+ Sheridan's Market recorded the following events involving a recent purchase of inventory: (1) (2) (3) (4) (1) $ (2) (3) (4) $ Received goods for $7,600, terms 2/10, n/30. Returned $152 of the shipment for credit. Paid $38 freight on the shipment. Paid the invoice within the discount period. Cash Common Stock (38) (7,472) $ $ Assets Accounts Receivable Rev. (128) $ Stockholder's Equity $ Inventory 7,600 Exp. (152) Retained Earnings $ Liabilities Accounts Payable Div. 7,600 (152)

+ Sheridan's Market recorded the following events involving a recent purchase of inventory: (1) (2) (3) (4) (1) $ (2) (3) (4) $ Received goods for $7,600, terms 2/10, n/30. Returned $152 of the shipment for credit. Paid $38 freight on the shipment. Paid the invoice within the discount period. Cash Common Stock (38) (7,472) $ $ Assets Accounts Receivable Rev. (128) $ Stockholder's Equity $ Inventory 7,600 Exp. (152) Retained Earnings $ Liabilities Accounts Payable Div. 7,600 (152)

Name: Sheridan's Market recorded the following events involving a recent pu
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Description: Sheridan's Market recorded the following events involving a recent purchase of inventory:(1)(2)(3)(4)(1) $3(2)+(3)(4)$Received goods for $7,600, terms 2/10, n/30.Returned $152 of the shipment for credit.Paid $38 freight on the shipment.Paid the invo

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 $30,000. The following inventory transactions occurred during the month: a. The company purchased inventory on account for $44,500 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 $650 were paid in cash. . b. On October 31, Autumn paid for the inventory purchased on October 12. c. During October inventory costing $20,250 was sold on account for $31,000. d. It was determined that inventory on hand at the end of October cost $54,010. Problem 8-1 (Algo) Part 1 Required: 1. Assuming Autumn Company uses a perpetual inventory system, prepare journal entries for the above transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Presented below are transactions related to Sheridan, Inc. Sheridan uses the periodic inventory method. May 10 Purchased goods billed at $16,700 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $10,600 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $12,100 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Presented below are transactions related to Bonita, Inc. Bonita uses the periodic inventory method. May 10 Purchased goods billed at $11,500 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $13,000 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $14,000 subject to cash discount terms of 2/10, n/30. (a) Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Metlock's Market recorded the following events involving a recent purchase of inventory: Received goods for $78200, terms 2/9, n/30. Returned $1700 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $74970. increased by $75670. increased by $77200. O increased by $75656. O O
For the current period, the following data were taken from the ledger: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Select one: a. $9,600 b. $39,300 40,000 c. $47,300 d. $34,600 e. None of the above 600 Beginning inventory was $8,000 and ending inventory was $13,000. What was cost of goods sold? 300 200
23. Maggie's Market recorded the following events involving a recent purchase of merchandise: Received goods for $50,000, terms 2/10, n/30. Returned $1,500 of the shipment for credit. Paid $400 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by a. $48,192. b. $49,400. c. $47,930. d. $48,900.
shany market recorded the following events involving a recent purchase of inventory received goods for$30,000, terms 2/10, n/30 returned $600 of the shipment for credit paid $150 freight on the shipment paid the invoice within the discount period as a result of these events, the company's inventory: increased by
Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10
Sara’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $150,000, terms 2/10, n/40. Returned $3,000 of the shipment for credit. Paid $750 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s merchandise inventory increased by $147,750. increased by $144,810. increased by $144,795 increased by $144,060.
Journalize the following transactions. Assume the Perpetual inventory system: December 9: Purchased merchandise from Ree Co. on account, $3,300, F.O.B. shipping point (buyer pays freight); terms 2/10, n/30. Freight to be paid on December 20. December 20: Paid freight on December 9 purchase, $110.
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,900. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 109,270 Sales 109,270 Cost of Goods Sold 66,900 Inventory 66,900 Accounts Receivable-Blue Star Co. 2,000 Cash 2,000 Cash Accounts Receivable-Blue Star Co. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co.
What amount should be reported as Inventory at year-end? 7. Alaska Company reported the following current assets at year-end: Cash 23,000 Account receivable 44,000 Notes receivable, net of discounted note P53,000 300,000 Inventory 40,000 Deferred charges 15,000 422.000 Accounts receivable comprised the following: Trade accounts receivable 12,000 Allowance for doubtful accounts 12,000) Claim against shipper for goods lost in transit 22,000 Selling price of Saudi Company's unsold goods sent to Alaska Company on consignment at 150% of cost and excluded from Saudi's ending Inventory 12,000 Your answer