Record journal entries for the following purchase transactions of Apex Industries.Nov. 6Purchased 21 computers on credit for $560 per computer. Terms of the purchase are 4/10,n/60, invoice dated November 6.Nov. 10 Returned 6 defective computers for a full refund from the manufacturer.Nov. 22 Paid account in full from the November 6 purchase.If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.Nov. 6Nov. 10Nov. 22

Journal entries are the basis of recording transactions in the books of accounts. It helps for…

Answered: Record journal entries for the…

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

Please dont use any AI. It's strictly prohibited.
Prepare journal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Lee.) July 1 Purchased merchandise from Lee Company for $7,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Parker Company for $1,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,080. July 3 Paid $485 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,100 for $3,500 cash. July 9 Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $600 of merchandise purchased on July 9 from Thompson Company and debited its account payable for that amount. July 12 Received the balance…
Could anyone help me understand this problem? How would you put these statements in a purchase journal? Dec 6: Bought inventory from a new supplier, Bailey Corp (Vendor# 210-25), on credit for the gross amount of $70,000 (invoice #CC1206). Bailey’s terms for repayment are 3/10, n/30. Dec 11: Bought inventory items from Nelson Industries on account for the gross amount of $25,000 (invoice #NI1211). Terms 2/30, n/60. Dec 13: Bought inventory items from Centennial, Inc. on account for the gross amount of $50,000 (invoice #TH1213). Terms 3/15, n/30 Dec 18: Purchased inventory items on account from Bailey Corp. for a gross amount of $25,000 (invoice #CC1218). Terms 3/10, n/30. Date Vendor Name (AP Subsidiary #) Purchases (debit) Accounts Payable (credit) Total
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
p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1
Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Windsor Company sold $947,600 of merchandise to Wildhorse Company on account, terms 3/10, n/30. The cost of the merchandise sold was $534,200. (b) On March 6, Wildhorse Company returned $105,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,600. (c) On March 12, Windsor Company received the balance due from Wildhorse Company. No. Date Account Titles and Explanation Debit Credit (a) choose a transaction date March 2March 6March 12 enter an account title…
Consider the following transactions for EZ Rider Toys (Click the icon to view the transactions) Requirements 1. Journalize the purchase transactions Explanations are not required. 2. In the final analysis, how much did the inventory cost EZ Rider Toys? Requirement 1. Journalize the purchase transactions Explanations are not required. (Assume the company uses a perpetual inventory system Record debits first, then credits Exclude explanations from journal entries) Jan. 6: EZ Rider Toys purchased $155,300 worth of PegaBlock toys on account with credit terms of 2/10, n/45. Date Jan 6 Accounts Debit CDE Credit More info Jan. 6 Jan. 12 Jan. 14 EZ Rider Toys purchased $155,300 worth of PegaBlock toys on account with credit terms of 2/10, n/45 EZ Rider Toys returned $15,450 of the merchandise to PegaBlock due to damage during shipment. EZ Rider Toys paid the amount due, less the return and discount. Print Done X
M IN V F. R | B. H. G. 9- 4. 8. 2$ ) MacBook Pro b. a. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. Travis Company purchased merchandise on account from a supplier for $5,400, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period.
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit IN T
On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5, the firm returned $1 ,000 of the merchandise to the seller. Payment of the account occurred on July 8. Hernandez uses the perpetual inventory system. a. Prepare the journal entries for July 1, July 5, and July 8. b. Assuming that the account was paid on July 14, prepare the journal entry for payment on that date.
Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. View the transactions. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit Transactions Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Paid freight charges, $200. Returned $700 of inventory to Luca Diamonds. Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Paid Jia Diamonds, less allowance and discount. Paid Luca Diamonds, less return. Purchased inventory of $4,100 on account from Jia Diamonds, a jewelry…
Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?

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