Record journal entries for the following transactions of Furniture Warehouse.
Q: Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: PA1. Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15…
A: Date of Sale = August 3 Payment terms = 2/15, n/30 This means the discount of 2% is valid for 15…
Q: New Sunrise Bookstore sold 600 books on credit at $20.00 each with a sales term of 2/10 n/30. The…
A:
Q: Review the following transactions for Birdy Birdhouses and record any required journal entries.…
A: Under periodic inventory system, Purchases account is debited for inventory purchase instead of…
Q: 1. Review the following transactions for Dish Mart and record any required journal entries. Note…
A: Purchase refers to amount of goods which are bought by the firm from the seller. Purchase amount…
Q: Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer…
A: Credit terms of 2/20, n/60 indicates:- If the payment made within the 20 days, 2% discount will be…
Q: Prepare journal entries to record the following transactions for a retail store: March 2 Purchased…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: on June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10…
A: Total sales value = No. of buckets sold x sales price per bucket = 1250 x $10 = $12,500
Q: Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15…
A: Trade Credit is the discount allowed by the seller to the buyer on early cash payment for the goods…
Q: On March 1, Bates Board Shop sells 290 surfboards to a local lifeguard station at a sales price of…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: Create the journal entries for Bates to recognize the following transactions. Assume the perpetual…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Customer refunds, allowances, and re On February 18, Silverman Enterprises sold $24,000 of…
A: Accounts receivables: Accounts receivables are considered as current asset of the company that…
Q: h from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. July 10: Furniture…
A: Date Particulars Debit Amount Credit Amount Jul-05 Supplies (150 x 30) $4,500 To…
Q: Prepare journal entries for the following transactions from Restaurant Depot. Nov. 8 Customer Miles…
A: 2/10, n/30 means a discount of 2% is valid for 10 days which is November 18. Since the payment is…
Q: Review the following transactions for Birdy Birdhouses and record any required journal entries.…
A: Journal Entry: A journal entry is an act of keeping or making records of any transactions either…
Q: On April 5, a customer returns 20 bicycles with a sales price of $280 per bike to Barrio Bikes. Each…
A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…
Q: On March 1, Bates Board Shop sells 280 surfboards to a local lifeguard station at a sales price of…
A: Accounts Receivables are those accounts of customers to whom business has made credit sales on…
Q: Funtime Gadgets buys $137,200 worth of merchandise from Gadget Wareho edit terms of 2/10, n/30. 2…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: journal entries for the following transactions of Furniture Warehouse. Aug 3 Sold 15 couches at…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On February 16th, Gates Gems received merchandise that was purchased on account from Gem Warehouse…
A: Normally in business transactions, merchandise are returned due to poor quality, damage or not…
Q: Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Consider the following transactions for RC Photo: • September 2 RC Photo Shop sold $44,700 of camera…
A: The particular terms and agreements under which a seller lends credit to a buyer for the purchase of…
Q: ou purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods…
A: The last day of the discount period represents the last day on which the customer has to pay the…
Q: Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15…
A: Journal is the first process of accounting where transaction is recorded in the books of accounts…
Q: Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases…
A: A perpetual inventory system is a computer software that makes ongoing estimations of your stock by…
Q: 1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15…
A: The companies record all the transactions, primarily in the books of the general journals. Journal…
Q: On April 5, a customer returns 22 bicycles with a sales price of $250 per bike to Barrio Bikes. Each…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: 2. Review the following transactions for Birdy Birdhouses and record any required journal entries.…
A: Journal Entries:- Journal entries refers to the initial process of recording the business…
Q: Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9…
A: Journal: Recording of a business transactions in a chronological order.
Q: On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of…
A: Credit terms 3/15, n/30 means that customer will get a discount of 3% if payment is being made in 15…
Q: Prepare journal entries for the following transactions from Restaurant Depot. Nov. 8 Customer Miles…
A: Payment terms are 2/10, n/30. This means the discount of 2% is valid for 10 days from the date of…
Record
- Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each.
- Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost.
- Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000.
- Aug. 18: Customer paid their account in full with cash.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
- Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.Record the journal entry or entries for each of the following sales transactions. Glow Industries sells 240 strobe lights at $40 per light to a customer on May 9. The cost to Glow is $23 per light. The terms of the sale are 5/15, n/40, invoice dated May 9. On May 13, the customer discovers 50 of the lights are the wrong color and are granted an allowance of $10 per light for the error. On May 21, the customer pays for the lights, less the allowance.On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10
- Canary Lawnmowers sold 75 lawnmower parts at $5.00 per part to a customer on December 4. The cost to Canary is $3.00 per part. Terms of the sale are 4/10, n/25, invoice dated December 4. The customer pays their account in full on December 16. On December 21, the customer discovers 22 of the parts are the wrong size, but decides to keep them after Canary gives them an allowance of $1.00 per part. Record the journal entries to recognize these transactions for Canary Lawnmowers.Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash. Solution Date Accounts and Explanation Debit Creditjournal entries for the following transactions of Furniture Warehouse. Aug 3 Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug 8 Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug 15 Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug 18 Customer paid their account in full with cash.
- On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $480 per board. The cost to Bates is $150 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank.Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Birdy Birdhouses purchases 55 birdhouses at $40 each with cash. Sep. 8 Birdy Birdhouses purchases 80 birdhouses at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Birdy discovers 10 of the birdhouses are damaged from the Sept 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 10 of the birdhouses from the Sept 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per birdhouse. Sep. 18 Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts.Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Birdy Birdhouses purchases 52 birdhouses at $50 each with cash. Sep. 8 Birdy Birdhouses purchases 90 birdhouses at $30 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Birdy discovers 10 of the birdhouses are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Birdy also discovers that 9 of the birdhouses from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $100. Sep. 18 Birdy pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts. If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used. Sep.6 Sep. 8 Sep. 10 Refund Sep. 10 Allowance Sep. 18