! Required information [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $13,500 cash plus 4 percent sales tax. The clock had originally cost GCI $9,500. Assume GCI uses a perpetual inventory system. 2. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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- Requlred Information (The following information applies to the questions displayed below.] Grandpa Clocks, Inc. (GCI). is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $12,500 cash plus 4 percent sales tax. The clock had originally cost GCI $8,500. Show the accounting equation effects and prepare the journal entries related to this transaction. Assume GCI uses a perpetual inventory system. 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, llabilitles, or stockholders equity with a mlnus sign.) Assets Liabilities Stockholders' Equity 主 (8,500) Prev 1. 2. of 5 Next > 1:41 PM 94°F Partly sunny 22 8/13/2021 here to search DELL PgUp PgDn PrtScr Insert Delete F10 F11 F12 近Required information Skip to question [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $16,000 cash plus 5 percent sales tax. The clock had originally cost GCI $12,000. Assume GCI uses a perpetual inventory system. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.)uses a perpetual inventory system.) i (Click the icon to view the transactions.) Apr. 1: Court Company sold merchandise inventory for $190. The cost of the inventory was $145. The customer paid cash. Court Company was running a promotion and the customer received a $10 award at the time of sale that can be used at a future date on any Court Company merchandise. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Record debits first, then crédits. Exclude explanations from journal entries.) Date ... Apr. 1 Accounts Debit Credit
- Could anyone help me understand this problem? How would you put these statements in a purchase journal? Dec 6: Bought inventory from a new supplier, Bailey Corp (Vendor# 210-25), on credit for the gross amount of $70,000 (invoice #CC1206). Bailey’s terms for repayment are 3/10, n/30. Dec 11: Bought inventory items from Nelson Industries on account for the gross amount of $25,000 (invoice #NI1211). Terms 2/30, n/60. Dec 13: Bought inventory items from Centennial, Inc. on account for the gross amount of $50,000 (invoice #TH1213). Terms 3/15, n/30 Dec 18: Purchased inventory items on account from Bailey Corp. for a gross amount of $25,000 (invoice #CC1218). Terms 3/10, n/30. Date Vendor Name (AP Subsidiary #) Purchases (debit) Accounts Payable (credit) TotalRequired information [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $11,000 cash plus 4 percent sales tax. The clock had originally cost GCI $7,000. Assume GCI uses a perpetual inventory system. Saved 1. Indicate the effects of the amounts for the above transactions. (Enter any decreases to assets, liabilities, or stockholders equity with a minus sign.) Assets Liabilities ++ Stockholders' EquityCullumber Company buys merchandise on account from Riverbed Company. The selling price of the goods is $1,350, and the cost of the goods is $950. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Cullumber Company. (To record credit purchase of inventory) Riverbed Company. (To record credit sale) (To record cost of merchandise sold) Debit Credit
- Blossom Company buys merchandise on account from Kingbird Company. The selling price of the goods is $1,170 and the cost of the goods sold is $760. Both companies use perpetual inventory systems.Journalize the transactions on the books of both companies. (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.) Account Titles and Explanation Debit Credit Blossom Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Kingbird Enter an account title to record sale of merchandise Enter a debit amount Enter a credit amount Enter an account title to record sale of merchandise Enter a debit amount Enter a credit amount (To record sale of merchandise)…Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. View the transactions. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit Transactions Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Paid freight charges, $200. Returned $700 of inventory to Luca Diamonds. Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Paid Jia Diamonds, less allowance and discount. Paid Luca Diamonds, less return. Purchased inventory of $4,100 on account from Jia Diamonds, a jewelry…Monty Company buys merchandise on account from Sunland Company. The selling price of the goods is $1,140, and the cost of the goods is $830. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Monty Company Inventory Accounts Payable Sunland Company Cost of Goods Sold Inventory (To record credit sale) Accounts Receivable Sales Revenue (To record cost of merchandise sold) Debit 1,140 1,140 830 Credit 1,140 1,140 830
- 14) Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The payment is received with the discount of 3% from the supplier. How would you record this in the books of buyer under the Perpetual inventory system? a. Cash RO 1,649 Dr / Account payable RO 1,649 Cr b. Cash RO 1,649 Dr / Merchandise inventory RO 1,649 Cr c. Account payable RO 1,649 Dr / Merchandise inventory RO 1,649 Cr d. Cash RO 1,700 Dr / Account receivable RO 1,700 CrSunland Company buys merchandise on account from Marigold Company. The selling price of the goods is $790, and the cost of the goods is $430. Both companies use perpetual inventory systems.Journalize the transaction on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when 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.) Account Titles and Explanation Debit Credit Sunland Company enter an account title to record credit purchase of inventory enter a debit amount enter a credit amount enter an account title to record credit purchase of inventory enter a debit amount enter a credit amount (To record credit purchase of inventory) Marigold Company enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record…Cullumber Inc. is a retailer operating in Calgary, Alberta. Cullumber uses the perpetual inventory system. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Cullumber for the month of January 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23. Jan. 30 Description. Ending inventory Purchase: Sale Purchase Sale Purchase Sale Quantity 162 109 177 66 60 100 120 Unit Cost or Selling Price $21 21 38 25 41 28 48