Feb. 5 Bought merchandise on account from Nancy Corporation, invoice no. A552, $752; terms net 30 days; dated January 3; FOB destination. Feb. 21 Bought merchandise on account from Allen Company, invoice no. 8545, $1,524.41; n/30; dated February 19; FOB shipping point, freight prepaid and added to the invoice, $150 (total $1,674.41).

The following merchandise transactions occurred in December. Both cormpanies use a perpetual inventory systerm.Dec.3.Wildhorse Company sold merchandise to Blossom Co. for $40,000, terms 2/10, n/30, FOB destination. This merchandisecost Wildhorse Company $18,000.4The correct company paid freight charges of $800.8Blossom Co. returned unwanted merchandise to Wildhorse. The returned merchandise had a sale price of $2,500 and acost of $990. It was restored to inventory.13Wildhorse Company received the balance due from Blossom Co. Assuming that Blossorm Co. had a balance in Merchandise Inventory on Decerber 1 of $6,000, determine the balance in theMerchandise Inventory account at the end of Decermber for Blossormn Co.

Journal Entries for Merchandise Transactions on Seller's and Buyer's Books- Perpetual System The following transactions occurred between the Decker Company and Mann Stores, Inc., during March: Mar. 8 Decker sold $20,200 worth of merchandise ($15,800 cost) to Mann Stores with terms of 2/10, n/30.   10 Mann Stores paid freight charges on the shipment from Decker Company, $270.   12 Mann Stores returned $1,300 of the merchandise ($870 cost) shipped on March 8.   17 Decker received full payment for the net amount due from the March 8 sale.   20 Mann Stores returned goods that had been billed originally at $700 ($400 cost). Decker issued a check for $686.   Required Prepare the necessary journal entries for (a) the books of Decker Company and (b) the books of Mann Stores, Inc. Assume that both companies use the perpetual inventory system. Sellers journal entries Buyer's journal entries DECKER COMPANY GENERAL JOURNAL Date Description Debit Credit Mar. 8…

Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, n/15. The cost of the goods sold was $28,800.   2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1.   5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000.   9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company.   15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000.   16 Beartooth Co. paid Summit Company for purchase of August 1.   20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise.   31 Beartooth Co. paid Summit Company on…

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The Freight In account is debited for the cost of transportation charges on incoming merchandise intended for resale. Freight costs that apply to non-merchandise assets purchased are added to the asset account that applies. Record the following transaction for Robert Corporation in general journal form. • Nov. 14 Bought merchandise on account from Trexel, Inc., invoice no. A2051, $2,225; terms net 30 days; dated November 13; FOB shipping point, freight prepaid and added to the invoice, $100.50 (total $2,325.50). • Nov. 24 Robert Corporation received credit memo no. 213 from Trexel, Inc., for merchandise returned, $125 If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. DATE Nov. 14 Nov. 24 GENERAL JOURNAL DESCRIPTION Purchased merchandise from Trexel Inc., invoice no. A2051, invoice dated Nov 13, terms n/30. Credit memo no. 213 for return of merchandise. POST. REF. DEBIT CREDIT

Journal entries.

EE 6-5 Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.

Record the following transactions as general journal entries. Use the gross-price method. Aug.   6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1   DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT   1 Aug. 6       fill in the blank 2 fill in the blank 3 1 2         fill in the blank 5 fill in the blank 6 2 3 Aug. 8       fill in the blank 8 fill in the blank 9 3 4         fill in the blank 11 fill in the blank 12 4 5         fill in the blank 14 fill in the blank 15 5 6 Aug. 13       fill in the blank 17 fill in the…

How to journalized  May 1: Paid rent for May, $5,000, May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000.  May 4: Paid freight on purchase of May 3, $600.   May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000  May 7: Received $22,300 cash from Halstad Co. on account    May 10: Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000.   May 13: Paid for merchandise purchased on May 3  May 15: Paid advertising expense for last half of May, $11,000.   May 16: Received cash from sale of May 6.  May 19: Purchased merchandise for cash, $18,700.   May 19: Paid $33,450 to Buttons Co. on account   May 20: Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000. May 20: Sold merchandise on account to…