November 3 The company purchased $2,700 of merchandise on credit from Hart Company, terms n/20. November 7 The company sold merchandise costing $713 to J. Than for $783 on credit, subject to a $16 sales discount if paid by the end of the month. November 9 The company borrowed $3,425 cash by signing a note payable to the bank. November 13 J. Ali, the owner, contributed $4,725 cash to the company. November 18 The company sold merchandise costing $113 to B. Cox for $201 cash. November 22 The company paid Hart Company $2,700 cash for the merchandise purchased on November 3. November 27 The company received $767 cash from J. Than in payment of the November 7 purchase. November 30 The company paid salaries of $1,350 in cash. CASH RECEIPTS JOURNAL

Presented below is information from Larkspur Computers Incorporated. July 1   Sold $19,200 of computers to Robertson Company with terms 3/15, n/60. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,248 will be honored on these sales. 10   Larkspur received payment from Robertson for the full amount owed from the July transactions. 17   Sold $192,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30   The Clark Store paid Larkspur for its purchase of July 17. Prepare the necessary journal entries for Larkspur Computers.

Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.5% service charge for sales on its credit card. Access deducts a 3.5% service charge for sales on its card. Mayfair completes the following transactions in June.  June   4   Sold $500 of merchandise on credit (that had cost $250) to Natara Morris.     5   Sold $6,800 of merchandise (that had cost $3,400) to customers who used their Zisa cards.     6   Sold $5,616 of merchandise (that had cost $2,808) to customers who used their Access cards.     8   Sold $4,890 of merchandise (that had cost $2,445) to customers who used their Access cards.     13   Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $395 balance in McKee’s account stemmed from a credit sale in October of last year.     18   Received Morris’s check in full payment for the purchase of June 4.  Required:Prepare journal…

Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $65 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise is $702. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction.. The returned items are priced at $290 and cost $145; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet

Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 1/10, n/30). March 1 Purchased $37,000 of merchandise from Van Industries, terms 1/15, n/30. March 2 Sold merchandise on credit to Min Cho, Invoice Number 854, for $14,800 (cost is $7,400). March 3 (a) Purchased $1,110 of office supplies on credit from Gabel Company, terms n/30. March 3 (b) Sold merchandise on credit to Linda Witt, Invoice Number 855, for $7,400 (cost is $3,700). March 6 Borrowed $72,000 cash from Federal Bank by signing a long-term note payable. March 9 Purchased $18,500 of office equipment on credit from Spell Supply, terms n/30. March 10 Sold merchandise on credit to Jovita Albany, Invoice Number 856, for $3,700 (cost is $1,850). March 12 Received payment from Min Cho for the March 2 sale less the discount of $148. March 13 (a) Sent Van Industries Check Number 416 in payment of the March 1 invoice less the discount of $370.…

Record the transactions on the books of Martinez corporation.

On March 2. Metlock Company sold $936,300 of merchandise to Ivanhoe Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571.70o. On March 6, Ivanhoe Company returned $110,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,200. On March 12, Metlock Company received the balance due from Ivanhoe Company. Debit Credit Date Account Titles and Explanation ck if you would like to Show Work for this question: Open Show Work Versia I Q 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. %23 3/1 hp 米 fe 4+ pr IOI 144 & 24 4. 6. L. 8. { E R T. Y U D F G H K C alt ctrl V Σ 3.

The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30.   31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. Jul. 1 Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%.   16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16.   30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $280,000, paying $80,000 cash and issuing a series of ten 9% notes for…

Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June Purchased merchandise on account at a cost of $68,000. (Assume a perpetual inventory 6 system.) July 15 Paid for the June 6 purchase. Aug. Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $19,800. (Use an account called Unearned Revenue.) 31 Dec. 31 Determined salary and wages of $33,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 182. Complete the required journal entries for each of the above transactions. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) 1. Record the borrowing of $495,000. 2. Record the purchase of inventory…

On March 2, Blossom Company sold $960,000 of merchandise on account to Pina Company, terms 3/10, n/30. The cost of the merchandise sold was $562,000. On March 6, Pina Company returned $96,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000. On March 12, Blossom Company received the balance due from Pina Company. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts) Account Titles and Explanation Debit Credit