Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,200, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,120. Shore paid freight Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does entry, leave it blank. 000

Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $110,200, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,120. Shore paid freight Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does entry, leave it blank. 000

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Description: Transactions for Buyer and SellerShore Co. sold merchandise to Blue Star Co. on account, $110,200, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,120. Shore paid freight of $1,900.Journalize Shore Co.'s entry for the sale, p

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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Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285
Shore Co. sold merchandise to Blue Star Co. on account, $32,400, terms FOB shipping point, 2/15, n/30. The cost of the goods sold is $17,500. Shore paid freight of $900. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.
The Freight In account is debited for the cost of transportation charges on incoming merchandise intended for resale. Freight costs that apply to non-merchandise assets purchased are added to the asset account that applies. Record the following transaction for Robert Corporation in general journal form. • Nov. 14 Bought merchandise on account from Trexel, Inc., invoice no. A2051, $2,225; terms net 30 days; dated November 13; FOB shipping point, freight prepaid and added to the invoice, $100.50 (total $2,325.50). • Nov. 24 Robert Corporation received credit memo no. 213 from Trexel, Inc., for merchandise returned, $125 If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. DATE Nov. 14 Nov. 24 GENERAL JOURNAL DESCRIPTION Purchased merchandise from Trexel Inc., invoice no. A2051, invoice dated Nov 13, terms n/30. Credit memo no. 213 for return of merchandise. POST. REF. DEBIT CREDIT
Sold merchandise inventory to Hayes Company,5500,on account .Term3/15, n/35.Cost of goods ,2,530. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expenses related to the sale. We will do that in the following step.
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,900. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 109,270 Sales 109,270 Cost of Goods Sold 66,900 Inventory 66,900 Accounts Receivable-Blue Star Co. 2,000 Cash 2,000 Cash Accounts Receivable-Blue Star Co. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co.
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