FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Create general journal entries.arrow_forwardBill Blumberg owns an auto parts business called bill's auto parts. the following transactions took place during july of the current year. july 5 purchased merchandise on account from Wheeler Warehouse, $4,300 july 8 paid freight charge on merchandise purchased, $230 july 12 sold merchandise on account to Big Time Spoiler, $3,500. the merchandise cost $2,500 july 15 received a credit memo from wheeler warehouse for merchandise $670 july 22 issued a credit memo to big time spoiler from merchandise returned $820. the cost of the merchandise is $550 1. JOURNALIZE THE ABOVE TRANSACTION IN A GENERAL JOURNAL USING THE PERPETUAL INVENTORY METHODarrow_forwardABC Company is a merchandising firm. On June 3, the company sells, on account, merchandise for $2,200, credit terms 2/10, n/30. The cost of merchandise sold is $1,200. On June 8, ABC Company collects the amount due from June 3 sale. Which of the following is correct regarding the journal entry to record the transaction on June 8:arrow_forward
- en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7arrow_forwardDebbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 314 for July rent, $1,400. 1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211, $2,500, terms 2/10, n/30. 3 Purchased merchandise on account from Jones & Company, Invoice No. 812, $2,800, terms 1/10, n/30. 5 Returned merchandise purchased from Topper’s Toys receiving a credit memo on the amount owed, $400. 8 Purchased merchandise on account from Downtown Merchants, Invoice No. 159, $1,600, terms 2/10, n/30. 11 Issued Check No. 315 to Topper’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 316 to Jones & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Downtown Merchants receiving a credit memo on the amount owed, $600. 18 Issued…arrow_forwardRecord the transactions on the books of marigold corporation.arrow_forward
- Entries for uncollectible receivables, using allowance method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24. Sold merchandise on account to Old Town Cafe, $11,000. The cost of goods sold was $7,900. Sept. 30. Received $2,200 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $8,800 cash in full payment. If an amount box does not require an entry, leave it blank. May 24-sale May 24-cost Sept. 30 Dec. 7-reinstate Dec. 7-collection 17 00 00 000 00 00 00 00 00 00 00arrow_forwardPlease help mearrow_forwardMay 24 Sold merchandise on account to Old Town Cafe, $36,010. The cost of goods sold was $22,050. Sept 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash ir full payment. Dec. 7 Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivablesarrow_forward
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