View Palicies Current Attempt in Progress On October 1, Benji's Bicycle Store had an inventory of 20 ten speed bicycles ata cost of $200 each. During the month of October, the following transactions occurred. Oct. 4 Purchased 40 bicycles at a cost of $200 sach from Monros Bicycle Company, terms 1/10, n/30. Sold 25 bicycles to Team Wisconsin for $330 sach, terms 2/10, n/30. 7 Received credit from Monros Bicycle Company for the return of 2 dafective bicycles. 13 Issued a credit memo to Team Wisconsin for the return of a defective bicycle. 14 Paid Monros Bicycle Company in full, less discount. Prepare the journal entries to record the transactions assuming the company uses a perpatual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Oct. 4 Oct. 6 (To record sale.) Oct. 6 >

View Palicies Current Attempt in Progress On October 1, Benji's Bicycle Store had an inventory of 20 ten speed bicycles ata cost of $200 each. During the month of October, the following transactions occurred. Oct. 4 Purchased 40 bicycles at a cost of $200 sach from Monros Bicycle Company, terms 1/10, n/30. Sold 25 bicycles to Team Wisconsin for $330 sach, terms 2/10, n/30. 7 Received credit from Monros Bicycle Company for the return of 2 dafective bicycles. 13 Issued a credit memo to Team Wisconsin for the return of a defective bicycle. 14 Paid Monros Bicycle Company in full, less discount. Prepare the journal entries to record the transactions assuming the company uses a perpatual inventory system. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Oct. 4 Oct. 6 (To record sale.) Oct. 6 >

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 1MP

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On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10
Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
Unearned Sales Revenue Brand Landscaping offers a promotion where a customers lawn will be mowed 20 times if the customer pays $700 in advance. Required: Prepare the journal entry to record (1) the customers' prepayment of S700 and (2) Brands mowing of the lawn one time.
Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.
These transactions occurred during the second half of January. Continue theGeneral Journal where you left off in the previous chapter. Be sure to account forHST as indicated.20—Jan. 16 Bought advertising space in the local community newspaper, $125plus 13% HST. Issued Cheque #7.16 Paid shipping costs on the merchandise bought on the 5th, $85plus HST. Issued Cheque #8.17 Paid transportation cost for new paint mixer and colour dispenserbought on the 9th and delivered from Toronto. Issued Cheque #9for $84.75 (includes $9.75 HST).20 Cash sales: paint and supplies, $2,500; wallpaper, $2,000; plus HST.21 Paid delivery costs for paint and supplies delivered to our customer,$60 plus HST. Cheque #10.26 Bought paint and supplies, $8,500 plus HST. Cheque #11.26 Paid the shipping on paint and supplies bought today, $45 plusHST. Cheque #12.30 Cash sales: paint and supplies, $3,000; wallpaper, $1,000; plus HST.AT MONTH-ENDPost these entries to the ledger accounts and prepare a trial balance on…
journal entries for the following transactions of Furniture Warehouse. Aug 3 Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug 8 Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug 15 Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug 18 Customer paid their account in full with cash.
View PolIcies Current Attempt in Progress Mark's Music is a store that buys and sells musical instruments in Ontario, where the HST rate is 13%. Mark's Music uses a perpetual inventory system and the earnings approach to revenue recognition. Transactions for the business are shown below: Nov. 2 Purchased 5 electric guitars from Fender Supply Limited, on account, at a cost of $800 each. Made a cash sale of 2 keyboards for a total invoice price of $2,200 plus applicable taxes. The cost of each keyboard was $575. 4 Received a credit memorandum from Western Acoustic Inc. for the return of an acoustic guitar that was defective. The original invoice price before taxes was $700 and the guitar had been purchased on account. Mark's Music intends to return the defective guitar to the original supplier. One of the keyboards from the cash sale of November 4 was returned to the store for a full cash refund because the customer was not satisfied with the instrument. The keyboard, which cost $575,…
Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash. Solution Date Accounts and Explanation Debit Credit
Pass the journal entries for the following : Jan 27 - purchased goods on credit, $4000 less trade discount 25% Feb 15 - sold household furniture for $1200 and paid the money into business cash
West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 4 Bought fifty 10-speed bicycles from Nielsen Company, 4,775, invoice no. 26145, dated January 3; terms net 60 days; FOB Topeka. 7 Bought tires from Barton Tire Company, 792, invoice no. 9763, dated January 5; terms 2/10, n/30; FOB Topeka. 8 Bought bicycle lights and reflectors from Gross Products Company, 384, invoice no. 17317, dated January 6; terms net 30 days; FOB Topeka. 11 Bought hand brakes from Bray, Inc., 470, invoice no. 291GE, dated January 9; terms 1/10, n/30; FOB Kansas City, freight prepaid and added to the invoice, 36 (total 506). 19 Bought handle grips from Gross Products Company, 96.50, invoice no. 17520, dated January 17; terms net 30 days; FOB Topeka. 24 Bought thirty 5-speed bicycles from Nielsen Company, 1,487, invoice no. 26942, dated January 23; terms net 60 days; FOB Topeka. 29 Bought knapsacks from Davila Manufacturing Company, 304.80, invoice no. 762AC, dated January 26; terms 2/10, n/30; FOB Topeka. 31 Bought locks from Lamb Safety Net, 415.47, invoice no. 27712, dated January 26; terms 2/10, n/30; FOB Dodge City, freight prepaid and added to the invoice, 22 (total 437.47). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Barton Tire Company, 156; Bray, Inc.; Davila Manufacturing Company, 82.88; Gross Products Company; Lamb Safety Net, 184.20; Nielsen Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 423.08 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase. Prepare the journal entry or entries to recognize the purchase and subsequent payment if Barrio Bikes uses: A. the perpetual inventory system B. the periodic inventory system
Patterson Appliance uses a three-column purchases journal. The company is located in Fresno, California. In addition to a general ledger, Patterson Appliance also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 2 Bought eighty 12-inch, 3-speed Brighton Oscillating Fans from Snyder and Jordan, 1,890, invoice no. 268J, dated January 2; terms net 60 days; FOB Fresno. 4 Bought ten 35-pint-capacity Crystal Humidifiers from Simpson Company, 2,300, invoice no. 39426, dated January 2; terms 2/10, n/30; FOB Durango, freight prepaid and added to the invoice, 90 (total 2,390). 7 Bought ten 16-inch Axel Window Fans from Tran, Inc., 360, invoice no. 452AD, dated January 6; terms 1/10, n/30; FOB Fresno. 10 Bought twenty-four 4-blade Tiempo Ceiling Fans, Model 2760, from Ukele Company, 3,550, invoice no. D7742, dated January 7; terms 2/10, n/30; FOB Sacramento, freight prepaid and added to the invoice, 84 (total 3,634). 14 Bought four Charger Electric Hedge Trimmers from Fernandez Products Company, 186, invoice no. 2542, dated January 13; terms net 30 days; FOB Fresno. 22 Bought 40 Lindon Electric Bug Killers from Snyder and Jordan, 2,265, invoice no. 392J, dated January 22; terms net 60 days; FOB Fresno. 28 Bought ten Charger Electric Blowers from Fernandez Products Company, 830, invoice no. 2691, dated January 27; terms net 30 days; FOB Fresno. 30 Bought ten Kole Powered Attic Ventilators from Porter Company, 446, invoice no. 664CC, dated January 27; terms 2/10, n/30; FOB Seattle, freight prepaid and added to the invoice, 48 (total 494). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Fernandez Products Company; Porter Company, 163.17; Simpson Company, 167.19; Snyder and Jordan; Tran, Inc., 228.70; Ukele Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 559.06 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.