Answered: Prepare the entries for transaction…

Prepare the entries for transaction below and indicate what journal it is 19 august sold merchandize that cost $3600 to ultracity co. For $5000 under the credit terms of 3/15, n/60, FOB

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Purchased merchandise on account from Hillsboro Co., list price $38,000, trade discount 25%, terms…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Azure Company has the following sale transaction: Aug. 15 Sold merchandise on account to Jade…

A: In accounting, the Post Reference (Post Ref.) column in the general ledger is used to indicate the…

Q: purchased merchandise from weir campany for 25000 under credit term of 1/5, n/45 FOB destination and…

A: The objective of the question is to prepare the journal entries for the purchase of merchandise…

Q: Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Melisandre Merchandising sold merchandise on credit to Ellaria, terms 2/10, r/45, $25,000, on April…

Q: A credit sale of $1,400 is made on Ju terms 2/10, n/30, on which a return granted on July 18. What…

A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…

Q: Prepare journal entries to record the following transactions entered into by the Marrow Company:…

A: As per the given question, we have to pass a few journal entries in the books of Marrow Company. The…

Q: Purchased merchandise from Waters Corporation for $6,000 under credit terms of 1/10, n/45, FOB…

A: As student mentioned the specific date entry as on "Aug 08" i am providing the respective date…

Q: Current Attempt in Progress On January 6, Tamarisk Co. sells merchandise on account to Harley Inc.…

A: A journal entry is an accounting transaction that records a business event in a company's accounting…

Q: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account…

A: Working Note-1 Nov-03 Purchase price = 93,000 x (100% - 30%) =65,100 Working Note-2 Nov-13 Discount…

Q: B. Journalize the following transactions using the Perpetual method:

A: The financial transactions are initially recorded in the form of journal entries. Every transaction…

Q: Journalize the entries to record the following selected transactions

A: The chart of accounts as mentioned in the question is not provided herewith. Journal entries are the…

Q: Prepare journal entries to record the following merchandising transactions of Gonzalez's, which uses…

A: Journal entries are the records of the transactions entered into by the organization during the…

Q: snhu December 10: Paid November telephone bill. December 11: Purchased baking supplies in amount of…

A: Date Particulars Debit Dec 8 Cash 4,000 Accounts Receivable 4,000 Dec 10 Accounts…

Q: 3 6. 7 8 16 ... ·. Record the merchandise, cost $500, that was restored to inventory. Note: Enter…

A: Perpetual inventory system: Under this method of recording transactions, the track of the…

Q: Humble Co. sells merchandise on credit to Wise Co in the amount of P9,600. The invoice is dated on…

A: ''1/ 15'' means the buyer can take 1 % discount advantages,if he pays the dues with in 15 days/

Q: The following are the credit sales transactions of Jaden Sales for the month of July: July 5 Jaden…

A: 1. Journal entry: Entry is made to record a transaction. In double entry system of booking one…

Q: On April 10, 2021Daisy Company purchased merchandise worth 1,600 on credit from Fox, Inc., 2/10 , n…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals.…

A: Inventory management helps organizations decide which commodities to purchase and when to acquire…

Q: Prepare Journal Entries in a Purchases Journal Fernandez Services Inc. had the following…

A: Purchase Journal: Purchase Journal is a type of special journal, where all the purchases are made on…

Q: January 15: Cash sale, $360. The cost of the merchandise was $216. Begin by recording the sale…

A: Journal Entry is the first step to record accounts. It is written in the same order in which the…

Q: Prepare the journal entry Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30;…

A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Q: Journal Entry for PERIODIC INVENTORY SYSTEM Issued a credit memorandum for P600 to a customer who…

A: Periodic inventory system is that inventory system in which all transactions related to inventory…

Q: Complete the journal entries for the following transactions: On August 1, 2019 XYZ Company sold…

A: Journal Entry is the primary step to record the transaction in the books of accounts. The increase…

Q: Prepare the journal entries for Cagayan Groceries using journal sheets Cagayan Groceries entered in…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Prepare journal entries to record the following transactions. A. November 19, purchased merchandise…

A: Introduction:- Journal entry is first step in accounting process. It is used to record business…

Q: ales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on…

A: When a company makes purchases from its supplier, it can generally choose between paying the…

Q: Assume the sales price was $60 per unit for the sale on November 29. Prepare journal entries to…

A: Cost of Good Sold = 46*45 + 124*42 = 2,070 + 5,208 = 7278

Q: Funtime Gadgets buys $137,200 worth of merchandise from Gadget Wareho edit terms of 2/10, n/30. 2…

A: A journal entry is a basic accounting record that is used to chronologically track financial…

Q: Prepare journal entries to record each of the following sales transactions of a merchandising…

A: The question is based on the concept of Financial Accounting. When sales are made on credit then…

Q: Prepare journal entries to record the following transactions. Create a T-account for…

A: Accounts payable (AP) seems to be a financial term that refers to the money owing to vendors or…

Q: Record the journal entries on each transaction. Refer to the Chart of Accounts for exact wording of…

A: The journal entries are prepared to keep the record of day to day transactions of the business. The…

Q: The company completed these transactions beginning October 16, 2020. Terms of all sales credit sales…

A: Journal Entry: A journal entry records a business transaction in the accounting system of an…

Q: Journalize the entores for the following related transactions of Manville Heating & Air company: A.…

A: It can be seen that there are only 2 rows provided for every transaction. Therefore, the net method…

Q: Instructions May Sept. Dec. using allowance method 7 Chart of Accounts General Journal 24 Sold…

A: Journal entries are the records of the transactions entered into by the company during the financial…

Q: On July 1, 2020, Suzan Corp. sells electronic merchandise on account to Sam Inc. for $45,000, terms…

A: The account receivables are referred to as the amount that a business has to collect from its…

Q: Consider the following transactions for RC Photo: • September 2 RC Photo Shop sold $44,700 of camera…

A: The particular terms and agreements under which a seller lends credit to a buyer for the purchase of…

Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…

A: Income statement is one of the most integral part of any financial statement. Income statement shows…

Q: At the end of the of May, the sales journal of Horizons appears as follow: Date Customers (debtors)…

A: Subsidiary ledger - It is an accounting ledger that shows the transaction and payment history of…

Q: ales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on…

A: The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

Q: Sold Merchandise for $5,000 to Lee Corp on account on December 9. Cost of the merchandise was…

A: A journal entry is defined as a process of recording the transactions in the books of the company.…

Q: A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost…

A: Journal Entry:— It is an act of recording transactions in books of account when transaction…

Question

Prepare the entries for transaction below and indicate what journal it is

19 august sold merchandize that cost $3600 to ultracity co. For $5000 under the credit terms of 3/15, n/60, FOB

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

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…
Problem Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.
please dont give handwritten typed answer
On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. 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 joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
prepare the entries for transaction below and indicate what journal it is 12 August received a $1200 credit memo acknowledging the return of merchandize purchased on August 9
On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which of the following is the correct journal entry for the transaction? Select one: A. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 37800 Sales (Revenue) 37800 B. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Receivable 73800 Sales (Revenue) 73800 C. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Sales (Revenue) 37800 Receivable 37800 D. Date Accounts Debit (RO) Credit (RO) 05.12.2020 Cash 37800 Sales (Revenue) 37800
On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period on December 31. Required: Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Travis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE…
business issued a credit memo $235 to NECinc.regarding the sales on oct 1 give journal entry
Create General Journal entries
Complete all requiremnts in pic
Prepare journal entries for the SALES (Jane, seller) side of the purchase transactions above: October 1: Jane sold $1,000 of goods on account. Terms of the sale are 4/10, n 30. The invoice is dated October 1. Assume the cost of the inventory to Jane (amount she purchased it for) is $700. Record Jane’s entry. 1: Perpetual 2:Periodic October 7: Jake returned $50 of the $1,000 of goods from the October 1 purchase and received full credit. The cost of this inventory to Jane is $30. Record Jane’s entry. 1: Perpetual 2: Periodic October 11: Jake paid the amount due from the October 1 purchase, less the return on October 7. Record Jane’s entry. 1: Perpetual 2:Periodic October 3: Jake paid Jane $30 cash for freight charges from UPS for the October 1 purchase. Record Jane’s entry. 1: Perpetual 2: Periodic