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Sept. 9. Paid freight of $50 on calculators purchased from Dragoo Co. Dragoo Co. at a total cost of $1,650, terms n/30. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator 14 that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. 20 Instructions Journalize the September transactions. F5-3 The following transactions are for Alonzo Company. 1 On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. Jo Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system. (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. E5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGive Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods tota ng $600 are returned to McGiver for credit on June 12. On June 19, Pais Company pay chase discount. Both companies use a perpetu

Sept. 9. Paid freight of $50 on calculators purchased from Dragoo Co. Dragoo Co. at a total cost of $1,650, terms n/30. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator 14 that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. 20 Instructions Journalize the September transactions. F5-3 The following transactions are for Alonzo Company. 1 On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. Jo Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system. (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. E5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGive Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods tota ng $600 are returned to McGiver for credit on June 12. On June 19, Pais Company pay chase discount. Both companies use a perpetu

FINANCIAL ACCOUNTING
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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Sept. 9. Paid freight of $50 on calculators purchased from Dragoo Co. Dragoo Co. at a total cost of $1,650, terms n/30. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator 14 that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. 20 Instructions Journalize the September transactions. F5-3 The following transactions are for Alonzo Company. 1 On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. Jo Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system. (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. E5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGive Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods tota ng $600 are returned to McGiver for credit on June 12. On June 19, Pais Company pay chase discount. Both companies use a perpetu
Transcribed Image Text:Sept. 9. Paid freight of $50 on calculators purchased from Dragoo Co. Dragoo Co. at a total cost of $1,650, terms n/30. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator 14 that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, terms n/30. 20 Instructions Journalize the September transactions. F5-3 The following transactions are for Alonzo Company. 1 On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. Jo Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system. (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. E5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGive Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods tota ng $600 are returned to McGiver for credit on June 12. On June 19, Pais Company pay chase discount. Both companies use a perpetu
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