College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 9, Problem 9E
Williams Corporation had the following purchases for May:
May 3 Bought ten lawn rakes from Owens Company, invoice no. J34Y9, $250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, $15 (total $265.25).
11 Bought one weed trimmer from Lionel’s Lawn & Landscaping, invoice no. R7740, $219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, $35 (total $254.72).
15 Bought five bags of fertilizer from Wright’s Farm Supplies, invoice no. 478, $210.97; terms net 30 days; dated May 13; FOB destination.
25 Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, $425.39; terms net 30 days; dated May 22; FOB destination.
Assume that Williams Corporation had beginning balances on May 1 of $3,492.29 (Accounts Payable 212), $4,239.49 (Purchases 511), and $234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
The Picture Perfect Camera Shop had the following transactions for the month of August 20X1.
Aug. 1 Purchased cameras for $3,400 plus a freight charge of $150 from the Mason Company, Invoice 532, dated July 29, net payable
in 60 days.
6 Purchased color film for $470 from Digital Products, Invoice 989, dated August 4, net payable in 30 days.
10 Purchased camera cases for $920 from Raven Leathers, Invoice 668, dated August 8; terms are 2/10, n/30.
15 Returned defective cameras to Mason Company and received Credit Memorandum 205 for $53e. The cameras were originally
purchased on Invoice 532 of July 29.
20 Purchased cameras for $3,550 plus freight of $145 from the Braemer Cameras, Invoice 2093, dated August 18; terms are 1/10,
n/60.
23 Received Credit Memorandum 597 for $115 from Raven Leathers. The amount is an allowance for slightly damaged but usable
goods purchased on Invoice 668 of August 8.
Prepare journal entries to record the above transactions assuming the company uses the…
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).
April 2
Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60.
April 3 (a)
Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000).
April 3 (b)
Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30.
April 4
Issued Check Number 587 to World View for advertising expense of $904.
April 5
Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500).
April 6
Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount.
April 9
Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30.
April 11
Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100).
April 12
Issued Check Number 588 to Noth Company in payment…
Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).
April 2
Purchased $14,700 of merchandise on credit from Noth Company, terms 2/10, n/60.
April 3 (a)
Sold merchandise on credit to Page Alistair, Invoice Number 760, for $8,000 (cost is $7,000).
April 3 (b)
Purchased $1,490 of office supplies on credit from Custer, Incorporated, terms n/30.
April 4
Issued Check Number 587 to World View for advertising expense of $904.
April 5
Sold merchandise on credit to Paula Kohr, Invoice Number 761, for $15,000 (cost is $13,500).
April 6
Returned $90 of office supplies purchased on April 3 to Custer, Incorporated. Wiset reduces accounts payable by that amount.
April 9
Purchased $12,225 of store equipment on credit from Hal’s Supply, terms n/30.
April 11
Sold merchandise on credit to Nic Nelson, Invoice Number 762, for $21,600 (cost is $18,100).
April 12
Issued Check Number 588 to Noth Company in payment…
Chapter 9 Solutions
College Accounting (Book Only): A Career Approach
Ch. 9 - Which of the following is true about the Sales...Ch. 9 - What is the accounts receivable ledger? a. A...Ch. 9 - Using the information contained in the accounts...Ch. 9 - Prob. 4QYCh. 9 - What does the 2 in 2/10, n/30 mean? a. Pay in 2...Ch. 9 - Prob. 6QYCh. 9 - The schedule of accounts payable lists each...Ch. 9 - If the seller assumes the entire cost of...Ch. 9 - Under the perpetual inventory system, how does the...Ch. 9 - Purchases on account of merchandise for resale...
Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - Prob. 3DQCh. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQCh. 9 - Prob. 11DQCh. 9 - Prob. 12DQCh. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Prob. 1PBCh. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - Prob. 5PBCh. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Prob. 1ACh. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Sales and Purchases Ms. Valli of All About You Spa...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Place the letter of the appropriate accounting cost in Column 2 in the blank next to each decision category in ...
Fundamentals Of Cost Accounting (6th Edition)
Adjusting Journal Entries; Adjusted Trial Balance. Magic Cleaning Services (MCS) has a fiscal year-end of Decem...
Intermediate Accounting (2nd Edition)
How is activity-based costing useful for pricing decisions?
Cost Accounting (15th Edition)
18. What is the calculation for return on assets (ROA)? Explain what ROA measures.
Horngren's Financial & Managerial Accounting, The Financial Chapters (6th Edition)
Assume you are a CFO of a company that is attempting to race additional capital to finance an expansion of its ...
Financial Accounting, Student Value Edition (4th Edition)
What are assets limited as to use and how do they differ from restricted assets?
Accounting For Governmental & Nonprofit Entities
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- The following selected transactions were completed by Betz Company during July of the current year: July 1 Purchased merchandise from Sabol Imports Co., $13,377, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 5 Purchased merchandise from Schnee Co., $14,350, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $5,000 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., $25,850, terms FOB shipping point, n/eom. 19 Paid freight of $430 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $23,000, terms FOB destination, 1/10, n/30. 30 Paid Stevens Co. for invoice of July 20. 31 Paid Sabol Imports Co. for…arrow_forwardPepper Company completed the following selected transactions and events during March of this year. (Terms of allcredit sales for the company are 2/10, n/30.) Mar. Sold merchandise on credit to Jennifer Nelson, Invoice No. 954, for P16,800 (cost is P12,200). 4 6 Purchased P1,220 of office supplies on credit from Mack Company. Invoice dated March 3, termsny30. Sold merchandise on credit to Dennie Hoskins, Invoice No. 955, for P10,200 (cost is 6 P8,100). Purchased P52,600 of merchandise, invoice dated March 6, terms 2y10, ny30, from 11 Defore Industries. 12 Borrowed P26,000 cash by giving Commerce Bank a long-term promissory note payable. Received cash payment from Jennifer Nelson for the March 4 sale less the discount (Invoice No. 954). 14 16 Received a P200 credit memorandum from Defore Industries for unsatisfactory merchandise Pepper purchased on March 11 and later returned. Received cash payment from Dennie Hoskins for the March 6 sale less the discount 16 (Invoice No. 955). Purchased…arrow_forward11 )arrow_forward
- journalize entries for the following related transactions of greenville heating & air company: a. purchased $33,000 of merchandise from foster co., on account terms 2/10, n 30 b. paid the amount owed on the invoice within the discount period. c. Discovered that $6,600 of the purchased in (a) was defective and returned items, receiving credit for $6,468 ($6,600-($6,600 x2%) ).d. purchased $5,400 of merchandise from foster co., on account, terms n/30. e. received a refund from foster co., in (c) less the purchase in d.arrow_forwardThe following selected transactions were completed by Betz Company during July of the current year: July 1 Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice. 5 Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., $29,840, terms FOB shipping point, n/eom. 19 Paid freight of $410 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $22,200, terms FOB destination, 1/10, n/30. 30 Paid Stevens Co. for invoice of July 20. 31 Paid Sabol Imports Co. for…arrow_forwardThatcher Inc. had the following transactions: March 1: Purchased cars on account from Blitz Inc. for Tk.40,00,000, FOB shipping point, terms 2/10, n/30. 2: Freight cost paid on March 1 purchase of Tk.50,000 by concerned party. 4: Received Tk.10,00,000 credit for defective cars returned to Blitz Inc. 9: Paid Blitz Inc. in full, less discount. Journalize the transactions for the month of March using the periodic inventory system (ignore explanations).arrow_forward
- Marx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $250 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Record the journal entries for Marx Corp. to record the initial purchase the subsequent payment on April 17arrow_forwardThe following selected transactions were completed by Niles Co. during March of the current year:Mar. 1. Purchased merchandise from Haas Co., $43,250, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $650 was added to the invoice.5. Purchased merchandise from Whitman Co., $19,175, terms FOB destination, n/30.10. Paid Haas Co. for invoice of March 1.13. Purchased merchandise from Jost Co., $15,550, terms FOB destination, 2/10, n/30.14. Issued debit memo to Jost Co. for $3,750 of merchandise returned frompurchase on March 13.Mar. 18. Purchased merchandise from Fairhurst Company, $13,560, terms FOB shipping point, n/eom.18. Paid freight of $140 on March 18 purchase from Fairhurst Company.19. Purchased merchandise from Bickle Co., $6,500, terms FOB destination, 2/10, n/30.23. Paid Jost Co. for invoice of March 13 less debit memo of March 14.29. Paid Bickle Co. for invoice of March 19.31. Paid Fairhurst Company for invoice of March 18.31. Paid Whitman Co. for invoice of March 5.…arrow_forwardMarx Corp. purchases 135 fax machines on credit from a manufacturer on April 7 at a price of $290 per machine. Terms of the purchase are 4/10, n/20 with an invoice date of April 7. Marx Corp pays in full for the fax machines on April 17. Create the journal entries for Marx Corp. to record: A. the initial purchase B. the subsequent payment on April 17 If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Apr. 7 Apr. 17 Accounts Payable Accounts Receivable Merchandise Inventory Sales Discounts Sales II III II IIarrow_forward
- The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 4 Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,550 of merchandise returned from purchase on October 4. 13 Paid Hoagie Co. for invoice of October 3. 14 Paid Taco Co. for invoice of October 4, less debit memo of October 6. 19 Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/eom. 19 Paid freight of $400 on October 19 purchase from Veggie Co. 20 Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30. 30 Paid Caesar Salad Co. for invoice of October 20. 31 Paid UK Imports Co. for invoice of…arrow_forwardThe following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,701, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $8,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $225 was added to the invoice. 4 Purchased merchandise from Taco Co., $13,450, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,250 of merchandise returned from purchase on October 4. 13 Paid Hoagie Co. for invoice of October 3. 14 Paid Taco Co. for invoice of October 4 less debit memo of October 6. 19 Purchased merchandise from Veggie Co., $28,290, terms FOB shipping point, n/eom. 19 Paid freight of $420 on October 19 purchase from Veggie Co. 20 Purchased merchandise from Caesar Salad Co., $20,200, terms FOB destination, 1/10, n/30. 30 Paid Caesar Salad Co. for invoice of October 20. 31 Paid UK Imports Co. for invoice of…arrow_forwardThe following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,322, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice. 4 Purchased merchandise from Taco Co., $13,700, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,850 of merchandise returned from purchase on October 4. 13 Paid Hoagie Co. for invoice of October 3. 14 Paid Taco Co. for invoice of October 4 less debit memo of October 6. 19 Purchased merchandise from Veggie Co., $29,840, terms FOB shipping point, n/eom. 19 Paid freight of $410 on October 19 purchase from Veggie Co. 20 Purchased merchandise from Caesar Salad Co., $22,200, terms FOB destination, 1/10, n/30. 30 Paid Caesar Salad Co. for invoice of October 20. 31 Paid UK Imports Co. for invoice of…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
Chapter 6 Merchandise Inventory; Author: Vicki Stewart;https://www.youtube.com/watch?v=DnrcQLD2yKU;License: Standard YouTube License, CC-BY
Accounting for Merchandising Operations Recording Purchases of Merchandise; Author: Socrat Ghadban;https://www.youtube.com/watch?v=iQp5UoYpG20;License: Standard Youtube License