TORRES COMPANY Cash Payments for Merchandise Purchases January February March Merchandise purchases Cash payments for: $ 15,800 S 17,600 $ 20,200 Current period purchases Prior period purchases Total cash payments for merchandise purchases

Journal Entries for Merchandise Transactions on Seller's and Buyer's Books- Perpetual System The following transactions occurred between the Decker Company and Mann Stores, Inc., during March: Mar. 8 Decker sold $20,200 worth of merchandise ($15,800 cost) to Mann Stores with terms of 2/10, n/30.   10 Mann Stores paid freight charges on the shipment from Decker Company, $270.   12 Mann Stores returned $1,300 of the merchandise ($870 cost) shipped on March 8.   17 Decker received full payment for the net amount due from the March 8 sale.   20 Mann Stores returned goods that had been billed originally at $700 ($400 cost). Decker issued a check for $686.   Required Prepare the necessary journal entries for (a) the books of Decker Company and (b) the books of Mann Stores, Inc. Assume that both companies use the perpetual inventory system. Sellers journal entries Buyer's journal entries DECKER COMPANY GENERAL JOURNAL Date Description Debit Credit Mar. 8…

Cash Discount Calculations On June 1, Forest Company sold merchandise with a list price of $25,000. For each of the sales terms below, determine the proper amount of cash received:

Recording Sales Transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Jeet purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. b. On April 1, Jeet paid freight charges of $250 cash to have the goods delivered to its warehouse. c. On April 8, Jeet returned $800 of the merchandise. The cost of the merchandise returned was $500. d. On April 10, Jeet paid Reece the balance due. Required: Prepare the journal entries to record these transactions on the books of Reece Company. For a compound transaction, if those boxes in which no entry is required, leave the box blank. April 1 (Recorded sale on account) April 1 (Recorded cost of merchandise sold) April 8 (Record return of merchandise) April 8

What is the balance of accounts payable at May 31st?

Instructions The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. Apr. Jun. Jul. Aug. Dec. 1 Purchased merchandise on account from Kirkwood Co., $390,000, terms n/30. 31 Issued a 30-day, 10% note for $390,000 to Kirkwood Co., on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31. 1 Borrowed $156,000 from Triple Creek Bank, issuing a 45-day, 8% note. 1 Purchased tools by issuing a $216,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%. 16 15 Paid Triple Creek Bank the amount due on the note of July 16. 30 Paid Poulin Co. the amount due on the note of July 1. 1 Purchased equipment from Greenwood Co. for $500,000, paying $150,000 cash and issuing a series of ten 8% notes for $35,000 each, coming due at 30-day intervals. Settled a product liability lawsuit with a customer for $310,000, payable in January. Accrued the loss in a litigation claims payable account. Paid the amount due…

Recording Sales and Shipping Terms Milano Company shipped the following merchandise during the last week of December 2022. All sales were on credit. Sales Price Shipping Terms Date Goods Shipped Date Goods Received $5,460 FOB shipping point December 27   January 3 $3,800 FOB destination December 29   January 5 $4,250 FOB destination December 29   December 31   Required: 1.  Compute the total amount of sales revenue recognized by Milano from these transactions.  2.  If Milano included all of the above shipments as revenue, what would be the effect on the financial statements? Enter all amounts as positive numbers.