2 STATOn September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. Thecost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. The journalentry or entries that Vander will make on September 12 is (are):Account TitleAccounts ReceivableSalesCost of Goods Sold 4,000Merchandise InventoryDebit Credit5,800Account TitleAccounts Receivable 4,000SalesAccount TitleSalesAccounts Receivable4,000Debit CreditAccount TitleAccounts Receivable 5,800Sales4,000Debit Credit5,800Account TitleSalesAccounts ReceivableCost of Goods SoldMerchandise Inventory5,800Debit Credit5,8005,800Debit Credit5,8004,0005,8004,000

Name: 2 STATOn September 12, Vander Company sold merchandise in the amount o
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: 2 STATOn September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. Thecost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for s

The credit terms are defined at the time when the sales are made on account. That is on the date of…

Business

Accounting

QUESTION T On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are): Account Title Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory Debit Credit 5,800 Account Title Sales Accounts Receivable 4,000 Account Title Accounts Receivable 4,000 Sales 4,000 Debit Credit Account Title Accounts Receivable 5,800 Sales 4,000 Debit Credit Account Title Sales Accounts Receivable Cost of Goods Sold Merchandise Inventory 5,800 5,800 Debit Credit 5,800 5,800 Debit Credit 5,800 4,000 5,800 4,000

QUESTION T On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Vander uses the periodic inventory system and the gross method of accounting for sales. The journal entry or entries that Vander will make on September 12 is (are): Account Title Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory Debit Credit 5,800 Account Title Sales Accounts Receivable 4,000 Account Title Accounts Receivable 4,000 Sales 4,000 Debit Credit Account Title Accounts Receivable 5,800 Sales 4,000 Debit Credit Account Title Sales Accounts Receivable Cost of Goods Sold Merchandise Inventory 5,800 5,800 Debit Credit 5,800 5,800 Debit Credit 5,800 4,000 5,800 4,000

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter11: Work Sheet And Adjusting Entries

Section: Chapter Questions

Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...

See similar textbooks

Similar questions

On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to 185,294. The Merchandise Inventory account shows a balance of 187,936. Journalize the adjusting entry.
Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.
Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
Beginning inventory, purchases, and sales for Item Widget are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on March 25 and (b) the inventory on March 31.
Basga Company uses the periodic inventory system. Beginning inventory amounted to 241,072. A physical count reveals that the latest inventory amount is 256,339. Record the adjusting entries, using T accounts.
Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
ADJUSTMENT FOR MERCHANDISE INVENTORY USING T ACCOUNTS: PERIODIC INVENTORY SYSTEM Sandra Owens owns a business called Sandras Sporting Goods. Her beginning inventory as of January 1, 20--, was 33,000, and her ending inventory as of December 31, 20--, was S36,000. Set up T accounts for Merchandise Inventory and Income Summary and perform the year-end adjustment for Merchandise Inventory.
Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.