FurniturePurchase Goods for Cash $5,000 and for Credit $ 2,000 from Khalid Retail Store.KhalidCashCreditPurchaseSold Goods to Khan Brothers $ 7,000 and Cash Sales $ 8,000. *Cash, account payableO SalesO PurchaseO Cash, account receivableOwner withdrew of worth $ 5,000 for personal use.Personal useOwnerWarch

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Description: FurniturePurchase Goods for Cash $5,000 and for Credit $ 2,000 from Khalid Retail Store.KhalidCashCreditPurchaseSold Goods to Khan Brothers $ 7,000 and Cash Sales $ 8,000. *Cash, account payableO SalesO PurchaseO Cash, account receivableOwner withdr

Answered: Purchase Goods for Cash $ 5,000 and for…

Business

Accounting

Purchase Goods for Cash $ 5,000 and for Credit $ 2,000 from Khalid Retail Store. Khalid Cash Credit O Purchase Sold Goods to Khan Brothers $ 7,000 and Cash Sales $8,000. *

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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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 $1,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $495 to R. Allen for $825, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $390 to J. Meyer for $650 cash, Invoice No. 2081. pay for the purchase of June 9. 19 Received $825 cash from R. Allen to 27 Sold merchandise costing $525 to B. Kraft for $750, terms n/10, Invoice No. 2082. Date Account Debited SALES JOURNAL Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
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A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
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