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Concept explainers
Journalizing purchase and sale transactions-periodic inventory system
Learning Objective 8 Appendix 58
Journalize the following transactions that occurred in March 2018 for Double Company. Assume Double uses the periodic inventory system. No explanations are needed. Identify each accounts payable and
Mar. 3 Purchased merchandise inventory on account form Sidecki Wholesalers, $5,500. Terms 2/15, n/EOM, FOB shipping point.
4 Paid freight bill of $70 on March 3 purchase.
4 Purchased merchandise inventory for cash of $1,000.
6 Returned $900 of inventory from March 3 purchase.
8 Sold merchandise inventory to Herrick Company, $3,400, on account, Terms 1/15, n/35.
9 Purchased merchandise inventory on account from Tex Wholesalers, $5,600.
10. Made payment to Sidecki Wholesalers for goods purchased on March 3, less return and discount.
12 Received payment from Herrick Company, less discount.
13 After negotiations, received a $500 allowance from Tex Wholesalers.
15 Sold merchandise inventory to Jesper Company, $1,700, on account, Terms n/EOM.
22 Made payment, less allowance, to Tex Wholesalers for goods purchases on March 9.
23 Jesper Company returned $300 of the merchandise sold on March 15.
25 Sold merchandise inventory to Salter for $1,000 on account. Terms of 1/10, n/30 was offered, FOB shipping point.
29 Received payment from Salter, less discount.
30 Received payment from Jesper Company, less return.
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Chapter 5 Solutions
ACCOUNTING PRINCIPLES V1 6/17 >C<
- Crescent Manufacturing produces a single product. Last year, the company had a net operating income of $102,400 using absorption costing and $94,100 using variable costing. The fixed manufacturing overhead cost was $5 per unit. There were no beginning inventories. If 32,000 units were produced last year, then sales last year were_. (a) 21,750 units (b) 29,820 units (c) 30,440 units (d) 35,600 unitsarrow_forwardI don't need ai answer general accounting questionarrow_forwardSelby Industries has a standard requirement of 4 direct labor hours for each unit produced and pays $12 per hour. During the last month, the company produced 1,200 units of its product and paid a total of $60,480 in direct labor wages. The labor efficiency variance was $720 favorable. What was the direct labor rate variance?arrow_forward
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- Provide answer general Accounting questionarrow_forwardTyson manufacturing company produces and sells 120,000 units of a single product. Variable costs total $340,000 and fixed costs total $480,000. If each unit is sold for $12, what markup percentage is the company using? Answerarrow_forwardDon't use ai given answer accounting questionsarrow_forward
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