uses a perpetual inventory system.) (Click the icon to view the transactions.) Apr. 1: Court Company sold merchandise inventory for $190. The cost of the inventory was $145. The customer paid cash. Court Company was running a promotion and the customer received a $10 award at the time of sale that can be used at a future date on any Court Company merchandise. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Record debits first, then crédits. Exclude explanations from journal entries.) Debit Date ... Apr. 1 Accounts Credit

uses a perpetual inventory system.) (Click the icon to view the transactions.) Apr. 1: Court Company sold merchandise inventory for $190. The cost of the inventory was $145. The customer paid cash. Court Company was running a promotion and the customer received a $10 award at the time of sale that can be used at a future date on any Court Company merchandise. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Record debits first, then crédits. Exclude explanations from journal entries.) Debit Date ... Apr. 1 Accounts Credit

Name: uses a perpetual inventory system.)i (Click the icon to view the tran
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Description: uses a perpetual inventory system.)i (Click the icon to view the transactions.)Apr. 1: Court Company sold merchandise inventory for $190. The cost of the inventory was $145. The customer paidcash. Court Company was running a promotion and the custom

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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Prepare the journal entries to record the following sales transactions in Blue Spruce Corp's books. Blue Spruce uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Jan. 2 5 6 Feb. 11 Blue Spruce sold $54,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $30,240. Blue Spruce expected a return rate of 15%. The appropriate company paid freight costs of $1,080. Xtra returned $6,600 of the merchandise purchased from Blue Spruce on January 2, because it was not needed. The cost of the merchandise returned was $3,696, and it was restored to inventory. Blue Spruce received the balance due from Xtra.
On April 5, a customer returns 25 bicycles with a sales price of $300 per bike to Barrio Bikes. Each bike cost Barrio Bikes $120. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank.
Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory system. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Waterway Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January 1 Beginning inventory 100 $21 January 5 Purchase 148 24 January 8 Sale 114 36 January 10 Sale return 10 36 January 15 Purchase 55 26 January 16 Purchase return 5 26 January 20 Sale 94 41 January 25 Purchase 26 28 Calculate the Moving-average cost per unit at January 1, 5, 8, 10, 15, 16, 20, & 25 For each of the following cost flow assumptions, calculate cost of goods sold,…
Novak Company buys merchandise on account from Bramble Corp.. The selling price of the goods is $1,350, and the cost of the goods is $940. Both companies use perpetual inventory systems.Journalize the transaction on the books of both companies.
Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 31,800 89,500 112,500. 10,700 278,500 $ 523,000 Interest expense Income tax expense Total costs and expenses Net income. Earnings per share $ 129,900 98,500 163,500 131,100 $ 523,000 Current Year $ 411,225 209,550 1 Year Ago $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: 4 12,100 9,525 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 673,500 2 Years Ago 642,400 $ 31,100 $ 1.90 $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 $51,250 83,500 163,500 79,250 $ 377,500 1 Year Ago $ 345,500…
answer in text form please (without image), Note: Every entry should have narration please
Mc Graw Hill Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list 1 2 Sold merchandise for $6,400 (that had cost $4,147) and accepted the customer's Continental Card. Continental charges a 2.5% fee. 3 Sold merchandise for $3,400 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Record the cost of goods sold, $2,513. Sold merchandise for $6,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. 4 Record the cost of goods sold, $4,147. Note : = journal entry has been entered EX ank Card. Credit >
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please enter the journal entries
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $37,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10. Note: If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. View transaction list Journal entry worksheet P 2 Record the purchase of inventory on account. Note: Enter debits before credits. Date February 02 Record entry General Journal Clear entry Debit Credit View general journal
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Retro Clothes uses a perpetual inventory system. Journalize the following transactions for Retro Clothes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the gross method to record sales. Round all numbers to the nearest whole dollar.) View the transactions. Aug. 1: Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Date Aug. 1 Accounts Debit Credit Transactions Aug. 1 Aug. 5 Aug. 7 Aug. 8 Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Returned $400 of defective merchandise purchased on August 1. Paid freight bill of $250 on August 1 purchase. Sold merchandise inventory on account for $2,400 to Youth Outfitters. Payment terms were 2/15, n/30. These goods cost the company $1,100. Aug. 10 Paid amount owed on credit purchase of August 1, less the return and the…