QUESTION 61. Review the following situations and record any necessary journal entries for Mequon's Boutique.May 10Mequon's Boutique purchases $2,400 worth of merchandise with cashfrom a manufacturer. Shipping charges are an extra $130 cash. Terms ofthe purchase are FOB Shipping Point.Mequon's Boutique sells $3,000 worth of merchandise to a customer whopays with cash. The merchandise has a cost to Mequon's of $1,750.Shipping charges are an extra $150 cash. Terms of the sale are FOBShipping Point.DMay 14For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).B IUS Paragraph v Arial二三三三 EES288+810ptX² X₂¶¶+8 8 3 <> † {}OClick Save and Submit to save and submit. Click Save All Answers to save all answers.[++E v>A<FS QUESTION 51. Record journal entries for the following sales transactions of Flower Company.Oct. 12Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale$700.Oct. 21Oct. 31For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).B IUS ParagraphArialHHpSold 40 bushels of flowers for $30 per bushel on credit. Terms of thesale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 toFlower Company.Received payment in full from the October 21 sale.8.8IE 三三 EE X² X₂田田日+88= a10pt&¶¶<Click Save and Submit to save and submit. Click Save All Answers to save all answers.aV<> † {} OMV-田く描く+]+Mg>A V¶ ""V Ix 26Ω eC₁KSave All

QUESTION 5 1. Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Oct. 21 Sold 40 bushels of flowers for $30 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 to Flower Company. Oct. 31 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I US Paragraph Arial H Received payment in full from the October 21 sale. == 三三 BAXE v X² X₂ 国王图 <> † } 10pt ¶ ¶< V - Ku 田く +₁ 1 v ay Av V ¶ "" Ω 7

QUESTION 5 1. Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Oct. 21 Sold 40 bushels of flowers for $30 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 to Flower Company. Oct. 31 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I US Paragraph Arial H Received payment in full from the October 21 sale. == 三三 BAXE v X² X₂ 国王图 <> † } 10pt ¶ ¶< V - Ku 田く +₁ 1 v ay Av V ¶ "" Ω 7

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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Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
Special Journals M and N Sporting Goods reports these selected transactions for the month of July: July 9 Issued invoice No. 159 for a sale on account to Evans Company, $4,600, terms 1/10 n/30. The cost of the merchandise was $2,700. July 10 Issued invoice No. 160 for a sale on account to Sails and Boats, $5,700, terms 2/15 n/45. The cost of the merchandise was $2,450. July 20 Issued a credit memo to Sails and Boats for $2,800 for merchandise returned. The cost of the returned merchandise was $1,200. Record the above transactions in either the sales journal or the general journal. M and N Sporting Goods has a perpetual inventory system.
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Journal entry? Feb. 23. Sold merchandise on account to Dr. Judith Salazar, $41,500. The cost of the merchandise sold was $22,300.
Page 4 of 9 Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded…
Purchase-related transactionsStylon Co., a women's clothing store, purchased $48,000 of merchandisefrom a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an Invoice amount of $7,500, receiving acredit memo. Journalize Stylon's entries to record (a) the purchase, (b)the merchandise return, (c) the payment within the discount period of10 days, and (d) the payment beyond the discount period of 10 days.
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Required Informatlon [The following information apples to the questions displayed below] The Shirt Shop had the following transactions for T-shirts for Year 1, Its first year of operations. Purchased 500 units @ $ 7 = January 20 April 21 July 25 September 19 $3,500 Purchased 30e units @ $9 = Purchased 38e units @ $12 = Purchased 190 units @ $14 = 2,700 4,560 2,660 During the year, The Shirt Shop sold 1,110 T-shirts for $23 each. b. Record the above transactions In general journal form and post to T-accounts assuming (1) FIFO, (2) LIFO, and (3) weighted-average methods. Use a separate set of journal entries and T-accounts for each method. Assume all transactions are cash transactions.