transactions for Buyer and Seller wilmington Co. sold merchandise to Angelleti Co. on account, $158,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $95,280. Wilmington Co. paid freight of $2,700. Assume that all discount Journallze Wilmiìngton Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Receivable-Angelleti Co. 155.624 V Sales 155,624 V Cost of Merchandise Sold 95.280 V Merchandise Inventory 95,280 (b) Accounts Receivable-Angelleti Co. Cash (c) Cash Accounts Receivable Angelleti Co. Feedback Check My Work Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight. Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not reguire entry le

transactions for Buyer and Seller wilmington Co. sold merchandise to Angelleti Co. on account, $158,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $95,280. Wilmington Co. paid freight of $2,700. Assume that all discount Journallze Wilmiìngton Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Receivable-Angelleti Co. 155.624 V Sales 155,624 V Cost of Merchandise Sold 95.280 V Merchandise Inventory 95,280 (b) Accounts Receivable-Angelleti Co. Cash (c) Cash Accounts Receivable Angelleti Co. Feedback Check My Work Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight. Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not reguire entry le

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
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?
Purchase Discounts For each of the following transactions of Buckeye Corporation, prepare the appropriate journal entry. (All purchases on credit are made with terms of 1/10, n/30, and Buckeye uses the periodic system of inventory.) July 3: Purchased merchandise on credit from Wildcat Corp. for $3,500. July 12: Paid amount owed to Wildcat Corp.
Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200. Shore Co. paid freight of $1,800. Assume all discounts are taken. Journalize Shore Co.'s entries for the (a) sale on account, (b) payment of freight, and the (c) collection of the amount due. (a) fill in the blank 157fa5fc9fa5fc3_2 fill in the blank 157fa5fc9fa5fc3_4 fill in the blank 157fa5fc9fa5fc3_6 fill in the blank 157fa5fc9fa5fc3_8 (b) fill in the blank 157fa5fc9fa5fc3_10 fill in the blank 157fa5fc9fa5fc3_12 (c) fill in the blank 157fa5fc9fa5fc3_14 fill in the blank 157fa5fc9fa5fc3_16 Journalize Blue Star Co.'s entries for the purchase of (a) merchandise on account and the (b) payment of the amount due. (a) fill in the blank 125136f7bf7f031_2 fill in the blank 125136f7bf7f031_4 (b) fill in the blank…
Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore Co. and Blue Star Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.
Merchandise is sold on account to a customer for $14,100, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $590. Determine the following: a. Amount of the sale b. Amount debited to Accounts Receivable c. Amount received within the discount period
Shore Co. sold merchandise to Blue Star Co. on account, $30,500, terms FOB shipping point, 2/15, n/30. The cost of the goods sold is $18,450. Shore paid freight of $700. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for the exact wording of account titles. Chart of Accounts-Shore Co. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312…
a. Sampson Co. sold merchandise to Batson Co. on account, $24,30o, terms 2/15, net 45. b. The cost of the merchandise sold is $18,225. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. b. C. Prepare the entries that Batson Co. would record for the information above. a. and b. C.
a. Sampson Co. sold merchandise to Batson Co. on account, $32,20o, terms 2/15, net 45. b. The cost of the merchandise sold is $24,150. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. b. Prepare the entries that Batson Co. would record for the information above. a. and b. C.
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.