TB Problem Qu. 4-217 (Algo) Recording purchases, allowances, and discounts taken Prepare journal entries to record the following merchandising transactions. The company applies the perpetual inventory system and the gross method. May 3 Sold merchandise for $6,600 with terms 2/10, n/30. The merchandise had cost $4,000. May 8 Sold merchandise for $4,300 with terms 2/10, n/30. The merchandise had a cost of $2,500. May 12 Received the balance due from the May 3 sale within the discount period. May 14 Granted an allowance of $300 for scratched merchandise related to May 8 sale. May 17 Received the balance due from the May 8 sale within the discount period.

TB Problem Qu. 4-217 (Algo) Recording purchases, allowances, and discounts taken Prepare journal entries to record the following merchandising transactions. The company applies the perpetual inventory system and the gross method. May 3 Sold merchandise for $6,600 with terms 2/10, n/30. The merchandise had cost $4,000. May 8 Sold merchandise for $4,300 with terms 2/10, n/30. The merchandise had a cost of $2,500. May 12 Received the balance due from the May 3 sale within the discount period. May 14 Granted an allowance of $300 for scratched merchandise related to May 8 sale. May 17 Received the balance due from the May 8 sale within the discount period.

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Description: TB Problem Qu. 4- 217 (Algo) Recording purchases, allowances, and discounts taken Prepare journal entries to record the following merchandising transactions. The company applies the perpetual inventory system and the gross method. May3 Sold merchand

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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Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased merchandise from Aron Company for $6,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $4,200 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. August 8 Purchased merchandise from Waters Corporation for $5,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $120 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters of…
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Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $12,900, with terms 2/10, net 30. The cost of the merchandise sold was $8,385. Sale Cost b. Received payment within the discount period.
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Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. August 8 Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $150 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters of…
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3 Prepare Journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and the gross method. August 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. August 5 Sold merchandise to Baird Corporation for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $3,000. August 8 Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $260 cash for shipping charges related to the August 5 sale to Baird Corporation. August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was restored to inventory. August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price reduction from Waters of…