This information relates to Tamarisk Co. 1. On April 5, purchased merchandise from Carla Vista Company for $28,200, terms 2/10, n/30. 2. On April 6, paid freight costs of $710 on merchandise purchased from Carla Vista. 3. On April 7, purchased equipment on account for $33,200. 4. On April 8, returned $3,800 of April 5 merchandise to Carla Vista Company. 5. On April 15, paid the amount due to Carla Vista Company in full. (a) Prepare the journal entries to record the transactions listed above on Tamarisk Co's books. Tamarisk Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1 2. 3. 4. : Debit Credit

This information relates to Tamarisk Co. 1. On April 5, purchased merchandise from Carla Vista Company for $28,200, terms 2/10, n/30. 2. On April 6, paid freight costs of $710 on merchandise purchased from Carla Vista. 3. On April 7, purchased equipment on account for $33,200. 4. On April 8, returned $3,800 of April 5 merchandise to Carla Vista Company. 5. On April 15, paid the amount due to Carla Vista Company in full. (a) Prepare the journal entries to record the transactions listed above on Tamarisk Co's books. Tamarisk Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1 2. 3. 4. : Debit Credit

Name: This information relates to Tamarisk Co.1. On April 5, purchased merc
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Description: This information relates to Tamarisk Co.1. On April 5, purchased merchandise from Carla Vista Company for $28,200, terms 2/10, n/30.2. On April 6, paid freight costs of $710 on merchandise purchased from Carla Vista.3. On April 7, purchased equipmen

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 4PA: The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this...

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Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?
The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.
This information relates to Sage Hill Co. 1. On April 5, purchased merchandise from Oriole Company for $27,900, terms 4/10, n/30. 2. On April 6, paid freight costs of $520 on merchandise purchased from Oriole. 3. On April 7, purchased equipment on account for $32,700. 4. On April 8, returned $4,800 of April 5 merchandise to Oriole Company. 5. On April 15, paid the amount due to Oriole Company in full. (a)Prepare the journal entries to record the transactions listed above on Sage Hill Co.’s books. Sage Hill Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title…
This information relates to Blossom Co.. 1. On April 5, purchased merchandise from Sunland Company for $26,200, terms 3/10, n/30. 2. On April 6, paid freight costs of $570 on merchandise purchased from Sunland Company. 3. On April 7, purchased equipment on account for $34,500. 4. On April 8, returned $3,900 of April 5 merchandise to Sunland Company. 5. On April 15, paid the amount due to Sunland Company in full. (a)Prepare the journal entries to record the transactions listed above on Blossom Co.’s books. Blossom Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an…
This information relates to Cullumber Co.. 1. On April 5, purchased merchandise from Oriole Company for $26,600, terms 4/10, n/30. 2. On April 6, paid freight costs of $630 on merchandise purchased from Oriole Company. 3. On April 7, purchased equipment on account for $33,900. 4. On April 8, returned $5,100 of April 5 merchandise to Oriole Company. 5. On April 15, paid the amount due to Oriole Company in full. (a)Prepare the journal entries to record the transactions listed above on Cullumber Co.’s books. Cullumber Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date…
This information relates to Sage Hill Co. 1. On April 5, purchased merchandise from Oriole Company for $26,800, terms 3/10, n/30. 2. On April 6, paid freight costs of $750 on merchandise purchased from Oriole. 3. On April 7, purchased equipment on account for $32,800. 4. On April 8, returned $3,600 of April 5 merchandise to Oriole Company. 5. On April 15, paid the amount due to Oriole Company in full. (a)Prepare the journal entries to record the transactions listed above on Sage Hill Co.’s books. Sage Hill Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title…
This information relates to Larkspur Co. 1. On April 5, purchased merchandise from Crane Company for $26,800, terms 2/10, n/30. 2. On April 6, paid freight costs of $620 on merchandise purchased from Crane. 3. On April 7, purchased equipment on account for $34,400. 4. On April 8, returned $4,900 of April 5 merchandise to Crane Company. 5. On April 15, paid the amount due to Crane Company in full. (a)Prepare the journal entries to record the transactions listed above on Larkspur Co.’s books. Larkspur Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. enter an account title enter a debit amount enter a credit…
This information relates to Oriole Co. 1. On April 5, purchased merchandise on account from Swifty Company for $35,000, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $820 on merchandise purchased from Swifty Company. 3. On April 7, purchased equipment on account for $28,800. 4. On April 8, returned some of April 5 merchandise, which cost $3,300, to Swifty Company. 5. On April 15, paid the amount due to Swifty Company in full. Prepare the journal entries to record these transactions on the books of Oriole Co. using a periodic inventory system.