The transactions for the month of June. Use markup on sales of 20% for profit. June 1 Purchased merchandise from Ariva Marketing, list price, P 35,000, trade discount 20% terms: 2/10, n/30, FOB Shipping point, freight prepaid, 1200. June 3 Purchased merchandise from Montage Trading P17,500, terms 2/10, n/30, FOB destination. June 5 Sold merchandise on credit to Alice Enterprise, P6,250, terms: 2/10, n/30, FOB shipping point, freight prepaid, P450. Mark up on sales 20%.
Q: March Mr. Dela Cruz made the following investments: P 300,000 P 150,000 2022 Cash in Bank 1…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: 4) The first week, the store sold 12 pairs for $1 60 each in cash sales. 5) On the 10th, a sale of…
A: The given Question pertains to account for the transaction in journal entries under a perpetual…
Q: Journalize the transactions using perpetual inventory system
A: The record of day-to-day transactions in the books of accounts is called journal entries. In a…
Q: Journal entry using the perpetual inventory method posting to ledger trial balance
A: Transactions are firstly recorded as journal entries. The second step is posting to the t-accounts.…
Q: Problem: The transactions for the month of June. Use markup on sales of 20% for profit. June 1…
A: FOB (Freight on Board) Destination :Legal title to goods is retained by seller to the goods until…
Q: At the beginning of January 1, 2016, Tristen Company has 2,000 inventories costing P20 per unit The…
A: Perpetual Inventory System Every single movement of inventory is tracked under this system.…
Q: 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of…
A: Inventory Valuation Method - Inventory valuation method includes FIFO, LIFO, and Weighted Average…
Q: EVALUATION: A company had the following transactions during December: • Sold merchandise on credit…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The transactions for the month of June. Use markup on sales of 20% for profit. June 1 Purchased…
A: The purpose of preparing the journal entry to enter the required transaction into debit and credit.…
Q: Rod Ramos Distributors is registered as a single proprietorship with DTI permit as Rodolfo Ramos. 1…
A: In accounting, journal entries are a record of financial transactions that a business has made. Each…
Q: Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of…
A: Ending inventory = Purchase - purchase return - cost of goods sold =…
Q: The following transactions are for Kingbird Company. On December 3, Kingbird Company sold $473,800…
A: The journal entries under perpetual inventory system are presented hereunder :
Q: Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of…
A: Ending inventory = Purchase - purchase return - cost of goods sold =…
Q: Information related to Swifty Co. is presented below. 1. 2. 3. 4. 5. On April 5, purchased…
A: A perpetual inventory system is a way to keep track of and update inventory data in real time,…
Q: Journalize the following transactions using periodic inventory method
A: Journal Entry The basic process of accounting is to journalize the required transaction into debit…
Q: Quarantino Covidap decided to established his own Coviduvidup Hardware Store by investing cash of…
A: The journal entries are prepared to record daily transactions of the business.
Q: 7) The school paid for the purchase on the s)_22 th of the month. Record the receipt of cash. (note…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: When using the perpetual system for inventory, the journal entry to record a purchase of inventory…
A: The objective of the question is to identify the correct journal entry to record a purchase of…
Q: Recording transactions—purchases journal Requirements Prepare headings for a purchases journal.…
A: Purchases journal It refers to a record of all transactions or inventory purchases made on credit…
Q: At the beginning of the current season on April 1, the ledger of Crane Pro Shop showed Cash $3,280,…
A: A perpetual inventory system is a program that continuously estimates your inventory based on your…
Q: Journalize the f, transactions below using the Perpetual and Periodic Inventory Jan. 1 Mr. Montero,…
A: Perpetual and periodic are inventory valuation systems. In the periodic inventory system, cost of…
Q: Particulars Dec-01 Dr Cash Cr Capital 2 Dr Furniture Cr Cash 8 Dr Inventories Cr Cash 14 Dr…
A: Ledger refers to the one of the books of accounts which is used for recording the entries for the…
Q: 1. Chart of Accounts 2. Comparative Journal Entries
A: 1. Chart of accounts (Perpetual System) Number Account Name Type 1 Cash Asset 2…
Q: Journalize the transactions of a merchandising business using the periodic inventory system.
A: Periodic inventory system is that inventory system under which all purchases and sales of inventory…
Q: Describe the journal entry(ies) when recording a sale of inventory using the periodic inventory…
A: In a periodic Inventory system, the entries are made in the system at the end of the accounting…
Q: The journal entry for the purchase of inventory on account using the periodic inventory system is
A: Date Accounts and Explanation Debit Cedit Purchases XXX…
Q: Journalize each of the following transactions assuming a perpetual inventory system.
A: For journal entries for the above transaction, refer below
Q: Merchandising Operations: Prepare the journal entries for the following transactions using the…
A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…
Q: The journal entry for the purchase of inventory on account using the perpetual inventory system is
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200…
A: Under the perpetual inventory system, inventory is debited and credited for purchases and purchase…
Q: Using the chart of accounts below. Prepare a journal entries of Quarantino Covidap under periodic…
A: Periodic inventory system is that inventory system in which all transactions related to inventory…
Q: Required information E7-11 Reporting Inventory at Lower of Cost or Market/Net Realizable Value [LO…
A: Inventory refers to the products or items an entity is required to trade so that it can generate…
Q: Using the chart of accounts, prepare a journal entry under periodic inventory system. Thank you!
A: Periodic inventory system is that inventory system in which all transactions related to inventory…
Q: Describe the recording process for purchases of merchandise inventory using a Perpetual inventory…
A: Under perpetual inventory system, changes in merchandise inventory account are recorded after each…
Q: The Inventory module window has journal icons for - Select one: a. inventory sales and inventory…
A: Inventory refers to the goods, materials, or products that a business holds for the purpose of…
Q: Required: Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.
A: Merchandise Inventory Journal Entry There are mainly two types of merchandise inventory system are…
Q: The journal entry to record a return of merchandise purchased on account under a perpetual inventory…
A: (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses, Credit all incomes…
Q: What are the two journal entries involved when recording the sale of inventory when using the…
A: Perpetual inventory system refers to the inventory system that maintains the detailed records of…
Merchandising Operations: Prepare the
Step by step
Solved in 3 steps
- The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
- Prepare the journal entries for the following transactions. Use Peso (Php) sign. Dec. 3 Purchased merchandise on account from Hillsboro Co., list price $38,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, and paid the fright of $340. Purchased merchandise on account from Deepwater Co. $18,750, terms FOB destination, 2/10, n/30. Sold merchandise on account to Zion Co. list price $27,000, trade discount 35%, terms 2/10, n/30. The cost of the merchandise sold was $14,000. Returned $3,000 of merchandise purchased on Dec. 5 from Deepwater Co. Paid Hillsboro Co. on account for purchase of Dec. 3, less discount. 15 13 Paid Deepwater Co. on account for purchase of Dec. 5, less return of Dec. 7 and discount. 16 Received cash on account from sale of Dec. 6 to Zion C., less discount. Sold merchandise cash $58,000. The cost of merchandise sold was $43,800. Sold merchandise on account to Smith River Co., $15,400, terms 2/10, n/30. The cost of the merchandise sold was $9,000 Sold…TASK 4 Record the transactions below in the sales journal. Make your own sales journal sheets. The following are the credit sales transactions of Lolly Co. for the month of January: Jan 5 Lolly Co. sold merchandise on credit to Twinbee Enterprise, P32,000 exclusive of 12% VAT, Terms: 1/15,n/30 Merchandise was sold on credit to Luke Merchants, P16,000 exclusive of 12% VAT, Terms 2/10, n/30. 11 Merchandise was sold on credit to Ronald Shop, P10,000 exclusive of 12% VAT,Terms: 3/15, n/30. 12 Lolly Co. sold merchandise on account to MA Merchants, P15,000 exclusive of 12% VAT, Terms: 2/10,n/30. 14 Lolly Co., sold merchandise on account to AA Trading, P60,000 exclusive of 12% VAT, Terms: 2/15, n/30. TASK 5 Record the transactions in the purchase journal. Prepare your own purchase journal sheets. The following are the credit purchase transactions of Lolly Co. for the month of January: Jan 4 Lolly Co. purchased merchandise on account from Noble Yum Shop, P14,000 exclusive of 12% VAT, Terms:…Journalize the following sales transactions for Middleton. Journalize the following sales transactions for Middleton. Mar. Apr. 1 3 10 15 Middleton Supply sold merchandise inventory for $3,400. The cost of the inventory was $2,380. The customer paid cash. Middleton. Supply was running a promotion and the customer received a $160 award at the time of sale that can be used at a future date on any Middleton Supply merchandise. Sold $8,000 of supplies on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is 5,600. Received payment from the customer on the amount due from March 3, less the discount. The customer used the $160 award when purchasing merchandise inventory for $300, the cost of the inventory was $210. The customer paid cash.
- The following were selected from among the transactions completed by Azman Trading during December of the current year.Dec 3. Purchased merchandise on account from Tania Enterprise, list price RM24,000, trade discount 25%, term FOB shipping point, 2/10, n30, with prepaid transportation cost of RM615 added to the invoice.5. Purchased merchandise on account from Mama Enterprise, RM10,250, terms FOB destination, 2/10, n30.6. Sold merchandise on account to Melati Borong, list price RM18,000, trade discount 35%, terms 2/10, n30. The cost of merchandise sold was RM8,250.7. Returned RM1,800 of merchandise purchased on 5 December from Mama Enterprise.13. Paid Tania Enterprise on account for purchase of 3 December, less discount.15. Paid Mama Enterprise on account for purchase of 5 December, less return of December 7 and discount.16. Received cash on account from sale of 6 December to Melati Borong, less discount.19. Sold merchandise on MasterCard, RM39,500. The cost of the merchandise sold was…A retailer purchases merchandise with a catalog list price of $28,600. The retailer receives a 22% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period (Round your answer to the nearest dollar)? Oa. $22,308 Ob. $21,862 Oc. $22,880 Od. $28,600On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a cost of $20,000. v What is the entry to record this sale? A. Dr. Account receivable 20,000; Cr. Sales 20,000 B. Dr. Account receivable 50,000; Cr. Sales 50,000 Dr. Cost of good sold 20,000; Cr. Merchandise inventory 20,000 C. Dr. Sales 50,000; Cr. Account receivable 50,000 D. Dr. Cash 50,000; Cr. Sales 50,000 Activate Wine « Question Go to Settings to Moving to another question will save this response.
- July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. 5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. 7. Returned $6,850 of merchandise purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800. 22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000. 23. Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000. Paid Parsley Co. a cash refund of…July 3. Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. 5. Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. 6. Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. 7. Returned $6,850 of merchandise purchased on July 5 from Kester Co. 13. Paid Hamling Co. on account for purchase of July 3. 15. Paid Kester Co. on account for purchase of July 5, less return of July 7. 21. Received cash on account from sale of July 6 to Parsley Co. 21. Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800. 22. Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000. 23. Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000. 28. Paid…A retailer purchases merchandise with a catalog list price of $28,100. The retailer receives a 16% trade discount and has credit terms of 2/10, n/30. How much cash will be needed to pay this invoice within the discount period? O a. $23,132 O b. $24,166 O c. $23,604 O d. $28,100