Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on July 24 to record payment of the balance due within the discount period using a perpetual inventory system.

Consider the following transactions for RC Photo: • September 2 RC Photo Shop sold $44,700 of camera equipment on account, credit terms 3/15, n/EOM. . September 12 RC Photo Shop received a sales returns totaling $1,100 for damaged goods from the customer. . September 18 RC Photo Shop receives payment from the customer on the amount due, less the return and discount. Journalize the purchase transactions assuming RC Photo Shop uses the periodic inventory system. Credit Date September 2 September 12 September 18 Submit All Parts Description Debit

Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: Kelly purchased $45,000 of merchandise on account, terms 2/10, n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. (a) (b) O Account Titles and Explanation Debit Credit []

Travis Company purchased merchandise on account from a supplier for $12,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank.

Show Me How Purchase-Related T The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 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?

Jade Company uses the perpetual inventory system. It bought merchandise from Lilac Company. After two months, Jade Company returned merchandise worth $400 to Lilac Company. Which of the following journal entries records the return of merchandise by Jade? a. A debit to Cost for Goods Sold for $400 and a credit to Merchandise Inventory for $400 b. A debit to Accounts Payable, Lilac Company for $400 and a credit to Merchandise Inventory for $400 c. A debit to Accounts Payable, Lilac Company for $400 and a credit to Cost for Goods Sold for $400 d. A debit to Accounts Payable, Lilac Company for $400 and a credit to Purchases Returns and Allowances for $400

Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,000 with terms 2/10, net 30. The cost of the goods sold was $9,100. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.

Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system. (a) Sold merchandise for $645. The cost of goods sold was $375. (b) Sold merchandise for $432 and accepted VISA as the form of payment. The cost of goods sold was $195. (c) Sold merchandise on account for $670. The cost of goods sold was $438. (d) Paid credit card fees for the month of $85. Journal Date Description Debit Credit

The options for the blue shaded discerption tabs are: Accounts payable, accounts receivable, cash, cost of goods sold, inventory, sales revenue, sales returns and allowances, sales discounts.

Prepare journal entries to record the following merchandising transactions of Perez's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Lee.) July 1 Purchased merchandise from Lee Company for $7,800 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Parker Company for $1,800 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,080. July 3 Paid $485 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,100 for $3,500 cash. July 9 Purchased merchandise from Thompson Company for $3,100 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $600 of merchandise purchased on July 9 from Thompson Company and debited its account payable for that amount. July 12 Received the balance…