Problem 2Prepare the Journal Entries to recerd the following transactions on GlanesCompany’s book using a Perpetual Inventory System.(a) On March 2, Giants Company sold $400,000 of merchandise to JetsCompany, terms 2/10,n/30. The cost of the merchandise sold was $270,000·(Hint: Two entries are needed)(a)1.(a) 2.FA(b) On March 6, Jets Company returned $70,00p of the merchandise purchasedon March 2. The cost of the merchandise retuhed was $47,000. (Hint: Twoentries are needed)112(b) 1.pesery djusting entrie ly on the booka(b) 2.(c) On March 11, Giants Company received the balance due from JetsCompany.2324STRUCTOR

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Description: Problem 2Prepare the Journal Entries to recerd the following transactions on GlanesCompany’s book using a Perpetual Inventory System.(a) On March 2, Giants Company sold $400,000 of merchandise to JetsCompany, terms 2/10,n/30. The cost of the merchan

Here terms 2/10, n/30 means 2% discount will be given if payment is made within 10 days of…

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Accounting

Problem 2 opaze the Journa Entries to record the following transactions on Giants Company'a book using a Perpetual Inventory System. (a) On March 2, Giants Company sold $400,000 of merchandise to JeES Company, terms 2/10.n/30. The cont of the merchandise sold was $270,000. (Hint: Two entries are needed) (a)1. (a) 2. T F (b) On March 6, Jets Company returned $70,00p of the merchandise purchased on March 2. The cost of the merchandise retuhed was $47,000. (Hint: Two entries are needed) (b) 1. (b) 2. (c) On March 11, Giants Company received the balance due from Jets Company. 23 24 IIIL STRUCTOR

Problem 2 opaze the Journa Entries to record the following transactions on Giants Company'a book using a Perpetual Inventory System. (a) On March 2, Giants Company sold $400,000 of merchandise to JeES Company, terms 2/10.n/30. The cont of the merchandise sold was $270,000. (Hint: Two entries are needed) (a)1. (a) 2. T F (b) On March 6, Jets Company returned $70,00p of the merchandise purchased on March 2. The cost of the merchandise retuhed was $47,000. (Hint: Two entries are needed) (b) 1. (b) 2. (c) On March 11, Giants Company received the balance due from Jets Company. 23 24 IIIL STRUCTOR

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Problem 2
Prepare the Journal Entries to recerd the following transactions on Glanes
Company’s book using a Perpetual Inventory System.
(a) On March 2, Giants Company sold $400,000 of merchandise to Jets
Company, terms 2/10,n/30. The cost of the merchandise sold was $270,000·
(Hint: Two entries are needed)
(a)1.
(a) 2.
F
A
(b) On March 6, Jets Company returned $70,00p of the merchandise purchased
on March 2. The cost of the merchandise retuhed was $47,000. (Hint: Two
entries are needed)
1
12
(b) 1.
pesery djusting entrie ly on the booka
(b) 2.
(c) On March 11, Giants Company received the balance due from Jets
Company.
23
24
STRUCTOR

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Journalize Acct 201 Co's November transactions below. Acct 201 uses a perpetual inventory system and the "net" method for recording sales and purchases. Nov. 3 Purchased merchandise on account from ML Co., list price $100,000, trade discount 25%, terms FOB destination, 2/10, n/30. Nov. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. Nov. 6 Returned $15,000 ($20,000 list price less trade discount of 25%) of merchandise purchased on November 3 from ML Co. Nov. 8 Sold merchandise on account to Q Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. Nov. 13 Paid ML Co. on account for purchase of November 3, less return of November6. Nov. 14 Sold merchandise on VISA, $236,000. The cost of the merchandise sold was $140,000. Nov. 23 Received cash on account from sale of November 8 to Q Co. Nov. 24 Sold merchandise on account to R Cp., $56,900, terms 1/10, n/30. The cost of the merchandise sold was $34,000. Nov. 28 Paid VISA service fee…
Complete journal entries 1,3,&4 please and thank you
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