Journalize the following sales related transactions.  a) Sold merchandise on account to Jangle Co., $5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was $3,000. Paid transportation charges of $200 on behalf of buyer, which were added to the invoice.  b) Sold merchandise on account to Comet Co., $10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was $6,000.  c) Paid transportation charges of $400 for delivery of merchandise sold to Comet Co.  d) Issued credit memorandum for $2,000 to Comet Co. for merchandise returned from sale in and the cost of the merchandise was $1,200. e) Received amount due from Jangle Co. within the discount period. f) Received amount due, less return and discount from Comet Co.

A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…

1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTS Shore Co. General Ledger   ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…

Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,480 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $460 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9. Mar. 20 Letter Depot sells $7,500 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,850. Shipping charges are an extra $420 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

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…

Purchases Transactions Barans Company purchased merchandise on account from Springhill Company for $12,400, terms 1/10, n/30. Barans returned merchandise with an invoice amount of $1,900 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? If required, round the answer to the nearest dollar.

please answer all with working

Journalize the entries for the following transactions: a. Sold merchandise for cash, 25400.  The cost of the merchandise was 15240. (Record the sale first.) b. Sold merchandise on account, 10610.  The cost of merchandise sold was 6370. (Record the sale first.) c. Sold merchandise to customers who used MasterCard and Visa, $117,060. The cost of the merchandise sold was $70,240. (Record the sale first.) d.  Sold merchandise to customers who used American Express, $40,890. The cost of the merchandise sold was $24,530. (Record the sale first.) e. Paid $7,870 to National Clearing House Credit Co. for service fees for processing Mastercard, Visa, and American Express sales.

prepare a journal entry to record transaction Buyer buys merchandise for 3,000, credit terms 2/10 n/30. Merchandise cost 1800