Question no 1Titu Library distributes books to retail stores and credit terms of 2/15, n/30 to all of its customers.During June, the following merchandising transactions occurred.June 1 Purchased books on account for $1,600 from Binsfeld Publishers, FOB shipping point, terms 3/7,n/30. The appropriate party also made a cash payment of $50 for the freight on this date.June 3 Sold books on account to Reading Rainbow for $2,500, FOB Destination. The cost of the bookssold was $1,440. The appropriate party also made a cash payment of $50 for the freight on this date.June 6 Received $100 credit as an allowance for low quality books from Binsfeld Publishers.June 7 Granted $100 credit as an allowance for low quality books to Reading Rainbow.June 9 Paid Binsfeld Publishers in full.June15 Received payment in full from Reading Rainbow.Chart of accounts includes the following: No. 101 Cash, No. 112 Accounts Receivable, No. 120 Inventory,No. 201 Accounts Payable, No. 401 Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 SalesDiscounts, and No. 505 Cost of Goods Sold.RequiredJournalize the transactions for Titu library, whrer they are using perpetual inventory system.

Under perpetual inventory system inventory is recognized as and when purchase is occurred and when…

Answered: Required Journalize the transactions…

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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Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
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Identify Postings from Purchases Journal Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required: PURCHASES JOURNAL Page 49 Date Account Credited Post.Ref. AccountsPayableCr. StoreSuppliesDr. OfficeSuppliesDr. OtherAccountsDr. Post.Ref. Amount 20Y9 Jan. 4 Coastal Equipment Co. (a) 5,325 Warehouse Equipment (g) 5,325 Jan. 6 Arrow Supply Co. (b) 4,000 4,000 Jan. 9 Valley Products (c) 1,875 1,600 275 Jan. 14 Office Warehouse (d) 2,200 Office Equipment (h) 2,200 Jan. 20 Office Warehouse (e) 6,000 Store Equipment (i) 6,000 Jan. 25 Metro Supply Co. (f) 2,740 2,740 Jan. 30 22,140 4,340 4,275 13,525 (j) (k) (l) (m) Post reference represents: a. b. c.…
A company indicates the condition of goods obtained onwhich of the following documents?a. Purchase requisitionb. Purchase orderc. Receiving reportd. Supplier invoice
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Prepare journal entries to record the transactions reflected in items a through g.
Samir graduated from NAIT's School of Business with a bachelor's degree and is now employed by an accounting firm as a candidate towards becoming a CPA. He now regularly works more than 40 hours per week. According to Alberta's Employment Standards rules, is Samir entitled to overtime? The correct answer is that: Select one: a. Yes. Every employee in Alberta is entitled to be paid overtime for work hours in excess of 40 hours in the work week. b. Yes. Every employee in Alberta is entitled to be paid overtime for work hours in excess of 8 on each work day in the work week, or an employee's hours of work in excess of 40 hours in the work week, whichever is greater. Oc. If Samir's employment contract stipulates that he has waived overtime, then he is not entitled to overtime. Otherwise, the Employment Standards Act stipulates that he is to be paid time and a half for each hour worked over 40 hours in the work week. d. No, not as a candidate. Under Section 2(2) of the Employment Standards…
Explain the purpose of sales journal.

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Required Journalize the transactions for Titu library, whrer they are using perpetual inventory system.