Recreational Equipment, Inc., commonly known as REI, is an American retail and outdoor recreation services corporation. REI uses a perpetual inventory system. The following are some of REI's inventory transactions for the month of May: 1. REI purchased inventory on account for $5,000. Freight charges of $300 were paid in cash. 2. REI returned some of the inventory purchased in transaction (1). The cost of the inventory was $600 and REI's account was credited by the supplier. 3. Inventory costing $2,800 was sold for $5,200 in cash. Required: Please prepare REI's necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 Transaction 1a Record the merchandise purchased on account for $5,000. Note: Enter debits before credits. 5 General Journal Debit Credit

Recreational Equipment, Inc., commonly known as REI, is an American retail and outdoor recreation services corporation. REI uses a perpetual inventory system. The following are some of REI's inventory transactions for the month of May: 1. REI purchased inventory on account for $5,000. Freight charges of $300 were paid in cash. 2. REI returned some of the inventory purchased in transaction (1). The cost of the inventory was $600 and REI's account was credited by the supplier. 3. Inventory costing $2,800 was sold for $5,200 in cash. Required: Please prepare REI's necessary journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 2 3 4 Transaction 1a Record the merchandise purchased on account for $5,000. Note: Enter debits before credits. 5 General Journal Debit Credit

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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[The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $600 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12 During October inventory costing $19,500 was sold on account for $30,000. It was determined that inventory on hand at the end of October cost $42,360. Assuming Autumn Company uses a periodic inventory system, prepare journal entries for the above transactions including the adjusting entry at the end of October to record cost of goods sold. Autumn considers purchase discounts lost as part of interest expense.
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The following information applies to the questions displayed below.] Autumn Company began the month of October with inventory of $25,000. The following inventory transactions occurred during the month: The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and freight charges of $600 were paid in cash. On October 31, Autumn paid for the inventory purchased on October 12. During October inventory costing $19,500 was sold on account for $30,000. It was determined that inventory on hand at the end of October cost $42,360. 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. The company purchased inventory on account for $37,000 on October 12. Terms of the purchase were 2/10, n/30. Autumn uses the net method to record purchases. The inventory was shipped f.o.b. shipping point and…
Teal Mountain, Inc. uses a perpetual inventory system. Its beginning inventory consists of 200 units that cost $ 220 each. During August, the company purchased 255 units at $ 220 each, returned 4 units for credit, and sold 375 units at $ 340 each. Journalize the August transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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