Consider the following transactions for Hampton Drug Store:View the transactions.Requirements1.Journalize the purchase transactions. Explanations are not required.2.In the final analysis, how much did the inventory cost Hampton Drug Store?Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Excludeexplanations from journal entries.)Feb. 2: Hampton Drug Store purchased $21,500 worth of inventory on account with credit terms of 2/15, n/45, FOB shipping point from Ingles Medical Supplies.DateFeb. 2AccountsDebitCreditTransactions-Feb. 2Feb. 5Hampton Drug Store purchased $21,500 worth of inventory on account with creditterms of 2/15, n/45, FOB shipping point from Ingles Medical Supplies.Hampton Drug Store paid a $140 freight charge.Feb. 8Hampton Drug Store returned $5,600 of the merchandise due to damage duringshipment.Feb. 14Hampton Drug Store paid the amount due, less return and discount.PrintDone☑

Part 2: Calculation of total inventory cost.Total inventory cost = Purchase cost - Purchase returns…

Answered: Consider the following transactions for…

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1M

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Kingbird Company sells one product. Presented below is information for January for Kingbird Company. Jan. 1 4 11 13 20 27 Inventory 121 units at $4 each 100 units at $8 each 159 units at $6 each 126 units at $9 each 175 units at $7 each 114 units at $11 each Sale Purchase Sale Purchase Sale
Information related to Bramble Co. is presented below. 1. 2. 3. 4. 5. (a) Prepare the journal entries to record these transactions on the books of Bramble Co. under a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) No. 1. 2. 3. 4. On April 5, purchased merchandise on account from Kingbird Company for $25,100, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $790 on merchandise purchased from Kingbird. On April 7, purchased equipment on account for $26,100. On April 8, returned $4,100 of merchandise to Kingbird Company. On April 15, paid the amount due to Kingbird Company in full. 5. Date April 5 April 6 April 7 April 8 V April 15 Account Titles and Explanation Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Sales Returns and…
Consider the following transactions for Elfland Toys: A (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Elfland Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Oct. 8: Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/ 60. Date Accounts Debit Credit Oct. 8 More Info Oct. 8 Elfland Toys purchased $114,800 worth of ConnectABlock toys on account with credit terms of 2/10, n/60. Oct. 12: Elfland Toys returned $11,400 of the merchandise to ConnectABlock due to damage during shipment. Oct. 12 Elfland Toys returned $11,400 of the merchandise to ConnectABlock due to damage during shipment. Date Accounts Debit Credit Oct. 16 Elfland Toys…
On October 10, 202X, Jackson Co. issued debit memorandum no. 1 for $380 to Ada Co. for merchandise returned from invoice no. 312. The merchandise was purchased on account. Your task is to journalize, record, and post this transaction as appropriate. Use the perpetual inventory system. Journalize the transaction. (Record debits first, then credits. Exclude explanations from journal entries. Ignore posting references for purposes of this problem.) Account Titles Date Oct. 10 Debit Accounts Payable Subsidiary Ledger Record the transaction to the subsidiary ledger account and post to the general ledger accounts. (Select the appropriate account names for each ledger. Ignore posting references for purposes of this problem.) Credit General Ledger
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page 1 Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR More Info Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. 1 Sold merchandise inventory on account to Flynn Jackson, $1,240. Cost of goods, $920. Invoice no. 101. Jun. Sold merchandise inventory on account to Irene Far, $2,050. Cost of goods, $1,630. Invoice no. 102. Jun. 8 Jun. 13 Sold merchandise inventory on account to Jason Trip, $320. Cost of goods, $230. Invoice no. 103 Jun. 28 Sold merchandise inventory on account to Grace Wright, $840. Cost of goods, $640. Invoice no. 104. Print Done
Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following transactions during the month: Sold 9 shovels on account at a selling price of $10 per unit. January 2 January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $5 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $5 per unit. January 31 Counted inventory and determined that 15 units were on hand.
Required information [The following information applies to the questions displayed below.] Home Hardware reported beginning inventory of 35 shovels, for a total cost of $175. The company had the following transactions during the month: Sold 9 shovels on account at a selling price of $10 per unit. January 2 January 16 Sold 12 shovels on account at a selling price of $10 per unit. January 18 Bought 4 shovels on account at a cost of $5 per unit. January 19 Sold 12 shovels on account at a selling price of $10 per unit. January 24 Bought 12 shovels on account at a cost of $5 per unit. January 31 Counted inventory and determined that 15 units were on hand.
Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing purchase transactions Howie Jewelers had the following purchase transactions. Journalize all necessary trans—actions. Explanations are not required.
Prepare the journal entries to record the following transactions on Cullumber Company's books under a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) (b) (c) On March 2, Marin Company sold $928,800 of merchandise to Cullumber Company on account, terms 2/10, n/30. The cost of the merchandise sold was $511,500. On March 6, Cullumber Company returned $108,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,800. On March 12, Marin Company received the balance due from Cullumber Company. Date Account Titles and Explanation Toxtbookand Media Debit Credit
Sheridan Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) (b) (c) No. Prepare all necessary journal entries for Sheridan. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) (a) (1) (a) (2) (b) On July 1, (1) Sheridan purchased $69,000 of inventory, terms 2/10, n/30, FOB shipping point. (2) Sheridan paid freight costs of $1,095. O On July 3, Sheridan returned damaged goods and received credit of $6,900. On July 10, Sheridan paid for the goods. Date July 1 July 1 July 3 July 10 V Account Titles and Explanation Inventory Accounts Payable Freight-In Cash Accounts Payable Inventory Accounts Payable Inventory Debit 69000 1095 6900 Credit 69 1 6
Assume the perpetual inventory system is used unless stated otherwise. Round all numbers to the nearest whole dollar unless stated otherwise. Journalizing sales transactions—periodic inventory system Journalize the following sales transactions for Sanborn Camera Store using the periodic inventory system. Explanations are not required.

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