QS 8-1Entries for sale on credit and subsequent collection LO1 Journalize the following transactions for Kimmel Company (assume a p a. On March 1, Kimmel Company sold $40,000 of merchandise ce n/30 to JP Holdings. On March 27, JP Holdings paid its account in full. b.
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- QS 9-1 (Algo) Credit card sales LO C1 Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.Exercise 4-12A Effect of purchase returns and allowances and freight costs on the financial statements: Perpetual system LO 4-2, 4-4, 4-6 [The following information applies to the questions displayed below.] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles. Cash Inventory Common Stock Retained Earnings The following events affected the company during the Year 2 accounting period: Beginning Balances $6,110 3,010 7,360 1,760 1. Purchased merchandise on account that cost $4,100. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $215 cash. 3. Returned $465 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $280 allowance. 5. Sold merchandise that cost $2,650 for $4,750 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $110 cash. 7. Paid $2,850 on the merchandise purchased…s
- ex 11-3 entries for discounting notes payable ramsey company issues an $800,000, 45-day note to Buckner company for mechandise inventory. Buck ner discounts the note at 7%Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice number 5703. May 5 Purchased $2,100 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $1,134 to J. Dryer for $1,644, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $284 to R. Lamb for $454, terms n/30, invoice number 5705. May 16 Received $1,611 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $470 to T. Taylor for $738, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date Account Debited SALES JOURNAL Invoice Number Accounts Receivable Debit Sales…Q 10 -Eshaq Company's record of transactions concerning part X for the month of February was as follows. Date Transaction February 1 Beginning inventory 3.500 7 Purchase Units Amount $42,000 4,500 54,450 10 Sale 4,000 18 Sale 3,000 25 Purchase 4,000 $49,000 28 Sale 3,500 Instructions Compute the inventory at February 28 on each of the following bases. Assume that the company uses a periodic inventory system. (Carry unit costs to the nearest cent.) (a). Specific identification; ending inventory is comprised of 100 units from beginning inventory and 250 units from the April 26 purchase. (b). First-in, first-out (FIFO). (c). Moving-Average-cost.
- EE 6-5 Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.Please help me correct.ll Verizon LTE 11:37 AM 1@ 73% AA v2.cengagenow.com Sales-related and purchase-related transactions using perpetual inventory system Instructions Chart of Accounts Journal The following were selocted from among the transactions completed by Babcock Company during November of the current year: Nov. 3 Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30. 4 Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600. 5 Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice. 6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co. 8 Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400. 13 Paid Moonlight Co. on account for purchase of November 3, less return of November 6.…
- Block 1 of 1 Time remaining: 00:52:57 8 of 18 Noor Co. accepted $180,000 of JIB Visa credit card for merchandise sold on June 1. JIB charges 4% for its credit card use. The entry to record this transaction by Noor Co. Will include a credit to Sales Revenue of $180,000 and a debit(s) to: O Cash $172,800 and Service Charge Expense $7,200. O Accounts Receivable $172,800 and Service Charge Expense $7,200. Cash $172,800 and Interest Expense $7,200. Accounts Receivable $180,000. Assessment Navigator Questionmark Perception licensed to Yarmouk University O Type here to search Delete ※一 F11 PrtSc Insert F8 F9 F10 F12 F7 F4 F5 F3 F2 & Backspace Num Lock @ 23 6. 7. V 8. 9. 2. IT Y Y Ох 1 14Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $340 to B. Facer for $510 cash, invoice number 5703. May 5 Purchased $2,550 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $918 to J. Dryer for $1,331, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $230 to R. Lamb for $368, terms n/30, invoice number 5705. May 16 Received $1,304 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $390 to T. Taylor for $612, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date May 07 May 12 May 25 SALES JOURNAL Account Debited Invoice Number J. Dryer R.…OBJ. 2 EX 6-14 Sales-related transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $17,500. Journalize Showcase Co.'s entries for (a) the sale, including the cost of the merchandise sold; (b) the credit memo, including the cost of the returned merchandise; and (c) the receipt of the check for the amount due from Balboa Co.