Take me to the text JP Supermarkets bought $2,890 worth of groceries on account from a produce supplier on February 5, 2022. On February 6, JP's bookkeeper was informed that $270 worth of tomatoes was substandard and returned to the supplier. Prepare the journal entry to record the purchase return using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry for JP Supermarkets on February 6. Account Title and Explanation Debit Credit Date 2022 Feb 6 To record the purchase return

Take me to the text JP Supermarkets bought $2,890 worth of groceries on account from a produce supplier on February 5, 2022. On February 6, JP's bookkeeper was informed that $270 worth of tomatoes was substandard and returned to the supplier. Prepare the journal entry to record the purchase return using the perpetual inventory system. Do not enter dollar signs or commas in the input boxes. Required Prepare the journal entry for JP Supermarkets on February 6. Account Title and Explanation Debit Credit Date 2022 Feb 6 To record the purchase return

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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APPLYING THE CONCEPTS: Purchases and sales in action This is a list of purchases and sales transactions that occurred in the month of November. Correctlyjournalize these transactions below. Use Smart Entry when dropdowns are not available. Forcompound entries, if amount box does not require an entry, leave it blank. If required, round to the nearest cent. November 1 Purchased inventory on account with credit terms 2/10, n/30, $4900. November 2 Paid freight-in costs FOB shipping point, $200. November 6 Returned part of inventory purchased on 11/1 for a credit, $980. November 8 Sold inventory on credit, terms 2/10, n/30, $3600. November 10 Paid one half of the amount due for the purchase on 11/1. November 15 Accepted return of part of inventory sold on 11/8 for credit, $720. November 16 Paid the remaining balance of the amount due for the purchase on 11/1. November 17 Collected in full for the sale on 11/8.
Prepare the journal entries to record the following transactions on Carla Vista Company’s books using a perpetual inventory system. (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.) (a) On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565,700. (b) On March 6, Tamarisk Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. (c) On March 12, Carla Vista Company received the balance due from Tamarisk Company.
Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) (Click the icon to view the transactions.) Date 2024 Oct. Oct. 1 Post. Accounts Merchandise Office Supp. Account Credited Terms Ref. Payable CR Inventory DR DR Ball Co. Milly Co. Mor Slip Co. Vendor Oct. 11 Oct. 24 Purchases Journal Purchased merchandise inventory on account with credit terms of 5/10, n/30 from Milly Co., $3,000. Purchased office supplies on account from Ball Co., $650. Terms were n/EOM. Purchased furniture on account with credit terms of 3/10, n/60 from Slip Co., $1,700. Print Done Page 6 Other Accounts DR Account Post. Title Ref. Amount
Prepare the journal entries to record the following transactions on Blossom Company's books using 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.) (a) On March 2, Kingbird Company sold $889.200 of merchandise to Blossom Company on account, terms 2/10, n/30. The cost of the merchandise sold was $573,500. (b) On March 6. Blossom Company returned $111,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $67.400. (c) On March 12, Kingbird Company received the balance due from Blossom Company. Date Account Titles and Explanation Debit Credit > >
Stylon Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $2,900, receiving a credit memo. a. Journalize Stylon’s entry to record the purchase. If an amount box does not require an entry, leave it blank. b. Journalize Stylon’s entry to record the merchandise return. If an amount box does not require an entry, leave it blank. c. Journalize Stylon’s entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank. d. Journalize Stylon’s entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Stylon Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $3,200, receiving a credit memo. a. Journalize Stylon's entry to record the purchase. If an amount box does not require an entry, leave it blank. Inventory v Accounts Payable v X Feedback b. Journalize Stylon's entry to record the merchandise return. If an amount box does not require an entry, leave it blank. Accounts Payable Inventory v Feedback c. Journalize Stylon's entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank. 88 Accounts Payable Cash v Feedback d. Journalize Stylon's entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Accounts Payable v
im struggling with this question Prepare the journal entries to record the following sales transactions in Monty Corp.’s books. Monty uses a perpetual inventory system. (List all debit entries before credit entries. 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 0 for the amounts.) Jan. 2 Monty sold $44,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $24,640. Monty expected a return rate of 15%. 5 The appropriate company paid freight costs of $880. 6 Xtra returned $5,600 of the merchandise purchased from Monty on January 2, because it was not needed. The cost of the merchandise returned was $3,136, and it was restored to inventory. 11 Monty received the balance due from Xtra.
Prepare the journal entries to record the following transactions on Wildhorse Co.’s books using a perpetual inventory system. (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.) (a) On March 2, Wildhorse Co. sold $947,600 of merchandise to Sandhill Co., terms 3/10, n/30. The cost of the merchandise sold was $534,200. (b) On March 6, Sandhill Co. returned $105,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,600. (c) On March 12, Wildhorse Co. received the balance due from Sandhill Co.. No. Date Account Titles and Explanation Debit Credit (a) choose a transaction date enter an account title to record sale of merchandise enter a debit amount…
Record the following transactions in the general journal. The company uses perpetual inventory. Eliminate explanations. When completed, upload your file using pdf or doc only to this problem. Nov 1 Purchased merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. 5 Returned $200 of defective merchandise purchased on November 1. 7 Paid cash for the November 1 purchase. 10 Paid $90 cash for transportation cost from the November 1 purchase. 13 Sold merchandise for $1,600 on credit. The cost of the merchandise is $800 16 Granted credit to customer from November 13 transaction. The returned items are priced at $300 and the cost is $130; the items were not damaged and were returned to inventory.
Prepare the journal entries to record the following transactions on Cullumber Company's books using a perpetual inventory system. (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.) (a) On March 2, Cullumber Company sold $890,100 of merchandise to Oriole Company, terms 2/10, n/30. The cost of the merchandise sold was $546,300. On March 6, Oriole Company returned $105,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,600. On March 12, Cullumber Company received the balance due from Oriole Company. (b) (c) No. Date Account Titles and Explanation Debit Credit (a) March 2 + Accounts Receivable 890,100 Sales Revenue 890,100 (To record sale of merchandise) March 2 + Cost of Goods Sold 546,300 Inventory 546,300 (b) March 6 + Sales Returns and Allowances…
Journalize the sales transactions for Fast Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr. 12: Sold computers on account for $8,500 to a customer, terms 1/15, n/60. The cost of the computers is $5,100. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date More Info - X Apr, 12 April 12 Sold computers on account for $8,500 to a customer, terms 1/15, n/60. The cost of the computers is $5,100. 21 Accepted a $3,500 return from a customer from April 12. The computer returned had a cost of $2,100. 26 Received payment from the customer on balance due. Choose from any list or ent 4 parts remaining Print Done Check Answer
Prepare the journal entries to record the following transactions on Skysong, Inc.'s books using a perpetual inventory system. On March 2, Riverbed Company sold $932,000 of merchandise on account to Skysong, Inc., terms 3/10, n/30. The cost of the merchandise sold was $592,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation I eTextbook and Media List of Accounts norcal_archives_20....zip On March 6, Skysong, Inc. returned $93,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,200. (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.) A Debit QCA 5.docx Credit response essay.docx N