The following purchase transactions occurred during October for K-Town Inc.:Oct. 6. Purchased office supplies for $190, on account from U-Save Supply Inc.14. Purchased office equipment for $2,100, on account from Zell Computer Inc.26. Purchased office supplies for $295, on account from U-Save Supply Inc.Record these transactions in the following purchases journal format:PURCHASES JOURNALAccountsOfficeOtherAccountsPost.PayableCr.SuppliesDr.Post.Ref.DateAccount CreditedRef.Dr.Amount

Purchase Journal A journal is a book of original entry where all journal entries are recorded on the…

Answered: The following purchase transactions…

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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Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,000. Oct. 3 Purchased inventory on account from Cabrera Inc. for $3,000. Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200. Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank. Page: 121 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Oct. 8 Accounts Receivable-Cabrera Inc. Accounts Receivable-Cabrera Inc. 1 2 Accounts Payable-Price Inc. Accounts Payable-Price Inc. 2 PURCHASES JOURNAL Page: 113 Date Account PurchaseOrder No. Ref. MerchandiseInventory DR AccountsPayable CR 2019 Oct. 1 fill…
Problem Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.
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business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry
Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Oct. 30 Paid account in full from the October 20 purchase. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Oct. 13 Oct. 20 Oct. 30 Accounts Receivable Accounts Payable Cost of Goods Sold Cash Sales Returns and Allowances II III II II
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Purchase-related transactionsStylon Co., a women's clothing store, purchased $48,000 of merchandisefrom a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an Invoice amount of $7,500, receiving acredit memo. Journalize Stylon's entries to record (a) the purchase, (b)the merchandise return, (c) the payment within the discount period of10 days, and (d) the payment beyond the discount period of 10 days.
J
Enter the following transactions in the appropriate journal (purchases journal and cash payment journal) *October 11 Purchased merchandise from Lafferty Company, $500 on account, credit terms 1/15, n/45. Invoice No. 65. *15 Purchased merchandise from Alsted, Inc., $400 cash. Check No. 751. * 21 Paid amount due Lafferty Company, less discount. Check No. 752.
Prepare journal entries for the SALES (Jane, seller) side of the purchase transactions above: October 1: Jane sold $1,000 of goods on account. Terms of the sale are 4/10, n 30. The invoice is dated October 1. Assume the cost of the inventory to Jane (amount she purchased it for) is $700. Record Jane’s entry. 1: Perpetual 2:Periodic October 7: Jake returned $50 of the $1,000 of goods from the October 1 purchase and received full credit. The cost of this inventory to Jane is $30. Record Jane’s entry. 1: Perpetual 2: Periodic October 11: Jake paid the amount due from the October 1 purchase, less the return on October 7. Record Jane’s entry. 1: Perpetual 2:Periodic October 3: Jake paid Jane $30 cash for freight charges from UPS for the October 1 purchase. Record Jane’s entry. 1: Perpetual 2: Periodic
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