On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the itemssold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make onSeptember 12 is:Multiple ChoiceОAccount TitleDebitCreditPurchases5,900Accounts Receivable5,900ОAccount TitleDebitCreditPurchases9,600Accounts payable9,600Account TitleDebitCreditAccounts payable5,900Merchandise inventory5,900Account TitleDebitCreditMerchandise inventory9.600< Prev19 of 50Next >

Journal entries form a part of the accounting system. It is the first step of accounting process as…

On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventorv 9.600

On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventorv 9.600

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
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Mayfair Company completed the following transactions and uses a perpetual Inventory system. June 4 Sold $2,700 of merchandise on credit (that had cost $1,600) to Natara Morris, terms n/15. June 5 Sold $30,000 of merchandise (that had cost $18,000) to customers who used their Zisa cards. Zisa charges a 14 fee. June 6 Sold $21,000 of merchandise (that had cost $12,600) to customers who used their Access cards. Access charges a 3% fee. June 8 Sold $18,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $2,160 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet Sold $2,700 of merchandise on credit to Natara Morris, terms n/15. Note:…
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