Presented below are transactions related to Sheridan, Inc. Sheridan uses the periodic inventory method. May 10   Purchased goods billed at $16,700 subject to cash discount terms of 2/10, n/60. 11   Purchased goods billed at $10,600 subject to terms of 1/15, n/30. 19   Paid invoice of May 10. 24   Purchased goods billed at $12,100 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Presented below are transactions related to Crane, Inc. May 10 (a) Purchased goods billed at $15,800 subject to cash discount terms of 2/10, r/60. Purchased goods billed at $13,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $10,300 subject to cash discount terms of 2/10, r/30. Your answer is partially correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Accounts Payable Inventory Accounts Payable Debit 15800 13800 Credit 10

Travis Company purchased merchandise on account from a supplier for $14,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, journalize these transactions. If an amount box does not require an entry, leave it blank. a. b.

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 selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,322, terms FOB destination, n/30.   3 Purchased merchandise from Saxon Co., $10,650, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $240 was added to the invoice.   5 Purchased merchandise from Schnee Co., $13,700, terms FOB destination, 2/10, n/30.   6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,850 returned from purchase on July 5.   13 Paid Saxon Co. for invoice of July 3.   14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6.   19 Purchased merchandise from Southmont Co., $29,840, terms FOB shipping point, n/eom.   19 Paid freight of $410 on July 19 purchase from Southmont Co.   20 Purchased merchandise from Stevens Co., $22,200, terms FOB destination, 1/10, n/30.   30 Paid…

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. Apr. Apr. Apr. Apr. 2 Purchased $6,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $280 cash for shipping charges on the April 2 purchase. Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. Apr. 3 4 17 18 Apr. 21 28 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $11,500 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination. After negotiations, received from Frist a $600 allowance toward the $11,500 owed on the April 18 purchase. Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

Haresh

William & Company uses a perpetual inventory system. The following information is available for November: Nov. 1 4 7 10 (a) 12 Balance Purchase Purchase Sale Sale Nov. 12 Units Date Account Titles Nov. 4 20 40 40 (20) (50) Assume all sales and purchases are on credit. Purchase Sales Price Price Prepare journal entries to record the November 4 purchase and the November 12 sale using FIFO. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) $5.00 $5.50 $9.00 (To record sales on account) (To record cost of goods sold) $8.00 $8.00 Debit Credit

Current Attempt in Progress Prepare the necessary journal entries to record the following transactions, assuming Cullumber Company uses a perpetual inventory system. (a) Cullumber sells $57,500 of merchandise, terms 1/10, n/30. The merchandise cost $39,220. (b) The customer in (a) returned $5,300 of merchandise to Cullumber. The merchandise returned cost $3,710. (c) Cullumber received the balance due within the discount period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Transactions Account Titles and Explanation (a) (To record credit sale.) (To record cost of goods sold.) Debit Credit SU