Allied Merchandisers was organized on May 1. Macy Company is a major customer(buyer) of Allied (seller) products.May 3 Allied made its first and only purchase of inventory for the period onMay 3 for 2,000 units at a price of $10 cash per unit (for a total costof $20,000).May 5 Allied sold 1,500 of the units in inventory for $14 per unit (invoicetotal: $21,000) to Macy Company under credit terms 2/10, n/60. Thegoods cost Allied $15,000.May 7 Macy returns 125 units because they did not fit the customer's needs(invoice amount: $1,750). Allied restores the units, which cost $1,250,to its inventory.May 8 Macy discovers that 200 units are scuffed but are still of use and,therefore, keeps the units. Allied gives a price reduction (allowance)and credits Macy's accounts receivable for $300 to compensate for thedamage.May 15 Allied receives payment from Macy for the amount owed on the May 5purchase; payment is net of returns, allowances, and any cash discount.Prepare journal entries to record the following transactions for Allied assuming it uses a perpetualinventory system and the gross method.View transaction listJournal entry worksheet123 47>Allied made its first and only purchase of inventory for the period on May 3 for2,000 units at a price of $10 cash per unit (for a total cost of $20,000).Note: Enter debits before credits.DateGeneral JournalDebitCreditMay 03Record entryClear entryView general journal

Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Answered: purnal entry worksheet 1 2 3 4 5 6 7 >…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Inventory records for Capetown, Incorporated revealed the following: Number of Date April 1 April 20 Transaction Units Unit Cost Beginning Inventory Purchase 460 310 $ 2.39 2.51 Capetown sold 630 units of inventory during the month. Cost of goods sold assuming LIFO would be: (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
Bonita Company's record of transactions concerning part X for the month of April was as follows. Purchases April 1 (balance on hand) 4 (a1) 11 18 26 30 280 @ 580 Average-cost per unit $ fel 480 @ 380 $5.90 6.00 380 @ 6.30 fel 6.30 780 @ 6.60 6.80 Sales April 5 12 27 28 480 380 1,160 150 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 4 decimal places, e.g. 2.7682.)
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Waterway Company had a beginning inventory on January 1 of 180 units of Product 4-18-15 at a cost of $20 per unit. During the year, purchases were as follows. Mar. 15 July 20 450 units 320 units (a) at $23 at $25 Sept. 4 Dec. 2 Determine the cost of goods available for sale. The cost of goods available for sale Waterway Company uses a periodic inventory system. Sales totaled 1,180 units. $ 350 units $27 100 units at $29 at
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Journal entries based on perpetual inventory: Sales of 5 products on credit to the customer at a price of $50.
! Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 1,000 units at a price of $11 cash per unit (for a total cost of $11,000). 5 Allied sold 500 of the units in inventory for $15 per unit (invoice total: $7,500) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $5,500. 7 Macy returns 50 units because they did not fit the customer's needs (invoice amount: $750). Allied restores the units, which cost $550, to its inventory. 8 Macy discovers that 50 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $350 to compensate for the damage. 15 Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of…
ventory records for Marvin Company... Inventory records for Marvin Company revealed the following: Mar. 1 Beginning inventory Cont 1,090 $7.14 Mar.10 Purchase 500 7.27 Mar.16 Purchase 850 7.40 Mar.23 Purchase 510 7.68 Marvin sold 2,000 units of inventory during the month. Cost of goods sold assuming calculations and round your final answer to nearest dollar amount. Round weight Multiple Choice $14.280
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning Inventory 23 units @$17 5 Sale 13 units 17 Purchase 24 units $18 30 Sale 26 units Assuming a perpetual inventory system and the first-in, first-out method: a. Determine the cost of the goods sold for the September 30 sale. b. Determine the inventory on September 30.

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purnal entry worksheet 1 2 3 4 5 6 7 > Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000). te: Enter debits before credits.