Prepare journal entries to record the following merchandising transactions of Thompson's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable-Zhang.) August 1 Purchased merchandise from Zhang Company for $13,100 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1.1 August 5 Sold merchandise to Parker Corporation for $8,000 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,800. August 8 Purchased merchandise from Turner Corporation for $6,520 under credit terms of 1/10, n/45, FOB shipping point, invoice dated August 8. August 9 Paid $925 cash for shipping charges related to the August 5 sale to Parker Corporation August 10 Parker returned merchandise from the August 5 sale that had cost Thompson's $300 and was sold for $600. The merchandise was restored to inventory.. August 12 After negotiations with Turner Corporation concerning problems with the purchases on August 8, Thompson's received a credit memorandum from Turner granting a price reduction of $1,000 off the $6,520 of goods purchased. August 14 At Zhang's request, Thompson's paid $500 cash for freight charges on the August 1 purchase, reducing the amount owed to Zhang. I August 15 Received balance due from Parker Corporation for the August 5 sale less the return on August 10. August 18 Paid the amount due Turner Corporation for the August 8 purchase less the price allowance from August 12. August 19 Bold merchandise to Hall Company for $4,400 under credit terms of n/10, FOB shipping point, invoice dated August 19. The merchandise had cost $2,200. August 22 Hall requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Thompson's sent Hall a $500 credit memorandum toward the $4,400 invoice to resolve the issue. August 29 Received Hall's cash payment for the amount due from the August 19 sale less the price allowance from August 22. August 30 Paid Zhang Company the amount due from the August 1 purchase.

You are to enter up the sale, purchases, return inwards and returns outwards day book" from the following details. then to post the items to the relevant accounts in the sales and purchases ledgern, The total of the day books are then to be transferred to the account in the general Ledger. 2009 in drawing May 1 Credit sales: T 0mpson Tshs 56,000; L Rodriguez Tshs 148,000; K Barton Tshs 145.000. 3 Credit purchase: P Potter 144.000'. H Harris Tshs 25000 Spencer Tshs 76.000. 7 credit sales K Kelly 89.000; N Mendes Toho 78.000; N lee Tshs 237,000. 9 Credit purchases: B Perkins 24,000; H Haris Tshs 58000 H miles Tshs 123000 11 Good return by to: p Potter Tshs 12000 B. Spencer Tshs22.000. 14 Goods returned to by: T. Thompson Tshs 5.000; K Barton Tshs 11,000; K Kelly Tshs 14000. 17 Credit purchases: H Harris Tshs 54,000; B Perkins Tshs 65000L Nixon Tshs 75.000. 20 Goods returned by us to B Spences Tshs 14000 24 credit sales: K Muhammed Tshs 57000 , K Kelly Tshs 65000, O . Green Tshs 112000 28…

Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.

Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Mar. 1 Sold merchandise on account, $74,200 with terms 2/10, n/30. The cost of the merchandise sold was $43,300.   9 Received payment less the discount.   13 Issued a $2,500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.

Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry.   You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them.     Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…

Now record the cost of the putters sold on the 6th. Date Nov. 6 Accounts and Explanation Cost of Goods Sold Merchandise Inventory To record the cost of goods sold. Debit Credit

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Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,900 with terms 2/10, net 30. The cost of the goods sold was $9,685. 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.

The following are the transactions of CARI, INC during 2022: The company follows a periodic inventory system   04.01.2022 Purchases merchandise, in cash SR 100,000.00 01.03.2022 Sales merchandise, on credit SR 180,000.00 06.03.2022 Customer takes discount and pays SR 162,000.00 15.10.2022 Pays downtow's shop rent SR 4,000.00 30.12.2022 Purchases a machinery, in cash SR 35,000.00 31.12.2022 Closes beginning inventory SR 30,000.00 31.12.2022 Records the ending inventory SR 12,000.00 31.12.2022 Revenues & expenses balanced off  TBD   Record the transactions, prepare the trial balance and show the following financial statements: → Balance sheet (Statement of Financial Position) as of 31.12.2022 → Profit & Loss account (Income Statement) for 2022

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