABLE CREDIT > SALE NO. POST. REF. SALES CREDIT DATE TO WHOM SOLD М.d 1 1 М. d 2 2 М.d М.d 4 4 3.