The following information was taken from Rose Company's accounting records for June: purchase discounts. cost of goods sold. freight-out. $ 9,000 $134,000 $ 21,000 beginning inventory dotsdotsdotsdotsdotsdots.dots. $74,000 purchases.. soles revenue. purchase returns. seles discounts. $103,000 $275,000 $ 24,000 see note below NOTE: 5 n Rose Company offers credit terms of to its 15'45 customers. Of the $275,000 in sales during May, 80% of these customers paid within the discount period. Calculate Rose Company's inventory turnover ratio for June,

Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.

Purchase Discounts For each of the following transactions of Buckeye Corporation, prepare the appropriate journal entry. (All purchases on credit are made with terms of 1/10, n/30, and Buckeye uses the periodic system of inventory.) July 3: Purchased merchandise on credit from Wildcat Corp. for $3,500. July 12: Paid amount owed to Wildcat Corp.

The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.

C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.

Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.

a. Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the goods sold was $8,385. b. Received payment on December 31 within the discount period.   Required   Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.     Chart of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation   LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends   REVENUE 410 Sales   EXPENSES 510…

December 22 - Dec. 22 Sold merchandise on account, $12,900 with terms 2/10, net 30. The cost of the goods sold was $8,385. Dec. 31 Received payment within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the chart of accounts for the exact wording of account titles. CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation   LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary   REVENUE 410 Sales   EXPENSES 510 Cost of Merchandise Sold 521…

December 22 Sold merchandise on account, $14,500, with terms 2/10, net 30. The cost of the goods sold was $9,425. December 31 Received payment within the discount period.   Required:   Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.     Chart of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation   LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary   REVENUE 410 Sales   EXPENSES…

At the end of May, the sales journal of Mountain View appears as follows. Assume beginning inventory balance for May to be $13,998. Date AccountDebited Invoice Number PR Accounts Receivable Dr.Sales Cr. Cost of Goods Sold Dr.Inventory Cr. May 6 Aaron Reckers 190     4,160     3,162   10 Sara Reed 191     3,220     2,657   17 Anna Page 192     1,433     843   25 Sara Reed 193     573     337   31 Totals       9,386     6,999   Mountain View also recorded the return of defective merchandise with the following entry. Date.          General Journal                 Debit.                                   Credit May 20.      Sales Returns and Allowances.  425(debit)                      Accounts Receivable—Anna Page                     425 (credit)                   Customer returned (worthless) merchandise.   3. Prepare a schedule of accounts receivable.