Concept explainers
Videos
The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California.
June 1 Sold merchandise on account to Hendrix Office Store, invoice no. 1001, $451.20. The cost of the merchandise was $397.06.
3 Bought merchandise on account from Krueger, Inc., invoice no. 845A, $485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, $15 (total $500.15).
10 Sold merchandise on account to Ballard Stores, invoice no. 1002, $2,483.65. The cost of the merchandise was $2,235.29.
13 Bought merchandise on account from Kennedy, Inc., invoice no. 4833, $2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, $123 (total $2,573.13).
18 Sold merchandise on account to Lawson Office Store, invoice no. 1003, $754.99. The cost of the merchandise was $671.94.
20 Issued credit memo no. 33 to Lawson Office Store for merchandise returned, $103.25. The cost of the merchandise was $91.89.
25 Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, $1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, $84 (total $1,636.30).
30 Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for $224.50.
Required
Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.
Trending nowThis is a popular solution!
Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
Additional Business Textbook Solutions
Foundations of Financial Management
Financial Accounting, Student Value Edition (5th Edition)
Operations Management: Processes and Supply Chains (12th Edition) (What's New in Operations Management)
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Business in Action
- Compute the net incremental costarrow_forwardCorrect answer pleasearrow_forwardThe following are several situations involving compound interest. Required: Using the appropriate table, solve each of the following: Hope Dearborn invests $40,000 on January 1, Year 1, in a savings account that earns interest of 8% compounded semiannually. What will be the amount in the fund on December 31, Year 6? Ben Johnson receives a bonus of $5,000 each year on December 31. Beginning on December 31, Year 1, he deposits his bonus every year in a savings account that earns interest of 12% compounded annually. What will be the amount in the fund on December 31, Year 5, after he deposits his bonus received on that date? Ron Sewert owes $30,000 on a non-interest-bearing note due January 1, Year 11. He offers to pay the amount on January 1, Year 1, provided that it is discounted at 10% on a compound annual discount basis. What would he have to pay on January 1, Year 1, under this assumption? June Stickney purchased an annuity on January 1, Year 1, which, at a 12% annual rate, would…arrow_forward
- Get Solution Please Provide answer of General Accountingarrow_forwardSolve This one Pleasearrow_forwardThe financial statements of Garner Manufacturing report net sales of $600,000 and accounts receivable of $120,000 and $80,000 at the beginning and end of the year, respectively. What is the average collection period for accounts receivable in days?arrow_forward
- Provide Correct Answer of this Question Solution Please with calculation of this Question Please Tutor Make Sure answer of what is the Correct Answer of this Question Please Tutor Make Sure answer of what is the Correct answer of what is the Correct answer of whatarrow_forwardSheffield corp. is constructing a building. construction began in 2025 and the building was completed 12/31/25. sheffield made payments to the construction company of $2,508,000 on 3/1/25, $1,206,000 on 6/1/25 , and $3,768,000 on 12/1/25. weighted-average accumalated expenditures were $3,107,500 $2,907,500 $3,507,500 $7,482,000arrow_forwardYou purchased one share of Everest Holdings Ltd. for $62.80 per share. The company paid a dividend of $4.95 per share during the year and had an ending share price of $68.50. What is the percentage return?arrow_forward
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning