1. On June 10, Krabby burger Shack purchased $6,000 of merchandise from Chum Bucket FOB shipping point, terms 2/10, n/30. Krabby burger Shack pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Chum Bucket for credit on June 12. On June 19, Krabby burger pays Chum Bucket in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries for each transaction on the books of Krabby burger Shack. (b) Prepare separate entries for each transaction for Chum Bucket.The merchandise purchased by Krabby burger Shack on June 10 had cost Bristol $3,000.

1. On June 10, Krabby burger Shack purchased $6,000 of merchandise from Chum Bucket FOB shipping point, terms 2/10, n/30. Krabby burger Shack pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Chum Bucket for credit on June 12. On June 19, Krabby burger pays Chum Bucket in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries for each transaction on the books of Krabby burger Shack. (b) Prepare separate entries for each transaction for Chum Bucket.The merchandise purchased by Krabby burger Shack on June 10 had cost Bristol $3,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which is the right answer?
Please see below. I need help with this asap please and thank you.
Marshall Supplies is a janitorial supply store that uses a perpetual inventory system. Journalize the following transactions: July 4 Marshall purchases inventory for sale from Tidy Wholesalers for $8,500 with terms 1/10, n/30. 5 Marshall pays Express Transfer $45 for freight on the July 4 order. 7 Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30. 13 Marshall pays Tidy Wholesalers the balance due on both invoices. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank. July 4 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 5 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 7 fill in the blank 14 fill in the blank 15 fill in the blank 17 fill in the blank 18 13 fill in the blank 20 fill in the blank 21 fill in the blank 23 fill in the blank 24 6.…
Mayfair Company completed the following transactions and uses a perpetual Inventory system. June 4 Sold $2,700 of merchandise on credit (that had cost $1,600) to Natara Morris, terms n/15. June 5 Sold $30,000 of merchandise (that had cost $18,000) to customers who used their Zisa cards. Zisa charges a 14 fee. June 6 Sold $21,000 of merchandise (that had cost $12,600) to customers who used their Access cards. Access charges a 3% fee. June 8 Sold $18,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $2,160 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet Sold $2,700 of merchandise on credit to Natara Morris, terms n/15. Note:…
Record the transactions on the books of marigold corporation.
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n∕15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee’s account was from a credit sale last year. 18 Received Morris’s check in full payment for the June 4 purchase. Required Prepare journal entries to record the preceding transactions and events.
Prepare the journal entries to record the following purchase transactions in Blossom Company’s books. Blossom uses a perpetual inventory system. Mar. 12 Blossom purchased $23,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. 13 The correct company paid freight costs of $175. 14 Blossom returned $2,700 of the merchandise purchased on March 12 because it was damaged. 21 Blossom paid the balance owing to Dalibor.
Prepare the journal entry of the following merchandise transactions using periodic inventory system: Note: All cash disbursements are made through checks. Jan. 20 Purchased the following merchandise from Santillan Wholesaler: • 3,000 bottles of C2 (cost of P7/bottle) • 3,000 pieces of Piattos (cost of P13/piece) • 500 bottles of 1.5L Coca-Cola (cost of P50/bottle) Payment terms: 4/5, n/20 Jan. 25 Sold the following merchandise to Ms. Tupas: • 120 bottles of C2 (sales price of P13/bottle) • 10 bottles of 1.5L Coca-Cola (sales price of P75/bottle) Payment terms: 3/10, n/30 Jan. 27 Transacted over the counter with Ysabel Merchandise for office supplies inventory purchase, P10,000. Asset method will be used. Jan. 28 Paid Santillan Wholesaler in full. Jan. 29 Paid her assistant for 12 days of work Jan. 30 Sold 100 pieces of Piattos to Mrs. Agtay to be used in her birthday celebration. Dizon charged her at cost plus 60% markup. Payment terms: COD Jan. 30 Partially paid Southbound Computer…
On June 1, Able Company sold merchandise in the amount of $6,000 to Maya's, with credit terms of 2/10, n/30. The cost of the items sold is $5,000. Able uses the perpetual inventory system. The journal entry or entries that Able will make on June 1 is: June 9th entry when Maya pays for her merchandise If June 9th never happened, and Maya paid on June 20th, What is the journal entry? Fido Company had sales of $200,000, sales discounts of $5,000, and sales returns of $4,800. Fido Company's net sales equals
Complete all requiremnts in pic
Karan
Vishu