Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,490 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $460 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9. Mar. 20 Letter Depot sells $7,540 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,830. Shipping charges are an extra $420 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Mar. 9 Mar. 20 Sale on credit Mar. 20 Cost of sale Mar. 20 Shipping charges
Q: arch 1, amounted to P23,000, and P28,000 at the end of the month. *Required: Record the…
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: hat is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller…
A:
Q: On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The…
A: We have the following information: For (a) Monroe Sales sells $9,525 on account to Garrison Brewer…
Q: Record the transactions made for the month of March 2020
A: Hey there since you have posted multiple questions , we can answer only question, please re-submit…
Q: Review the following transactions for Dish Mart and record any required journal entries. Note that…
A: Journal: Recording of a business transactions in a chronological order. Entries: Workings: Total…
Q: Review the following situations and record any necessary journal entries for Mequon's Boutique. May…
A: Journal: Recording of a business transactions in a chronological order.
Q: Prepare journal entries to record the following transactions for a retail store: March 2 Purchased…
A: Journal entry is a primary entry that records the financial transactions initially.
Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…
A: Purchase Journal A customized journal used by businesses to track all credit purchases is called a…
Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and…
A: Special Journal: Special journals are used to record similar kind of transactions to expedite…
Q: On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30,…
A:
Q: On March 15, Monroe Sales sells $9,525 on account to Garrison Brewer with terms of 2/10, n/30. The…
A: Journal: Recording of business transactions in a chronological order.
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and…
A: The cash receipts Journal is an accounting journal which is prepared by the business to keep the…
Q: Customer refunds, allowances, and re On February 18, Silverman Enterprises sold $24,000 of…
A: Accounts receivables: Accounts receivables are considered as current asset of the company that…
Q: Review the following situations and record any necessary journal entries for Mequon's Boutique. May…
A: journal entries for Mequons Boutique May 10 Purchases A/c Dr…
Q: On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 1/10, n/30.…
A: Calculation of sale discounts =( Sale - Sales returns and allowances) * Rate = $9,525-$125 =$9,400…
Q: Prepare journal entries for the following transactions for both the seller (BMX) and buyer (Sanuk).…
A: The journals in the books of BMX Seller In the Books of BMX (Seller) Journal Entries Date…
Q: Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.Sydney…
A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $56,900, terms…
A: Req-a Transaction General Journal Debit Credit (1) Accounts Receivable $56,900…
Q: On February 3, Smart Company sold merchandise in the amount of $5,800 to Kennedy Company, with…
A: Amount received = Invoice amount - Discount amount where, Discount amount = Invoice amount x…
Q: Prepare journal entries to record the following transactions for a retail store, The company uses a…
A: solution: concept credit terms 2/15 ,n/60 means if the payment is made within 15 days discount of 2…
Q: Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments…
A: A purchases journal is a specialized type of accounting log that keeps track of orders made by a…
Q: Review the following situations and record any necessary journal entries for Mequon’s Boutique May…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: Journal Entry is the basic book of accounts that used to record the transactions immediately after…
Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…
A: Purchase Journal - Purchase Journal is a form of table used to record all the purchases made on…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: review the following situations and record any necessary journal entries for Mequon's Boutique. May…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: Discount = (Sales - sales return) x discount rate = (24500-1500) x 3% = $690
Q: Show Me How Purchase-Related T The Stationery Company purchased merchandise on account from a…
A: The terms of the discount are 2/10, n/30. 2/10 means that the buyer will get a discount of 2% if…
Q: Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments…
A: Purchase journal: The purchases journal is a special journal used to record all purchases of…
Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: ydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May…
A: Journal entry is a primary record in which all the transactions of the business are initially…
Q: Review the following situations and record any necessary journal entries for Mequon’s Boutique. May…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments…
A: Sales Journal - Sales Journal is a table that only includes sales related transactions and cost of…
Q: On September 12, Ryan Company sold merchandise in the amount of $8,000 to Johnson Company, with…
A: Ryan company is using net method of accounting. The entry at the time of receipt of payment will be:…
Q: ing transactions in special journals.
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: Prepare journal entries for the following credit card sales transactions (the company uses the…
A: Solution: Introduction: A Perpetual Inventory system is a system which is automatically recorded and…
Q: 9 Borrowed $5,500 by giving a note to the bank. 13 The owner, Dale Trent, invested an additional…
A: A cash receipts journal is a type of accounting journal that is used in an accounting system to…
Q: Sydney accepts delivery of $29,000 of merchandise it purchases for resale from Troy: invoice dated…
A: It is the first step to record the financial transactions that have dual effects ie. a debit and a…
Q: Presented below are the transactions for Mariano Lerin Bookstore for March 2019. Mar. 2 Purchased…
A: Journal entry refers to the recording of business-related transactions on the basis of a…
Q: Required: Record the following transactions of Fashion Park in a general journal, Fashion Park must…
A: Answer - Working Note - 1. Sold merchandise for cash $2540 plus sales tax. Sales revenue = $2540…
Q: Record the following transactions for Brook’s Floor and Tile Supply in general journal form.
A: Please see the step 2 for journal:-
Q: Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9…
A: Journal: Recording of a business transactions in a chronological order.
Q: On October 1, Jerry's Lighting purchased merchandise with a list price of $8,700 with credit terms…
A: Total amount paid = Net Purchase - discount amount where, Net Purchase = list price - purchase…
Q: record any necessary journal entries for Mary’s Hat Shop April 10 Mary's Hat Shop purchases $2500…
A: Perpetual Inventory System: It is the inventory management system in which inventory or transaction…
Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and…
A: Cash receipt journal only records the cash transactions of the company.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- 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.Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.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 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.Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, 1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid 93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, 135.78.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.
- Shirleys Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Shirleys Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 3Bought 30 Mango Bath and Shower Gels from Madden, Inc., 660, invoice no. 3487, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 125.43 (total 785.43). 4Bought ten Beauty Candle Travel Sets from Calhoun Candles, Inc., 420, invoice no. 4513, dated January 1; terms net 45; FOB destination. 12Sold four Mango Bath and Shower Gels on account to R. Kielman, sales slip no. 1456, 120, plus sales tax of 9.60, total 129.60. 13Received credit memo no. 8715 from Calhoun Candles, Inc., for merchandise returned, 84. 21Bought five Winter Skin Essentials Kits from Whitney and Waters, 197.50, invoice no. A875, dated January 18; terms 2/15, n/45; FOB destination. 25Sold three Winter Skin Essentials on account to A. Benner, sales slip no. 1457, 135.75, plus sales tax of 10.86, total 146.61. 27Issued credit memo no. 33 to A. Benner for merchandise returned, 45.25 plus 3.62 sales tax, total 48.87. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: A. Benner, 45.77; R. Kielman, 175.39. 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, open the following accounts in the accounts payable ledger and record the balances as of January 1: Calhoun Candles, Inc., 355.23; Madden, Inc., 573.15; Whitney and Waters, 50.25. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 221.16; Accounts Payable 212 controlling account, 978.63; Sales Tax Payable 214, 128.45. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 25. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?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.
- Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a periodic inventory system?A customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldMays Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Mays Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 2Bought nine Matte Nail Color Kits from Mejia, Inc., 450, invoice no. 4521, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 87.50 (total 537.50). 5Bought 30 Perfume Cocktail Rings from Braun, Inc., 1,200, invoice no. 37A, dated January 3; terms 2/10, n/30; FOB destination. 8Sold two Matte Nail Color Kits on account to J. Herbert, sales slip no. 113, 110, plus sales tax of 8.80, total 118.80. 11Received credit memo no. 455 from Braun, Inc., for merchandise returned, 315.25. 18Bought 15 Eye Palettes from Vargas, Inc., 660, invoice no. 910, dated January 14; terms net 30; FOB destination. 23Sold four Eye Palettes on account to T. Cantrell, sales slip no. 114, 200, plus sales tax of 16, total 216. 26Issued credit memo no. 12 to T. Cantrell for merchandise returned, 50 plus 4 sales tax, total 54. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: T. Cantrell, 86.99; J. Hebert, 63.47. 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, open the following accounts in the accounts payable ledger and record the balances as of January 1: Braun, Inc., 513.20; Mejia, Inc., 113.40; Vargas, Inc., 67.15. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 150.46; Accounts Payable 212 controlling account, 693.75; Sales Tax Payable 214, 237.89. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 17. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.