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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.Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Use the following transaction to answer the all of the questions. A company purchases inventory on credit for $80.000. Inventory costing $30,000 is sold on credit for $40,000. The applicable HST rate is 13% on sales and purchases. HST are remitted at the end of the month. What does the journal entry look like for the purchase of inventory using the periodic inventory system? Credit Purchases $30,000, Credit HST Payable $3,900, Credit, A/P the rest Debit Purchases $30,000, Debit HST Recoverable $3,900, Credit A/P the total of the 2 debits Credit Purchases $80,000, Credit HST Payable $10,400, Credit, A/P the rest Debit Purchases $80,000, Debit HST Recoverable $10,400, Credit, A/P the total of the 2 debits
- Journalize the transaction under the periodic inventory and perpetual inventory system. Show the necessary computation after the journal entry. 1.Co. Purchased merchandise with an invoice cost of 33,600. Terms: 2/10,n/30. FOB Shipping point. 2.Paid in full the amount in no.1 within the Discount period. 3.Co sold merchandise with a total invoice cost of 67,200 for cash. The cost of goods sold is 42000. 3. A customer in no.1 transaction retirned merchandise costing 2,000 because of defective quality. 4.Recieved full payment from customer in no.1 within the discount period 5. Co. Sold merchandise costing 80,000 to a valued customer. The mark up to cost 40%. Terms of the sale:5,3/10,n/30. Freight amounting to 3,000 (FOB Destination) was paid by Co. 6. Co. Received merchandise returned by customer in no. 2 due to defective quality. The total invoice price is 5,000p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1A company that uses the perpetual inventory system purchases inventory for P65,000 on account, with terms of 2/10, n/30. Which of the following is the journal entry to record the payment made within 10 days? O a debit to Merchandise Inventory for P1,300, a debit to Accounts Payable for P65,000 and a credit to Cash for P66,300 O a debit to Accounts payable for P65,000, a credit to Merchandise Inventory for P1.300, and a credit to Cash for P63,700 O a debit to Accounts Payable for P63,700, a debit to Merchandise Inventory for P1,300 and a credit to Cash for P65,000 a debit to Accounts payable for P65.000 and a credit to Cash for P65,000 and a debit to Merchandise Inventory for P1.300
- Travis Company purchased merchandise on account from a supplier for $12,900, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions.On 12th January 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600 for the goods sold. Assume that the customer took 3% discount and record the journal entry for the cash payment of the allowance in the books of seller under periodic inventory system?Travis Company purchased merchandise on account from a supplier for $6,800, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a.
- Assuming a perpetual inventory system, on November, 05 Dollar Store pays cash for purchases bought on November 01 of $1,500 on terms 2/5, n/30, FOB shipping point. The entry to book this transaction is as follows: OA. Dr. Accounts Payable 1,500: Cr. Merchandise Inventory 30; Cr. Cash 1,470 OB. Dr. Merchandise 1,500; Cr. Cash 1,500 OC. Dr. Cash 1,500; Cr. Accounts Payable 30; Cr. Merchandise 1,470 OD. Dr. Accounts Payable 1,500; Cr. Cash 1,500Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.Required: 1. Journalize the transactions under the periodic inventory system 2. Post the journal entries to the ledger using the following account titles: Cash, Accounts receivables, Accounts payable, Sales, Sales discount, Sales returns & allowances, Purchases, Purchase discounts and Purchase returns & allowances. 3. Prepare the Trial Balance as May 31, 2019. Purchased merchandise for P 50,000 on credit, terms 2/10, n/30 Sold merchandise for P 5,000 on credit, terms 2/30, n/30 Returned P 10,000 of the merchandise purchased on May 6 for credit. Paid merchandise purchased dated May 6, less return and discount. Received payment from the customer of May 10 with less discount. Sold merchandise for P 10,000 on credits, term 2/10, n/30. Customer of May 22 returned P 2,000 of merchandise for credit. Purchased merchandise for P 20,000 on credit, terms n/30. May 6 10 12 15 18 22 27 30