Exercises Saved hard Company (buyer) and Schmidt, Inc. (seller), engaged in the following transactions during February 20X1: hard Company TE X1 10 Purchased merchandise for $6,800 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30. 13 Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $380 that was returned; the purchased on Invoice 1980, dated February 10. TRANSACTIONS 19 Paid amount du

Presented below are transactions related to Bramble, Inc. May 10 (a) 11 19 24 Purchased goods billed at $15,200 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $11,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $12,300 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)

Subject: acounting

10 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. Solution Debit Credit Date Accounts and Explanation

Information related to Blossom Co. is presented below. On April 5, purchased merchandise from Mockingbird Company for $22,200 terms 2/10, net/30, FOB shipping point. 1. 2. On April 6 paid freight costs of $720 on merchandise purchased from Mockingbird. 3. On April 7, purchased equipment on account for $31,200. 4. 5. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $5,200 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full. (a) Prepare the journal entries to record these transactions on the books of Blossom Co. under a perpetual inventory system. (Cre account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O fo the amounts.) Date Account Titles and Explanation Debit Credit

July 1 Purchased merchandise from Zhang Company for $7,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Knight Company for $1,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $960. July 3 Paid $405 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $1,900 for $3,100 cash. July 9 Purchased merchandise from Taylor Company for $2,900 under credit terms of 2/15, n/60, FOB destination, invoice dated July July 11 Returned $600 of merchandise purchased on July 9 from Taylor Company and debited its account payable for that amount. July 12 Received the balance due from Knight Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Zhang Company within the discount period. July 19 Sold merchandise that cost $1,800 to Wright Company for $2,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated…

Subject: accounting

Transactions for buyer and seller Shore Co. sold merchandise to Blue Star Co. on account, $110,800, terms FOB shipping point, n/30. The cost of the goods sold is $66,480. Shore paid freight of $1,900. Shore Co, issued a credit memo for $7,900 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box does not require an entry, leave it blank. Sale Credit Memo Payment C

July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July sukrale cab the th 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB…

Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system)      Accounts Payable........................      25,000                Purchase Discounts.............................750                Merchandise Inventory........................24,250   Accounts Payable............................25,000                Merchandise Inventory......................... 750                Cash....................................................24,250   Accounts Payable.................................  25,000  Merchandise Inventory.............................. 750                               Cash....................................  5,750   Accounts Payable............................... 25,000           Merchandise Inventory............................25,000