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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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JOURNAL Options
Cash recipets
Purchases
Sales
Cash disbursements
General
CR
Sales Returns and allowances
Purchase discounts
Accounts payable
Sales
Cash
CR SALES options
Cost of goods sold
Merchandise inventory
Purhcase discounts
Sales returns and allowances
Cash
Inventory system options
Perpetual or periodic
perpetual
periodic
![Part A:
• Fill in the missing words for the following special journal:
[ Select ]
JOURNAL
Page 27
DR Accounts Receivable
DR Sales
Invoice
Ref.
CR
CR
Date Account
No.
[ Select ]
[ Select ]
This special journal is for a company using the [Select]
v inventory system.
Part B:
• Fill in the missing words for the following special journal:
[ Select ]
JOURNAL
Page 36
Purchase
Purchases
[ Select]
Date Account Order Ref.
[ Select]
No.
CR
This special journal is for a company using the [Select]
inventory system.](https://content.bartleby.com/qna-images/question/fc1e6b37-139f-4794-a8c0-46175994bbf1/4be8ce1c-02e7-4d37-9769-d5cfdfd0f22b/7ydzvhl_thumbnail.png)
Transcribed Image Text:Part A:
• Fill in the missing words for the following special journal:
[ Select ]
JOURNAL
Page 27
DR Accounts Receivable
DR Sales
Invoice
Ref.
CR
CR
Date Account
No.
[ Select ]
[ Select ]
This special journal is for a company using the [Select]
v inventory system.
Part B:
• Fill in the missing words for the following special journal:
[ Select ]
JOURNAL
Page 36
Purchase
Purchases
[ Select]
Date Account Order Ref.
[ Select]
No.
CR
This special journal is for a company using the [Select]
inventory system.
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- Journalize the following transactions for the buyer, Jones Company, using the net method to account for purchase discounts. Assume a perpetual inventory system. October 3 Purchased goods from Grieg Company on account, $8,000, terms 5/10, n/30. October 9 Returned defective merchandise to Grieg Company that was previously purchased on account, $960. October 14 Paid the amount due to Grieg Company. Date Account Title Debit Credit Xarrow_forwardUsing T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. Use a new set of T accounts for each set of transactions. Purchase of merchandise with freight-in. a) Merchandise is purchased on account, $2,800 plus freight charges of $100. Terms of the sale were FOB shipping point. b) Payment is made for the cost of merchandise and the freight charge.arrow_forwardUsing the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On Jun. 1, credit sale (invoice #1) to Green Lantern Inc. (acc #101) for $1,999, for inventory costing…arrow_forward
- Journalize the following merchandise transactions: a. Sold merchandise on account, $21,950 with terms 2/10, n/30. The cost of the merchandise sold was $13,170. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory Cash - Accounts Receivable 21,950 13,170 b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable 21,950 13,170 c. Issued a $1,000 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. 81arrow_forwardPurchases Transactions Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans Company returmed $1,700 of the merchandise and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is credited by Barans Company to record the returm? Merchandise Inventory varrow_forwardOptions are General Sales Purchases Cash receipts Cash Disbursementsarrow_forward
- Photo is the correct answer :)arrow_forwardKate Trading made an early payment to its suppliers to take advantage of the discount offered by the supplier. What account is most likely used for the discount that is being acquired by Kate Trading? cash discount trade discount sales discount purchase discountarrow_forwardSaved JJ Company purchased on account merchandise with a list price of $10,000. Payment terms were 1/15, n/45. If payment occurs before the discount expires, what is the effect of the purchase discount on the balance sheet? Multiple Choice O Increases accounts payable Decreases accounts receivable O Increases cash Decreases inventoryarrow_forward
- Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for $35,000. What is the amount of the cash discount allowed in case the customer pays within the discount period? Select one: a. $1,400 b. $9,800 c. $1,500 d. $5,250arrow_forwardSales-Related Transactions After the amount due on a sale of $172,675, terms 2/10, n/30, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $103,605. If required, round your answers to nearest whole value. a. What is the amount of the refund owed to the customer? b. Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the correspondir number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts. Balance Sheet Stockholders' Assets Liabilities Equity Cash v + Inventory v Est. Returns Inventory = Customer Refunds Payable v + No effect v Statement of Cash Flows Income Statement Operating v No effect varrow_forwardPurchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?arrow_forward
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