Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetualinventory system. During September, these transactions occurred.Sept. 6Purchased calculators from Dragoo Co. at a total cost of $1,600, on account, terms n/30 FOB shipping point.9Paid freight of $50 on calculators purchased from Dragoo Co.10Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications.12Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30.1420Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34.Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30.Journalize the September transactions for Office Depot. (Credit account titles are automatically indented when amount is entered. Do notindent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the orderpresented in the problem.)

Step 1:Journal Entries as follows ; DateAccount titles and…

Answered: Assume that on September 1, Office…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 2PA: Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on...

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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.
Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.
Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.
Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 9 10 12 14 20 Purchased calculators from Carla Vista Co. at a total cost of $1,800, on account, terms n/30. Paid freight of $50 on calculators purchased from Carla Vista Co. Returned calculators to Carla Vista Co. for $51 credit because they did not meet specifications. Sold calculators costing $460 for $670 to Fryer Book Store, on account, terms n/30. Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $28. Sold calculators costing $560 for $780 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions. (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…
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Oriole Co. at a total cost of $1,770, terms n/30. 9. Paid freight of S60 on calculators purchased from Oriole Co. Returned calculators to Oriole Co. for $69 credit because they did not meet specifications. Sold calculators costing $500 for $750 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $30 Sold calculators costing $700 for $890 to Heasley Card Shop, terms n/30. 10 12 14 20 Journalize the September transactions. (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…
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Pharoah Co. at a total cost of $1,700, terms n/30. 9 Paid freight of $60 on calculators purchased from Pharoah Co. 10 Returned calculators to Pharoah Co. for $63 credit because they did not meet specifications. 12 Sold calculators costing $450 for $610 to Fryer Book Store, terms n/30. 14 Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $22. 20 Sold calculators costing $650 for $850 to Heasley Card Shop, terms n/30. Journalize the September transactions. (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…
Current Attempt in Progress Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. Purchased calculators from Dragoo Co. at a total cost of $1,580, on account, terms n/30 FOB shipping point. 6. Paid freight of $49 on calculators purchased from Dragoo Co. Returned calculators to Dragoo Co. for $62 credit because they did not meet specifications. Sold calculators costing $480 for $680 to Fryer Book Store, on account, terms n/30. Granted credit of $46 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $36. 10 12 14 20 Sold calculators costing $560 for $800 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions for Office Depot. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Blossom Co. at a total cost of $1,600, terms n/30. 9 Paid freight of $40 on calculators purchased from Blossom Co. 10 Returned calculators to Blossom Co. for $50 credit because they did not meet specifications. 12 Sold calculators costing $450 for $600 to Fryer Book Store, terms n/30. 14 Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $25. 20 Sold calculators costing $500 for $650 to Heasley Card Shop, terms n/30. Journalize the September transactions. (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…
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Sunland Co. at a total cost of $1,620, terms n/30. 9 Paid freight of $50 on calculators purchased from Sunland Co. 10 Returned calculators to Sunland Co. for $59 credit because they did not meet specifications. 12 Sold calculators costing $470 for $720 to Fryer Book Store, terms n/30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $31. 20 Sold calculators costing $530 for $770 to Heasley Card Shop, terms n/30. Journalize the September transactions. (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…
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Sandhill Co. at a total cost of $1,680, terms n/30. 9 Paid freight of $50 on calculators purchased from Sandhill Co. 10 Returned calculators to Sandhill Co. for $51 credit because they did not meet specifications. 12 Sold calculators costing $460 for $640 to Fryer Book Store, terms n/30. 14 Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $29. 20 Sold calculators costing $500 for $720 to Heasley Card Shop, terms n/30. Journalize the September transactions. (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…

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