Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/18, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays S400 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. a. Journallize the above transactions for Scout Systems assuming a perlodic system. (If no entry Is requlred for a transactlon/event, select "No Journel entry requlred" in the first account fleid.) View transaction list Journal entry worksheet 5 6 7 8 > 3 4 Record purchases on account for $ 4,400; credit terms of 2/10, n/30.

Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/18, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays S400 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. a. Journallize the above transactions for Scout Systems assuming a perlodic system. (If no entry Is requlred for a transactlon/event, select "No Journel entry requlred" in the first account fleid.) View transaction list Journal entry worksheet 5 6 7 8 > 3 4 Record purchases on account for $ 4,400; credit terms of 2/10, n/30.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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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.
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods sold
Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.
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The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.
A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize this sales return (disregarding the merchandise condition entry) if the return occurs before the customer remits payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, merchandise inventory D. accounts receivable, cost of goods sold
Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.
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.
Refer to the following merchandising transactions for Scout Systems. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays $480 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. Nov. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. a. Journalize the above transactions for Scout Systems assuming a perlodic system. (If no entry Is requlred for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 3 4 5 6 7 8 1 2 Record purchases on account for $ 4,400; credit terms of 2/10, n/30. Note: Enter debits before…
Following are the merchandising transactions of Dollar Store. 1 Dollar Store purchases merchandise for $1,900 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Nov. 10 Dollar Store pays $95 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $2,052 with terms n/30. The cost of the merchandise is $1, 026. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $230 and cost $115; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.