I need help turing these trasnactions into a journal entry.please don't give solution image format thanku A BfxJuly Transactions7/17/1CMilkSugarCacaoButterDThe company paid the monthly rent2400Paid on account for an ad in the local radio station for $900InstructionsProject InstructionsEJuly General JournalF7/2 Paid the first installment due for the purchase of the Ice Cream Equipment (total $3400)7/5Purchased the following inventory items:DescriptionQuantity in LB Price240 $2.95190 $1.65120 $3.75130 $ 3.25July T Account LedgerTotal Cost$708.00$313.50$450.00$422.50GJuly FIFO7/5 Incurred $75 of freight cost, which they paid in cashAll the inventory left over from June and purchased July was fully utilized in making the ice cream in July7/15 Paid in full the Furniture purchased on account in June.7/15 Paid in full the cost of the laptop7/15 Paid in full the cost of the QuickBooks software7/30 Paid the salaries of the two employees for July7/30 Collected $8,900 in cash salesHJuly Trial BalanceIJuly Income StatementJJuly Balance Sheet +KLM

A journal entry is the act of keeping or making records of any transactions either economic or…

Answered: The company paid the monthly rent

Business

Accounting

The company paid the monthly rent

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...

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RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens Company, invoice no. J34Y9, 250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, 15 (total 265.25). 11Bought one weed trimmer from Lionels Lawn Landscaping, invoice no. R7740, 219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, 35 (total 254.72). 15Bought five bags of fertilizer from Wrights Farm Supplies, invoice no. 478, 210.97; terms net 30 days; dated May 13; FOB destination. 25Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, 425.39; terms net 30 days; dated May 22; FOB destination. Assume that Williams Corporation had beginning balances on May 1 of 3,492.29 (Accounts Payable 212), 4,239.49 (Purchases 511), and 234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
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Sunland Company purchased merchandise inventory with an invoice price of $11500 and credit terms of 2/10, n/30. What is the net cost of the goods if Sunland Company pays within the discount period? a.) $10350 b.) $11270 c.) $11500 d.) $10580
Bisson Corp unes a perpetual inventory system. The company had the following inventory transactions in Apr Purchased merchandise from Groupe Lad for $28.560, terma n/30 Fl shipping point The appropriate company paid freight costs of $714 on the merchandine purchased on April 3 7 Purchased supplies on account for $5.100 Apr 3 30 1. 2 3 Returned merchandise to Grouper and received a credit of $3.570 The merchandise was returned to inventory for future rese Paid the amount due to Grouperin ful Additional information: The cost of the merchandise sold on Aprit 3 was $19.380. Grouper expected a return rate of 15% The cost of the merchandise returned on April was $2.346 Grouper uses a perpetual inventory system Record the transactions in the books of Grouper Lht all debit entries before credit entries. Cet account des ant automatically indented when the amount is entered De not indent manually if ne entry is requirest, select "No Entry for the account titles and enter Ofor the amounts econd…
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Hi, please answer the attached question BR,
Purchase-related transactionsJournalize entries for the following related transactions of ManvilleHeating & Air Company: a. Purchased $90,000 of merchandise from Wright Co. on account,terms 2/10, n/30.b. b .Paid the amount owed on the invoice within the discountperiodc. Discovered that $ 18,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $17,640 ($18,000-($18,000 x 2%)|.d. Purchased $10,000 of merchandise from Wright Co. on account,terms n/30.e. Received a refund from Wright Co. for return in (c) less thepurchase in (d).
Marigold Company purchased merchandise inventory with an invoice price of $6000 and credit terms of 2/10, n/30. What is the net cost of the goods if Marigold Company pays within the discount period? $5880 $6000 $5520 $5400