December 22 Sold merchandise on account, $12,000, with terms 2/10, net 30. The cost of the goods sold was $7,800. December 31 Received payment within the discount period.   Required:   Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.     Chart of Accounts     CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation   LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary   REVENUE 410 Sales   EXPENSES 510 Cost of Merchandise Sold 521 Delivery Expense 522 Advertising Expense 523 Depreciation Expense 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense 560 Miscellaneous Expense 710 Interest Expense     General Journal       Record the journal entries on December 22 and December 31. The company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles.   PAGE 1   JOURNAL     DATE DESCRIPTION POST. REF. DEBIT CREDIT 1           2           3           4           5           6

The following T-accounts are from the ledger of Hall Company. 6,000 O Inventory The accounts indicate that Hall Accounts Payable 6,000 paid its supplier for the inventory at the time of purchase. returned $6,000 of merchandise to a supplier. is entitled to a purchase discount if payment is made within ten days. purchased inventory using credit,

On September 12, Vandelay Company sold merchandise in the amount of $7,800 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,000. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: 4 Multiple Choice O O O Purchases Accounts Receivable Purchases Account Title Purchases Account Title Accounts Receivable Account Title Accounts payable Account Title inventory Merchandise Accounts payable Account Title Accounts payable Merchandise inventory Debit 7,800 Debit 5,000 Debit 7,800 Debit 7,800 Debit 5,000 Credit 7,800 Credit 5,000 Credit 7,800 Credit 7,800 Credit 5,000 hul

Journalize the following transactions for Cox Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. March 5 Sold goods costing $4,200 to Baker Company on account, $7,000, terms 4/10, n/30. March 11 Baker Company was granted an allowance of $350 for returned merchandise that was previously purchased on account. The returned goods are in perfect condition. March 15 Received the amount due from Baker Company. Aa Date Account Title Debit Credit x

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $5,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. April 3 Paid $300 cash for shipping charges on the April 2 purchase. April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $9,700 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $9,700 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 2…

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. August 1 Purchased merchandise with an invoice price of $117,000 and credit terms of 3/10, n/30. August 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet 1 2 Purchased merchandise with an invoice price of $117,000 and credit terms of 3/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01 Record entry Clear entry View genera

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $300 cash for shipping charges on the April 2 purchase. April 3 April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 1 2 3…

December 22 - Dec. 22 Sold merchandise on account, $12,900 with terms 2/10, net 30. The cost of the goods sold was $8,385. Dec. 31 Received payment within the discount period. Required: Journalize the above merchandise transactions. The company uses the perpetual inventory system. Refer to the chart of accounts for the exact wording of account titles. CHART OF ACCOUNTS   General Ledger   ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation   LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary   REVENUE 410 Sales   EXPENSES 510 Cost of Merchandise Sold 521…

The following T-accounts are from the ledger of Hall Company.                 Inventory   Accounts Payable 6,000       6,000                          The accounts indicate that Hall Group of answer choices      paid its supplier for the inventory at the time of purchase.       returned $6,000 of merchandise to a supplier.       is entitled to a purchase discount if payment is made within ten days. purchased inventory using credit,

Journalize the following transactions that occurred in September for Lemon Field, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales using the gross method.) View the transactions. ... Transactions Sep. 3: Purchased merchandise inventory on account from Sidecki Wholesalers, $4,400. Terms 2/15, n/EOM, FOB shipping point. Sep. 3 Date Accounts Debit Credit Sep. 4 Purchased merchandise inventory on account from Sidecki Wholesalers, $4,400. Terms 2/15, n/EOM, FOB shipping point. Paid freight bill of $55 on September 3 purchase. Sep. 3 Sep. 4 Purchase merchandise inventory for cash of $2,000. Sep. 6 Sep. 8 Returned $500 of inventory from September 3 purchase. Sep. 9 Sep. 10 Sep. 12 Sep. 13 Sold merchandise inventory to Duluth Company, $5,600, on account. Terms…