Exercise 5-2 Recording journal entries for merchandise purchase transactions-perpetual Journalize each of the following transactions assuming a perpetual inventory system.   Feb. 1. Purchased $17,100 of merchandise inventory; terms 2/10, n/30. Purchased for cash $8,300 of merchandise inventory. Purchased $22,100 of merchandise inventory; terms 3/15, n/45    Purchased $1,950 of office supplies; terms n/15.       10.Contacted a major supplier to place an order for $210,000 of merchandise in     exchange for a 25% trade discount to be shipped on April 1 FOB destination. Paid for the merchandise purchased on February 1. Paid for the office supplies purchased on February 9 Mar. 23. Paid for the February 6 purchase.

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Practice Quiz Retail Transactions       ABC Co. began operations on January 1. Please prepare journal entries, where appropriate, for the following transactions during January.   Jan 2    Purchased $8,000 merchandise, 2/10, n/30. FOB Shipping Point   Jan 4    The responsible party paid the freight bill of $75   Jan 8    Returned $600 of merchandise purchased on Jan 2 receiving credit memo   Jan 12  Paid amount owed for January 2   Jan 14  Sold $4,000 of merchandise, 1/10, n/30, FOB Destination. Cost of the merchandise was $1,500   Jan 16  The responsible party paid the freight bill of $50   Jan 24  Collected amount owed from January 14   Jan 29  Sold $2,000 of merchandise, n/30, FOB Shipping Point. Cost of the merchandise was $750   Jan 31  The responsible party paid the freight bill of $50       Prepare a multi-step Income Statement for the month of January using the above information and the additional information below:   Sales Salaries   $800                    Property Taxes…

Ex 7-10 (Immediate Accounting I 16# textbook) Assume that the business below maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the FIFO method. Jan. 1                    Inventory         4,000 units at $20 April 19                Sale                  2,500 units June 30                 Purchase         6,000 units at $24 Sept. 2                  Sale                 4,500 units Nov. 15               Purchase           1,000 units at $25

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Transactions Aug. 1 Aug. 3 Aug. 12 Beginning merchandise inventory, 17 books $21 each Sold 5 books @ $25 each Purchased 12 books @ $23 each Aug. 15 Sold 15 books @ $25 each Aug. 20 Purchased 3 books @ $26 each Aug. 28 Sold 8 books @ $26 each Print Done Х ... b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Aug. 1 3 12 15 20 20 Totals 28 Requirements a.…

Problem 10 Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 2/10, n/30. l notb Required: dtbedeldetes e Using the net method of recording purchases, complete the following: 1. Record the purchase of the inventory. (bool 2. Record the payment of the invoice within the discount period. 3. Record the payment of the invoice after the discount period.

Problem #4 Journalizing Merchandising Transactions Janet Matuguinas Trading Company engaged in the following transactions in October: Sold merchandise on credit to Lacson Co., terms n/30, FOB shipping point, P30,000 Purchased merchandise.on credit from Orcajada Co., terms n/30, FOB shipping point, P60,000. Paid Mendoza Co. for shipping charges on merchandise purchased on Oct. 8, P2,5,40. Purchased merchandise on credit from Ortiz Co., terms n/30, FOB shipping, P90,000. Freight prepaid by Ortiz, P6,000. Purchased office supplies on credit from Dedumo Co., terms n/10, P24,000. Oct. 7 8 10 13 14 Sold merchandise on credit to Tagum Co., terms n/30, FOB shipping, P24,000. Returned damaged merchandise received from Orcajada Co. on Oct. 8 for credit, P6,000. Received check payment from Lacson Co. for his purchase on Oct. 7. Returned a portion of the office supplies received on Oct. 13 for credit, P4,000. 14 17 18 19 Sold merchandise for cash, P18,000. Paid Ortiz Co. for purchase of Oct. 10.…

Purchase-related transactions using perpetual inventory systemThe following selected transactions were completed by Niles Co. duringMarch of the current year:   Instructionsjournalize the entries to record the transactions of Niles Co. for March