FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. August 1 Purchased merchandise with an invoice price of $117,000 and credit terms of 3/10, n/30. August 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet 1 2 Purchased merchandise with an invoice price of $117,000 and credit terms of 3/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit Aug 01 Record entry Clear entry View generaarrow_forward-please detail solution and explnationarrow_forwardA buyer uses a perpetual inventory system, and it purchased. $4,000 of merchandise on credit terms of 2/10, n/30 on December 5. Later, on December 15, the buyer pays the invoice in full. Complete the buyer's journal entry for payment by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. No 1 Date December 15 Sales Accounts receivable Answer is not complete. General Journal XX Debit 4,000✔ Creditarrow_forward
- Office Supplies Express uses a perpetual inventory system. Journalize the following sales transactions for this company. Explanations are not required. July 3 Sold $15,400 of merchandise on account, credit terms are 2/10, n/30. Cost of goods is $9,300. July 7 Received a $750 sales return from the customer. Cost of the goods is $435. July 12 Office Supplies receives payment for the customer for the amount due from the July 3 sale.arrow_forwardPrepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $300 cash for shipping charges on the April 2 purchase. April 3 April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. April 18 Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 1 2 3…arrow_forwardJournalize the following inventory merchandise transactions, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Travis Company purchased merchandise on account from a supplier for $6,000, terms 2/10, net 30. 6 Travis Company paid for the merchandise within the discount period.arrow_forward
- 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 $400arrow_forwardJournalize the following transactions that occurred in September for Lemon Field, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales using the gross method.) View the transactions. ... Transactions Sep. 3: Purchased merchandise inventory on account from Sidecki Wholesalers, $4,400. Terms 2/15, n/EOM, FOB shipping point. Sep. 3 Date Accounts Debit Credit Sep. 4 Purchased merchandise inventory on account from Sidecki Wholesalers, $4,400. Terms 2/15, n/EOM, FOB shipping point. Paid freight bill of $55 on September 3 purchase. Sep. 3 Sep. 4 Purchase merchandise inventory for cash of $2,000. Sep. 6 Sep. 8 Returned $500 of inventory from September 3 purchase. Sep. 9 Sep. 10 Sep. 12 Sep. 13 Sold merchandise inventory to Duluth Company, $5,600, on account. Terms…arrow_forwardJournalize 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.arrow_forward
- 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 О Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 О 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 inventory 9.600arrow_forwardPrepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. September 15 Purchased merchandise with an invoice price of $47,500 and credit terms of 3/5, n/15. September 29 Paid supplier the amount owed on the September 15 purchase. View transaction list Journal entry worksheet 1 2 Purchased merchandise with an invoice price of $47,500 and credit terms of 3/5, n/15. Note: Enter debits before credits. Date General Journal Debit Credit Sept 15 Record entry Clear entry View generaarrow_forwardJournalize 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 Creditarrow_forward
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