Purchases JournalThe following purchase transactions occurred during October for K-Town Inc.:Purchased office supplies for $190, on account from U-Save Supply Inc.Oct. 6.Purchased office equipment for $2,100, on account from Zell Computer Inc.Oct. 14.Oct. 26.Purchased office supplies for $295, on account from U-Save Supply Inc.Record these transactions in the following purchases journal. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" andleave the amount boxes blank.PURCHASES JOURNALAccount CreditedAccounts Payable Cr.Office Supplies Dr.Other Accounts Dr.DATEPost. Ref.AmountPost. Ref.Oct. 6Oct. 14Oct. 26

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Purchases Journal The following…

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

Journalize the following entries for purchases, sales, and returns. Friends Hardware store made the following transactions during the month of March: DATE: MARCH TRANSACTIONS 2 12,000 in inventory was purchased on credit with a 2/13 n/30 term and FOB shipping point. 4 Merchandise for $400 of the purchase made on March 2 was returned because it was defective. 6 Paid shipping for the inventory purchased on March 2. 11 Sold inventory on credit to a customer for $5,000 with a sales term of 2/10 n/30. 12 Paid the purchase due for the March 2 purchase. 15 An allowance was offered to the customer on the March 11 purchase. 20 The customer who made the purchase on March 11 paid in full with the appropriate discounts.
Journalizing Purchases Transactions Enter the following transactions in a purchases journal. May 3 Purchased merchandise from Cintron, $5,600. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Mitsui, $2,300. Invoice No. 614, dated May 8, terms 2/10, n/30. 18 Purchased merchandise from Aloha Distributors, $3,300. Invoice No. 180, dated May 15, terms 1/15, n/30. 23 Purchased merchandise from Soto, $6,300. Invoice No. 913, dated May 22, terms 1/10, n/30.
Journalizing Purchases Transactions Enter the following transactions in a purchases journal. May 3 Purchased merchandise from Climen, $7,200. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Misho, $3,100. Invoice No. 614, dated May 8, terms 2/10, n/30. 18 Purchased merchandise from Alelu Distributors, $4,700. Invoice No. 180, dated May 15, terms 1/15, n/30. 23 Purchased merchandise from Saltex, $5,900. Invoice No. 913, dated May 22, terms 1/10, n/30.
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $200 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $850. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $7,100 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $400 allowance toward the $7,100 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discoun
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.
Sales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $48,700, terms n/30. The cost of the merchandise sold is $29,200. Showcase Co. issues a credit memo for $9,700 as a price adjustment prior to Balboa Co. paying the original invoice. Question Content Area a. Journalize Showcase Co.’s entries for (1) the sale, including (2) the cost of the merchandise sold. If an amount box does not require an entry, leave it blank. (1) - Select - - Select - - Select - - Select - (2) - Select - - Select - - Select - - Select - Question Content Area b. Journalize Showcase Co.’s entry for the credit memo. If an amount box does not require an entry, leave it blank. blank - Select - - Select - - Select - - Select - Question Content Area c. Journalize Showcase Co.’s entry for the receipt of the check for the amount due from Balboa Co. If an amount box does not require…
Prepare Journal Entries in a Purchases Journal Guardian Services Inc. had the following transactions during the month of April: Apr. 4. Purchased office supplies from Officemate, Inc. on account, $390. Apr. 9. Purchased office equipment, Inc. on account from Tek Village Inc., $1,540. Apr. 16. Purchased office supplies from Officemate, Inc. on account, $110. Apr. 19. Purchased office supplies from Paper-to-Go Inc. on account, $160. Apr. 27. Paid invoice on April 4 purchase from Officemate, Inc. a. Prepare a purchases journal to record the April purchase transactions for Guardian Services Inc. If an amount box does not require an entry, leave it blank. If no entry is required in "Other Accounts Dr." then select "No entry required". PURCHASES JOURNAL DATE Account Credited Post. Ref. Accounts Payable Cr. Office Supplies Dr. Other Accounts Dr. Post. Ref. Amount Apr. 4 Apr. 9 Apr. 16 Apr. 19 Apr. 30…
Help me
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,000. Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,000. Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200. Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank. Page: 121 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Oct. 8 Accounts Receivable-Cabrera Inc. Accounts Receivable-Cabrera Inc. 1 2 Accounts Payable-Price Inc. Accounts Payable-Price Inc. 2 PURCHASES JOURNAL Page: 113 Date Account PurchaseOrder No. Ref. MerchandiseInventory DR AccountsPayable CR 2019 Oct. 1 fill…
1
Purchase-Related Transactions Stylon Co., a women's clothing store, purchased $28,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30 using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,200, receiving a credit memo. a. ournalize Stylon’s entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank b. Journalize Stylon’s entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Oct. 30 Paid account in full from the October 20 purchase. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Oct. 13 Oct. 20 Oct. 30 Accounts Receivable Accounts Payable Cost of Goods Sold Cash Sales Returns and Allowances II III II II

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS