Homework xa ezto.mheducation.com/ext/map/index.html?_con3Dcon&external_browser%=D0&launchUrl%=https%253A%252F%252Ffaytechcc.blackboard.cA User Management,...I https://outlook.offi.e FES Protection PlanSystem 7 - North C..ework Exercises ASavedCheck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicateOn April 1, Moloney Meat Distributors sold merchandise on account to Fronke's Franks for $3,630 on Invoice 1001, terms 1/10, n/30.The cost of merchandise sold was $2.260. Payment was received in full from Fronke's Franks, less discount, on April 10.Required:Record the transactions for Moloney Meat Distributors on April 1and April 10. The company uses the perpetual inventory system.(Round final answers to the nearest whole dollar value.)

The journal entries have been recorded below.

stributors sold merchandise on account to Fronke's Franks for $3,630 on Inv Id was $2,260. Payment was received in full from Fronke's Franks, less disco Moloney Meat Distributors on April 1 and April 10. The company uses the per

stributors sold merchandise on account to Fronke's Franks for $3,630 on Inv Id was $2,260. Payment was received in full from Fronke's Franks, less disco Moloney Meat Distributors on April 1 and April 10. The company uses the per

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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The following transactions are for Skysong Company. 1. On December 3, Skysong Company sold $513,500 of merchandise to Sheridan Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $318,300. 2. On December 8, Sheridan Co. was granted an allowance of $24,700 for merchandise purchased on December 3. 3. On December 13, Skysong Company received the balance due from Sheridan Co. (a)Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system. (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.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount…
On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200,terms 1/10, n/30. On January 16, Harley pays the amount due. InstructionsPrepare the entries on Jacob Co.’s books to record the sale and related collection. (Omit cost of goods sold entries.)
On September 12, Vandelay Company sold merchandise in the amount of $7,800 to Jepson Company, with credit terms of 3/10, n/30. The cost of the items sold is $5,000. 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: 4 Multiple Choice O O O Purchases Accounts Receivable Purchases Account Title Purchases Account Title Accounts Receivable Account Title Accounts payable Account Title inventory Merchandise Accounts payable Account Title Accounts payable Merchandise inventory Debit 7,800 Debit 5,000 Debit 7,800 Debit 7,800 Debit 5,000 Credit 7,800 Credit 5,000 Credit 7,800 Credit 7,800 Credit 5,000 hul
Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable—Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,850; terms 2/5, n/15, FOB destination (cost of sales $7,000). 2 Purchased $5,250 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12,100; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,700; terms 1/5, n/15, FOB destination (cost of sales $8,050). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. Based on the…
On June 3, Larkspur Company sold to Chester Company merchandise having a sale price of $6,000 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $93, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Larkspur Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. No. Date Account Titles and Explanation Debit Credit
Record the following transactions on the books of Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On July 1, Cullumber Co. sold merchandise on account to Stacey Inc. for $23,400, terms 2/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,400 to Cullumber Co. (c) On July 11, Stacey Inc. paid for the merchandise. Date Account Titles and Explanation Debit Credit Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Choose a transaction date July 1July 8July 11 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a…
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Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 Sold $3,700 of merchandise on credit (that had cost $2,000) to McKenzie Carpenter, terms n∕10. 10 Sold $5,200 of merchandise (that had cost $2,800) to customers who used their Commerce Bank credit cards. Commerce charges a 3% fee. 11 Sold $1,250 of merchandise (that had cost $900) to customers who used their Goldman cards. Goldman charges a 2% fee. 14 Received Carpenter’s check in full payment for the August 4 purchase. 15 Sold $3,250 of merchandise (that had cost $1,758) to customers who used their Goldman cards. Goldman charges a 2% fee. 22 Wrote off the account of Craw Co. against the Allowance for Doubtful Accounts. The $498 balance in Craw Co.’s account was from a credit sale last year. Required Prepare journal entries to record the preceding transactions and events.
Pepper Company completed the following selected transactions and events during March of this year. (Terms of allcredit sales for the company are 2/10, n/30.) Mar. Sold merchandise on credit to Jennifer Nelson, Invoice No. 954, for P16,800 (cost is P12,200). 4 6 Purchased P1,220 of office supplies on credit from Mack Company. Invoice dated March 3, termsny30. Sold merchandise on credit to Dennie Hoskins, Invoice No. 955, for P10,200 (cost is 6 P8,100). Purchased P52,600 of merchandise, invoice dated March 6, terms 2y10, ny30, from 11 Defore Industries. 12 Borrowed P26,000 cash by giving Commerce Bank a long-term promissory note payable. Received cash payment from Jennifer Nelson for the March 4 sale less the discount (Invoice No. 954). 14 16 Received a P200 credit memorandum from Defore Industries for unsatisfactory merchandise Pepper purchased on March 11 and later returned. Received cash payment from Dennie Hoskins for the March 6 sale less the discount 16 (Invoice No. 955). Purchased…
Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $21,600 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $1,360 to G. Seles for $3,800 on credit subject to a $53 sales discount if paid by the end of the month. 14 Purchased $470 of store supplies from Chang Company on credit, terms n/30. 17 Purchased $490 of office supplies on credit from Monder Company, terms n/30. 24 Sold merchandise costing $630 to D. Air for $1,340 cash. 28 Purchased store supplies from Porter's for $136 cash. 29 Paid Krause, Inc., $21,600 cash for the merchandise purchased on May 1. Date Account Date of Invoice PURCHASES JOURNAL Accounts Payable Cr. Inventory Dr. Terms Office Supplies Dr. Other Accounts Dr.
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 5.5% service charge for sales on its credit card. Access deducts a 4.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $700 of merchandise on credit (that had cost $350) to Natara Morris. 5 Sold $6,700 of merchandise (that had cost $3,350) to customers who used their Zisa cards. 6 Sold $5,656 of merchandise (that had cost $2,828) to customers who used their Access cards. 8 Sold $4,680 of merchandise (that had cost $2,340) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $606 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…
chouse distributes books to retail stores. The company purchases all merchandise inventory on credit and uses a perpetual inventory system. During July, the following merchandise transactions occurred: Date Transactions July 1 Purchased merchandise on account for AED6,500 from Field Publisher, FOB shipping points, terms 2/10, n/30. July 3 Paid freight on purchase of merchandise amounting to AED150. July 5 Received credit from Field Publisher for merchandise returned AED400. July 9 Paid Field Publisher in full. July 14 Sold merchandise on account to Bean Bookstore for AED4,800 terms 1/10, n/30. The merchandise sold had a cost of AED3,900. July 15 Granted Bean Bookstore AED350 for merchandise returned costing AED170. July 23 Received collection in full from customers billed on July 14 REQUIRED: Journalize the transactions for the month of July.