Stub stubby consigned $3, 000, 000 worth of merchandise to sell on January 1, 2010. Stub Stubby paid the transportation charges and agreed to pay commission to Sell Selly at a rate of 10%. The mark up is 50% on cost. Sell Selly had 20% of the inventory on hand at December 31 2010. Record all the entries on the books of both the consignee and Consignor
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Stub stubby consigned $3, 000, 000 worth of merchandise to sell on January 1, 2010. Stub Stubby paid the transportation charges and agreed to pay commission to Sell Selly at a rate of 10%. The mark up is 50% on cost. Sell Selly had 20% of the inventory on hand at December 31 2010. Record all the entries on the books of both the consignee and Consignor
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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.Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Stub stubby consigned $3,000,000 worth of merchandise to sell on January 1, 2010. Stub Stubby paid the transportation charges and agreed to pay commission to Sell Selly at a rate of 10% . The mark up is 50% on cost. Sell Selly had 20% of the inventory on hand at December 31 2010. Record all the entries on the books of both the consignee and Consignor
- Sandhill Corporation uses the perpetual inventory system and began business on April 1. During the month Sandhill made inventory purchases of $83,900 on terms of 2/10, n/30. Sandhill returned $4,200 worth of goods during the month. Sandhill made all payments in time to take advantage of the offered cash discounts during the month. Sandhill sold inventory on account with a value of $71,900 and a markup of 30% on the cost. These were the only inventory transactions during the month. Leo uses the gross method in accounting for cash discounts. Prepare the journal entries related to: (a) Prepare the journal entry related to the purchase of goods. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Save for Later (b) Debit Credit Attempts: 0 of 1 used Submit AnswerWellgrow Company purchased merchandise for $5,000, terms 2/10 n/30 on February 19. The supplier paid $200 freight and sent Wellgrow an invoice for the merchandise of $5,000 plus the freight charge of $200. Wellgrow uses the perpetual inventory system. On February 23, Wellgrow returned $700 of the merchandise. On February 26, Wellgrow paid the amount owing. On February 28, Wellgrow sold merchandise to AAA Company for $3,000. Wellgrow's cost was $2,200 Required: Journalize the above transactions.Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire & Sons.
- ABC Corporation sold merchandise worth $10,000 on credit with payment terms of 60 days. The cost of the merchandise sold was $6,000. The company uses the perpetual inventory system. Prepare the journal entries to record the sale and subsequent collection after 40 days.On September 12, Fang Company sold merchandise of $5,800 to Brown Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Fang uses the perpetual inventory system and the net method of accounting for sales. On September 14, Brown returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. Brown pays the invoice on September 18 and takes the appropriate discount. The journal entry that Fang makes on September 18 is: Multiple Choice Account Title Debit Credit Cash 5,800 Accounts Receivable 5,800 Account Title Debit Credit Cash 5,194 Accounts Receivable 5,194 Account Title Debit Credit Cash 5,194 Sales Discounts 106 Accounts Receivable 5,300 Account Title Debit Credit Cash 5,684 Accounts Receivable 5,684 Account Title Debit Credit Cash 5,684 Sales Discounts 116 Accounts Receivable…On March 1, Crunk Company sold merchandise in the amount of $5.800 to Wells Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Crunk uses the perpetual inventory system and the gross method. On July 5, Wells returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Crunk must make on July 5 is: 500 Accounts receivable Sales returns and allowances Sales returns and allowances Accounts receivable Accounts receivable Sales returns and allowances: Cost of goods sold Merchandise inventory Sales returns and allowances Accounts receivable Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 350 & B see 350 500 500 350 500 350 500 350 See 500 350
- On June 1, 2023, AAA Company sold merchandise with an invoice price of 5,000,000 to a customer. The entity allowed trade discounts of 15%, and 10%. Credit terms were 3/10, n/30 and the sale was made FOB destination. AAA Company paid 100,000 of the delivery cost. a. Compute the total amount of purchases to be included on the buyer’s inventory in the determination of cost of goods available for sale if payment was made beyond the discount period. b. What is the full amount received by AAA company if payment was made on June 11, 2023?Crane Corporation uses the perpetual inventory system and began business on April 1. During the month Crane made inventory purchases of $84,200 on terms of 3/10, n/30. Crane returned $4,500 worth of goods during the month. Crane made all payments in time to take advantage of the offered cash discounts during the month. Crane sold inventory on account with a value of $72,200 and a markup of 30% on the cost. These were the only inventory transactions during the month. Leo uses the gross method in accounting for cash discounts. Prepare the journal entries related to: (a) Prepare the journal entry related to the purchase of goods. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit CreditJordache Corp. uses a perpetual inventory system and sells merchandise on account to Polo Limited for $2.000 on February 2, terms n/10. Management expects returns of 10%. The goods cost Jordache $800. On February 5, Polo returns merchandise worth $500 to Jordache. This merchandise costs $300 and is still in saleable condition; therefore, it was put back into inventory. On February 9, Jordache receives payment from Polo for the balance due. Identify the journal entry that Jordache needs to record for the sale of the merchandise on February 2. Accounts Receivable Sales Refund Liability Cash Accounts Receivable Accounts Receivable Sales Accounts Receivable Sales 2,000 1,800 1.800 2,000 1,800 200 1,800 1,800 2,000