Information related to Swifty Co. is presented below. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.

Information related to Swifty Co. is presented below. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10, net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 9E: Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens...

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Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.
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.
Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
Information related to Splish Brothers Inc. is presented below. rch On April 5, purchased merchandise on account from Sheffield Company for $26,400, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $930 on merchandise purchased from Sheffield. On April 7, purchased equipment on account for $41,900. On April 8, returned damaged merchandise to Sheffield Company and was granted a $4,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sheffield Company in full. 1. 2. 3. 4. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. under a perpetual inventory system. (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.) No. 1. 2. Date Account Titles and Explanation norcal_archives_20....zip O i Ei W QCA 5.docx C ((( W response essay.docx Debit < 76°F_^ Credit
Information related to Sheffield Co. is presented below. On April 5, purchased merchandise on account from Skysong Company for $ 29,500, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $ 960 on merchandise purchased from Skysong. On April 7, purchased equipment on account for $ 45,200. 1. 2. 3. On April 8, returned damaged merchandise to Skysong Company and was granted a $ 5,800 credit for returned merchandise. On April 15, paid the amount due to Skysong Company in full. 4. 5. Prepare the journal entries to record these transactions on the books of Sheffield Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credi 1. 3. > > 2. 4. 5.
Information related to Blossom Co. is presented below. On April 5, purchased merchandise from Mockingbird Company for $22,200 terms 2/10, net/30, FOB shipping point. 1. 2. On April 6 paid freight costs of $720 on merchandise purchased from Mockingbird. 3. On April 7, purchased equipment on account for $31,200. 4. 5. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $5,200 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full. (a) Prepare the journal entries to record these transactions on the books of Blossom Co. under a perpetual inventory system. (Cre account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O fo the amounts.) Date Account Titles and Explanation Debit Credit
Information related to Riverbed Co. is presented below. 1. On April 5, purchased merchandise on account from Tamarisk Company for $36,000, terms 3/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $920 on merchandise purchased from Tamarisk. 3. On April 7, purchased equipment on account for $30,500. 4. On April 8, returned damaged merchandise to Tamarisk Company and was granted a $4,200 credit for returned merchandise. 5. On April 15, paid the amount due to Tamarisk Company in full.
This information relates to Sheridan Supply Co. 1. 2. 3. 4. 5. On April 5 purchased merchandise from Acme Wholesale Company for $25,000, terms 2/10, n/10. On April 6 paid freight costs of $1,000 on merchandise purchased from Acme Wholesale. On April 7 purchased equipment on account for $27,000. On April 8 returned some of April 5 merchandise to Acme Wholesale which cost $2,100. On April 15 paid the amount due to Acme Wholesale in full.
This information relates to Kingbird Co. 1. On April 5, purchased merchandise from Blossom Company for $25,000, terms 2/10, n/30. 2. On April 6, paid freight costs of $500 on merchandise purchased from Blossom. 3. On April 7, purchased equipment on account for $30,000. 4. On April 8, returned $3,500 of April 5 merchandise to Blossom Company. 5. On April 15, paid the amount due to Blossom Company in full. (a)Prepare the journal entries to record the transactions listed above on Kingbird Co.’s books. Kingbird Co. uses 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.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title enter a debit amount enter a credit amount…
Information related to Blossom Company is presented below. On April 5, purchased merchandise on account from Swifty Company for $27,900, terms 3/10, net/30, FOB shipping point. On April 6, paid freight costs of $400 on merchandise purchased from Swifty. On April 7, purchased equipment on account for $30,500. On April 8, returned $3,800 of merchandise to Swifty Company. On April 15, paid the amount due to Swifty Company in full. 1. 2 3. 4. 5. Prepare the journal entries to record these transactions on the books of Blossom Company under a perpetual inventory system. (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.) Date Account Titles and Explanation No. 1. N 2. 3. 4. 5. Debit Credit
This information relates to Larkspur Co. 1. On April 5, purchased merchandise from Crane Company for $26,800, terms 2/10, n/30. 2. On April 6, paid freight costs of $620 on merchandise purchased from Crane. 3. On April 7, purchased equipment on account for $34,400. 4. On April 8, returned $4,900 of April 5 merchandise to Crane Company. 5. On April 15, paid the amount due to Crane Company in full. (a)Prepare the journal entries to record the transactions listed above on Larkspur Co.’s books. Larkspur Co. uses 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.) 1. enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount 2. enter an account title enter a debit amount enter a credit…