Problem 7-6. Rasheed Jones recently opened a specialty food store in Branford. As the bookkeeper ofhis shop, journalize the following transactions in the purchases journal provided below (accountnumbers are Inventory 115, Store Supplies 130; Store Equipment 151: Accounts Payable 210).2023September 3Bought merchandise on account from Ella Co, invoice No. 7041, datedSeptember 3, terms 9/10, n/30, 51,100.Bought store equipment on account from Noss Co., invoice No. 672, datedSeptember 4, $3.500.8 Bought merchandise on account from Altware Co., invoice No. 3710, datedSeptember 7, terms 9/10, n/30, 51.200.14 Bought store supplies on account from Ella Co., invoice No. 7186, datedSeptember 13, $1,100.Rasheed JonesPage 1Purchases JournalAccountsPayableInventorySundry Dr.AccountInv.TermsPRCr.Dr.AccountPRAmountDateCreditedNo.Sep.9/10, n/309/10, n/3030

The question is based on the concept of Financial Accounting.

Problem 7-6. Rasheed Jones recently opened a specialty food store in Branford. As the bookkeeper of his shop, journalize the following transactions in the purchases journal provided below (account numbers are Inventory 115, Store Supplies 130; Store Equipment 151; Accounts Payable 210). 2023 September 3 Bought merchandise on account from Ella Co, invoice No. 7041, dated September 3, terms 9/10, n/30, $1,100. 4 Bought store equipment on account from Noss Co., invoice No. 672, dated September 4, $3,500. 8 Bought merchandise on account from Altware Co., invoice No. 3710, dated September 7, terms 9/10, n/30, $1,200. 14 Bought store supplies on account from Ella Co., invoice No. 7186, dated September 13, $1,100.

Problem 7-6. Rasheed Jones recently opened a specialty food store in Branford. As the bookkeeper of his shop, journalize the following transactions in the purchases journal provided below (account numbers are Inventory 115, Store Supplies 130; Store Equipment 151; Accounts Payable 210). 2023 September 3 Bought merchandise on account from Ella Co, invoice No. 7041, dated September 3, terms 9/10, n/30, $1,100. 4 Bought store equipment on account from Noss Co., invoice No. 672, dated September 4, $3,500. 8 Bought merchandise on account from Altware Co., invoice No. 3710, dated September 7, terms 9/10, n/30, $1,200. 14 Bought store supplies on account from Ella Co., invoice No. 7186, dated September 13, $1,100.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Caesar Company 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 sales journal. June 5 Purchased $4,200 of merchandise on credit from Roman Corporation June 9 Sold merchandise costing $1,395 to R. Allen for $2,325, terms n/10, Invoice Number 2080. June 12 Sold merchandise costing $750 to J. Meyer for $1,250 cash, Invoice Number 2081. June 19 Received $2,325 cash from R. Allen to pay for the June 9 purchase. June 27 Sold merchandise costing $945 to B. Kraft for $1,350, terms n/10, Invoice Number 2082.
Caesar Company 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 sales journal. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
Journalize with the information attached, please
1
Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
J
Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,480 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $460 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9. Mar. 20 Letter Depot sells $7,500 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,850. Shipping charges are an extra $420 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
record any necessary journal entries for Mary’s Hat Shop April 10 Mary's Hat Shop purchases $2500 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $120.00 cash. Termsof the purchase are FOB shipping point. April 14 Mary’s Hat Shop sells $3,000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mary’s of $1,800. Shipping charges are an extra $120 cash. Terms of the sale are FOB Shipping Point. Assume the perpetual inventory system is used.
Prepare journal entries for the SALES (Jane, seller) side of the purchase transactions above: October 1: Jane sold $1,000 of goods on account. Terms of the sale are 4/10, n 30. The invoice is dated October 1. Assume the cost of the inventory to Jane (amount she purchased it for) is $700. Record Jane’s entry. 1: Perpetual 2:Periodic October 7: Jake returned $50 of the $1,000 of goods from the October 1 purchase and received full credit. The cost of this inventory to Jane is $30. Record Jane’s entry. 1: Perpetual 2: Periodic October 11: Jake paid the amount due from the October 1 purchase, less the return on October 7. Record Jane’s entry. 1: Perpetual 2:Periodic October 3: Jake paid Jane $30 cash for freight charges from UPS for the October 1 purchase. Record Jane’s entry. 1: Perpetual 2: Periodic
Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400. The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610. The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d. Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.