Three transactions for Crane Gifts are presented here. On October 2, Crane Gifts purchased $36,000 of merchandise from Sea Toys, terms 2/10, n/30. On October 6, Crane Gifts returned $2,100 of the merchandise purchased on October 2. On October 12, Crane Gifts paid the balance due to Sea Toys. a. How much cash is paid by Crane Gifts on October 12? Cash Payment $ b. Post the transactions to the T-accounts. (Post entries in the order displayed in the problem statement.) V > Accounts Payable Inventory V V

Three transactions for Crane Gifts are presented here. On October 2, Crane Gifts purchased $36,000 of merchandise from Sea Toys, terms 2/10, n/30. On October 6, Crane Gifts returned $2,100 of the merchandise purchased on October 2. On October 12, Crane Gifts paid the balance due to Sea Toys. a. How much cash is paid by Crane Gifts on October 12? Cash Payment $ b. Post the transactions to the T-accounts. (Post entries in the order displayed in the problem statement.) V > Accounts Payable Inventory V V

Name: Three transactions for Crane Gifts are presented here.On October 2, C
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Description: Three transactions for Crane Gifts are presented here.On October 2, Crane Gifts purchased $36,000 of merchandise from Sea Toys, terms 2/10, n/30.On October 6, Crane Gifts returned $2,100 of the merchandise purchased on October 2.On October 12, Crane

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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Review the following situations and record any necessary journal entries for Mequon’s Boutique. May 10 Mequon’s Boutique purchases $2,700 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $110 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon’s Boutique sells $3,400 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
On April 7, Rainforest Co. sold merchandise in the amount of $4,200 to Stellar Co. with credit terms 1/10, n/30. the cost of the items sold is $2,900. Stellar pays the invoice on April 14. The journal entry Rainforest Co. makes on April 14 is: Accounts Payable Cash Cash Accounts Receivable Cash Sales Discount Accounts Receivable Cash Accounts Receivable Cash Sales Discount Accounts Receivable 77 4,200 4,200 4,158 42 2,900 4,120 29 4,200 4,200 4,200 2,900 4,149
Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit. a. If Flounder Company pays the invoice within the discount period, what is the amount of cash required for the payment? EE 6-2 p. 288 SHOW ME HOW b. What account is credited by Flounder Company to record the return?
Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the cash receipts journal. May 1 C. Li, the owner, contributed $10,000 cash to the company. May 7 The company purchased $6,000 of merchandise on credit from Gomez, terms n/30. May 9 The company sold merchandise costing $650 to E. James for $750 on credit, terms n/10. May 15 The company borrowed $3,500 cash by signing a note payable to the bank. May 18 The company received $750 cash from E. James in payment of the May 9 purchase. May 24 The company sold merchandise costing $400 to B. Cox for $450 cash.
Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,800 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $140 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $3,024 with terms n/30. The cost of the merchandise is $1,512. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.
Choose the correct answer: 12. On November 10 of the current year, Al-Kamil Co. sold carpet to a customer for OR 8,000 with credit terms 2/10, n/30. Al-Kamil uses the gross method of accounting for cash discounts. What is the correct entry for Al-Kamil on November 10? Select one: a. Accounts receivable 8,000 Sales 8,000 b. Accounts receivable 8,000 cash discounts 160 Sales 7,840 c. Accounts receivable 7,840 cash discounts 160 Sales 8,000 d. Accounts receivable 7,840 Sales…
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
On June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…
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.
Record Baker’s November transactions, including the cost of goods sold entries for each sale. Calculate the net realizable value of accounts receivable as of November 30.
record any necessary journal entries for Mary’s Hat Shop April 10 Mary's Hat Shop purchases $2500 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $120.00 cash. Termsof the purchase are FOB shipping point. April 14 Mary’s Hat Shop sells $3,000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mary’s of $1,800. Shipping charges are an extra $120 cash. Terms of the sale are FOB Shipping Point. Assume the perpetual inventory system is used.