purchased merchandise from weir campany for 25000under credit term of 1/5, n/45 FOB destination andinvoice date april1 preparing journal entries useingperodic inventory system

The objective of the question is to prepare the journal entries for the purchase of merchandise…

Answered: purchased merchandise from weir campany…

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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Prepare journal entries 1-16 please and thank you !
On May 2, you paid Carolina Mfg. (account number C354) for inventory purchased on Apr. 27 for $1,000. Carolina Mfg. offered terms of 2/10, n/30. Use check #8024.
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Assignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=assignment-take&inprogress-f Calculator Show Me How eBook Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: 1,800 units at $108 Jan. 1 Inventory 2,240 units at $110 Purchase Mar. 10 2,000 units at $116 Purchase Aug. 30 Purchase 1,960 units at $120 Dec. 12 There are 2,000 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Cost of Merchandise Inventory and Cost of Merchandise Sold Merchandise Inventory Merchandise Sold Inventory Method First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost Feజcosok y Check My Work Note that this exercise uses the periodic inventory System. FIFO means that the first units purchased are assumed inventory costs for the period are calculated by taking the…
Transactions Aug. 1 Aug. 3 Aug. 12 Beginning merchandise inventory, 17 books $21 each Sold 5 books @ $25 each Purchased 12 books @ $23 each Aug. 15 Sold 15 books @ $25 each Aug. 20 Purchased 3 books @ $26 each Aug. 28 Sold 8 books @ $26 each Print Done Х ... b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Aug. 1 3 12 15 20 20 Totals 28 Requirements a.…
Purchase-related transactions using perpetual inventory systemThe following selected transactions were completed by Niles Co. duringMarch of the current year: Instructionsjournalize the entries to record the transactions of Niles Co. for March
Journalize the following inventory merchandise transactions for both Sampson and Batson, assuming that the both Sampson and Batson uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Sampson Co. sold merchandise to Batson Co. on account, $34,200, terms 2/15, net 45. The cost of the merchandise sold is $25,650. 6 Batson Co. paid the invoice within the discount period.
Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company. Both companies use the net method under a perpetual inventory system. Ap 2. Swan Company sold merchandise on account to Bird Company, $54,800, terms FOB shipping point, 2/10, n/30. Swan paid freight of $1,620, which was added to the invoice. The cost ef the goods sold was $33,180. 8. Swan Company sold merchandise on account to Bird Company, $48,300, terms FOB destination, 1/15, n/eom. The cost of the goods sold was $25,920. 8. Swan Company paid freight of $1,205 for delivery of merchandise sold to Bird Company on April 8. 12. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 24. Swan Company sold merchandise on account to Bird Company, $66,060, terms FOB shipping point, n/eom. The cost of the goods sold was $37,140. 25. Swan…
eBook Show Me How I Print Item Journal Entries-Periodic Inventory Instructions Chart of Accounts General Journal Instructions Amy Douglas owns a business called Douglas Distributors. The following transactions took place during January of the current year. January Transactions: Jan. Purchased merchandise on account from Elite Warehouse, $3,950. 8 Paid freight charge on merchandise purchased, $250. 12 Sold merchandise on account to Memories Unlimited, $4,650. 15 Received a credit memo from Elite Warehouse for merchandise returned, $680. 22 Issued a credit memo to Memories Unlimited for merchandise returned, $440. Required: Journalize the transactions in a general journal using the periodic inventory method.
Prepare journal entries to record the following transactions, assuming periodic inventory updating and first-in, first-out (FIFO) cost allocation. Numberof Units Costper Unit A. Jan. 2, purchased merchandise for resale 320 $20 B. Jan. 12, purchased merchandise for resale 160 26 C. Jan. 16, sold merchandise for $45 per unit 240 If an amount box does not require an entry, leave it blank. Jan. 2 Jan. 12 Jan. 16
Sales and purchase-related transactions for seller and buyer using perpetual inventory system The following selected transactions were completed during April between Swan Company and Bird Company: Date Transaction Apr. 2. Swan Company sold merchandise on account to Bird Company, $63,900, terms FOB shipping point, n/15. Swan paid freight of $1,550, which was added to the invoice. The cost of the goods sold was $34,840. 8. Swan Company sold merchandise on account to Bird Company, $44,100, terms FOB destination, n/15. The cost of the goods sold was $28,720. 8. Swan Company paid freight of $1,040 for delivery of merchandise sold to Bird Company on April 8. 17. Bird Company paid Swan Company for purchase of April 2. 23. Bird Company paid Swan Company for purchase of April 8. 24. Swan Company sold merchandise on account to Bird Company, $66,550, terms FOB shipping point, n/eom. The cost of the goods sold was $40,840. 25. Swan Company paid Bird Company a cash refund of $2,350 for damaged…
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purchased merchandise from weir campany for 25000 under credit term of 1/5, n/45 FOB destination and invoice date april1 preparing journal entries useing perodic inventory system