Prepare the journal entries to record the following purchase transactions in Sunland Company's books. Sunland uses a perpetual inventory system. Mar. 12 13 Sunland purchased $16,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. The correct company paid freight costs of $195. 14 Sunland returned $2,000 of the merchandise purchased on March 12 because it was damaged. 24 21 Sunland paid the balance owing to Dalibor.
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- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Williams Corporation had the following purchases for May: May 3Bought 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). 11Bought one weed trimmer from Lionels 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). 15Bought five bags of fertilizer from Wrights Farm Supplies, invoice no. 478, 210.97; terms net 30 days; dated May 13; FOB destination. 25Bought 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.Lowerys Pet Depot records purchase transactions in the general journal. The company is located in Cleveland, Ohio. In addition to a general ledger, Lowerys Pet Depot also uses an accounts payable ledger. Transactions for October related to the purchase of merchandise are as follows: Oct. 3Bought 12 Automatic Fish Feeders from Barrera Company, 959.88, invoice no. 5493, dated October 2; terms net 30 days; FOB shipping point, freight prepaid and added to the invoice, 79.45 (total 1,039.33). 4Bought two 18 x 18 Terrarium Stands from Hickman Company, 259.98, invoice no. 2JYX, dated October 2; terms 2/10, n/30; FOB destination. 7Bought four Chinchilla Bath Houses from Baldwin, Inc., 67.96, invoice no. 4183, dated October 6; terms 1/10, n/30; FOB destination. 10Received credit memo no. 123 from Baldwin, Inc., for merchandise returned, 13.94. Oct. 14Bought 20 Zoo Slider Hoods from Douglas, Inc., 2,599.80, invoice no. X431, dated October 12; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 140.50 (total 2,740.30). 15Bought four Hanging Bird Baths from Krause, Inc., 71.96, invoice no. A499, dated October 11; terms net 60 days; FOB destination. 24Bought eight Automatic Cat Litter Boxes from Villa Manufacturing, 2,399.92, invoice no. 4429, dated October 21; terms net 30 days; FOB destination. 27Received credit memo no. 452 from Villa Manufacturing for merchandise returned, 346.78. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the October 1 balances, if any, as given: Baldwin, Inc., 46.57; Barrera Company, 743.15; Douglas, Inc., 615.20; Hickman Company; Krause, Inc., 23.45; Villa Manufacturing, 725.64. 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. 2. If using Working Papers, record the October 1 balances in the general ledger as given: Accounts Payable 212 controlling account, 2,154.01; Purchases 511, 2,485.12; Purchases Returns and Allowances 512, 287.52; Freight In 514, 48.57. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 95. 4. Post to the general ledger and the accounts payable ledger. 5. 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.
- Prepare the journal entries to record the following purchase transactions in Sunland Company's books. Sunland uses a perpetual inventory system. March 12 - Sunland purchased $16,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. March 13 - The correct company paid freight costs of $195. March 14 - Sunland returned $2,000 of the merchandise purchased on March 12 because it was damaged. March 21 Sunland paid the balance owing to Dalibor.Prepare the journal entries to record the following purchase transactions in Blossom Company’s books. Blossom uses a perpetual inventory system. Mar. 12 Blossom purchased $23,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. 13 The correct company paid freight costs of $175. 14 Blossom returned $2,700 of the merchandise purchased on March 12 because it was damaged. 21 Blossom paid the balance owing to Dalibor.Use the perpetual system only for these transactions, show journal entries to record the following. Use narrations. May 15 Homes Ltd sold $4000 of merchandise on credit to SR Holdings Ltd, terms 2/10, n30. The cost of merchandise to Homes Ltd from its supplier was $2500. May 16 it is agreed to give to the customer from May 15 sale, a sales allowance of $500 for damage to the goods occurred during delivery to the customer May 24 SR Holdings Ltd paid to Homes Ltd the amount due, after the allowance was given
- Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $26,900 and credit terms of 2/10, n/60. The merchandise had cost Mesa $18,346. Santa Fe paid within the discount period. Assume that both buyer and seller use a perpetual inventory system. 1. Prepare the entries that Mesa should record for the above transactions. Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $26,900 and credit terms of 2/10, n/60. The merchandise had cost Mesa $18,346. Santa Fe paid within the discount period. 2. Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 8% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Use 365 days a year. Do not round intermediate calculations.)Use the perpetual system only for these transactions, show journal entries to record the following: May 15 Homes Ltd sold $4000 of merchandise on credit to SR Holdings Ltd, terms 2/10, n30. The cost of merchandise to Homes Ltd from its supplier was $2500. May 16 it is agreed to give to the customer from May 15 sale, a sales allowance of $500 for damage to the goods occurred during delivery to the customer May 24 SR Holdings Ltd paid to Homes Ltd the amount due, after the allowance was givenOn June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Sunland Company. (If no entry is required, select "No Entry" for the account titles and enter 0 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.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a…
- Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Blossom Company's books. Blossom uses a perpetual inventory system. Mar. 12 13 14 21 Blossom purchased $20,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. The correct company paid freight costs of $175. Blossom returned $3,100 of the merchandise purchased on March 12 because it was damaged. Blossom paid the balance owing to Dalibor. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Wildhorse pays the freight costs of $590 on June 11. Damaged goods totaling $350 are returned to Novak for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system. how do i prepare a entrie transaction for the items that i have attached?HOW DO I PREPARE A TRANSACTION CHART? On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Wildhorse pays the freight costs of $590 on June 11. Damaged goods totaling $350 are returned to Novak for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system.
