Problem 2Prepare the Journal Entries to recerd the following transactions on GlanesCompany’s book using a Perpetual Inventory System.(a) On March 2, Giants Company sold $400,000 of merchandise to JetsCompany, terms 2/10,n/30. The cost of the merchandise sold was $270,000·(Hint: Two entries are needed)(a)1.(a) 2.FA(b) On March 6, Jets Company returned $70,00p of the merchandise purchasedon March 2. The cost of the merchandise retuhed was $47,000. (Hint: Twoentries are needed)112(b) 1.pesery djusting entrie ly on the booka(b) 2.(c) On March 11, Giants Company received the balance due from JetsCompany.2324STRUCTOR

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Description: Problem 2Prepare the Journal Entries to recerd the following transactions on GlanesCompany’s book using a Perpetual Inventory System.(a) On March 2, Giants Company sold $400,000 of merchandise to JetsCompany, terms 2/10,n/30. The cost of the merchan

Here terms 2/10, n/30 means 2% discount will be given if payment is made within 10 days of…

Business

Accounting

Problem 2 opaze the Journa Entries to record the following transactions on Giants Company'a book using a Perpetual Inventory System. (a) On March 2, Giants Company sold $400,000 of merchandise to JeES Company, terms 2/10.n/30. The cont of the merchandise sold was $270,000. (Hint: Two entries are needed) (a)1. (a) 2. T F (b) On March 6, Jets Company returned $70,00p of the merchandise purchased on March 2. The cost of the merchandise retuhed was $47,000. (Hint: Two entries are needed) (b) 1. (b) 2. (c) On March 11, Giants Company received the balance due from Jets Company. 23 24 IIIL STRUCTOR

Problem 2 opaze the Journa Entries to record the following transactions on Giants Company'a book using a Perpetual Inventory System. (a) On March 2, Giants Company sold $400,000 of merchandise to JeES Company, terms 2/10.n/30. The cont of the merchandise sold was $270,000. (Hint: Two entries are needed) (a)1. (a) 2. T F (b) On March 6, Jets Company returned $70,00p of the merchandise purchased on March 2. The cost of the merchandise retuhed was $47,000. (Hint: Two entries are needed) (b) 1. (b) 2. (c) On March 11, Giants Company received the balance due from Jets Company. 23 24 IIIL STRUCTOR

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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Il- Problem Solving 1. The following transactions were completed by ACE Company during May of the current year. ACE Company uses a perpetual inventory system. Journalize the following transactions. May 3 Purchased merchandise on account from Prime Co., P200,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of P6,000 added to the invoice. 5 Purchased merchandise on account from Nova Co., P425,000, terms FOB destination, 1/10, n/30. 6 Sold merchandise on account to K. S. Reyes Co., list price P200,000, trade dis- count 30%, terms 2/10, n/30. The cost of the merchandise sold was P56,250. 8 Purchased office supplies for cash, P7,500. 10 Paid Prime Co. on account for purchase of May 3, less discount. 13 Returned merchandise purchased on May 5 from Nova Co., P65,000. 14 Purchased merchandise for cash, P525,000. 15 Received cash on account from sale of May 6 to K. S. Reyes Co., less discount. 16 Paid Nova Co. on account for purchase of May 5, less return of May 10 and discount.…
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Multiple Choice On September 12, Vandelay Industries sold merchandise in the amount of $7,300 to Jepson Company, with credit terms of 4/10, n/30. The cost of the items sold is $5,500 Vandelay uses the periodic inventory system and the gross method of accounting for sales. The Journal entry or entries that Vandelay will make on September 12 is (are): O O O Sales Account Title Accounts Receivable Sales Account Title Accounts Receivable Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Account Title Accounts Receivable Sales Cost of goods sold Merchandise Inventory Account Title Accounts Receivable Sales Debit 7,300 Debit 7,300 5,500 Debit 7,300 Debit 7,300 5,500 Debit 5,500 Credit 7,300 Credit 7,300 5,500 Credit 7,300 Credit 7,300 5,500 Credit Help 5,500 Save & Exit Submit
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