Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 6, Problem 16EA
Record
A. On October 13, Flower Company purchased 85 bushels of flowers with cash for $1,300.
B. On October 20, Flower Company purchased 240 bushels of flowers for $20 per bushel on credit. Terms of the purchase were 5/10, n/30, invoice dated October 20.
C. On October 30, Flower Company paid its account in full for the October 20 purchase.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
Record journal entries for the following purchase transactions of Flower Company.
Oct. 13
Purchased 88 bushels of flowers with cash for $1,500.
Oct. 20
Purchased 300 bushels of flowers for $20 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20.
Oct. 30
Paid account in full from the October 20 purchase.
If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Oct. 13
- Select -
- Select -
- Select -
- Select -
Oct. 20
- Select -
- Select -
- Select -
- Select -
Oct. 30
- Select -
- Select -
- Select -
Record journal entries for the following purchase transactions of Flower Company.
Oct. 13
Purchased 81 bushels of flowers with cash for $1,300.
Oct. 20
Purchased 220 bushels of flowers for $30 per bushel on
credit. Terms of the purchase are 5/10, n/30, invoice
dated October 20.
Oct. 30 Paid account in full from the October 20 purchase.
If an amount box does not require an entry, leave it blank. Assume the perpetual
inventory system is used.
Oct. 13
Oct. 20
Oct. 30
Accounts Receivable
Accounts Payable
Cost of Goods Sold
Cash
Sales Returns and Allowances
II III
II II
Record journal entries for the following purchase transactions of Flower Company.
Oct. 13
Purchased 82 bushels of flowers with cash for $1,400.
Oct. 20
Purchased 230 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20.
Oct. 30
Paid account in full from the October 20 purchase.
If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Chapter 6 Solutions
Principles of Accounting Volume 1
Ch. 6 - Which of the following is an example of a contra...Ch. 6 - What accounts are used to recognize a retailers...Ch. 6 - Which of the following numbers represents the...Ch. 6 - If a customer purchases merchandise on credit and...Ch. 6 - Which of the following is a disadvantage of the...Ch. 6 - Which of the following is an advantage of the...Ch. 6 - Which of the following is not a reason for the...Ch. 6 - Which of the following is not included when...Ch. 6 - Which of the following accounts are used when...Ch. 6 - A retailer pays on credit for $650 worth of...
Ch. 6 - A retailer returns $400 worth of inventory to a...Ch. 6 - A retailer obtains a purchase allowance from the...Ch. 6 - Which of the following accounts are used when...Ch. 6 - A customer pays on credit for $1,250 worth of...Ch. 6 - A customer returns $870 worth of merchandise and...Ch. 6 - A customer obtains a purchase allowance from the...Ch. 6 - Which of the following is not a characteristic of...Ch. 6 - Which two accounts are used to recognize shipping...Ch. 6 - Which of the following is not a characteristic of...Ch. 6 - A multi-step income statement ________. A....Ch. 6 - Which of the following accounts would be reported...Ch. 6 - A simple income statement ________. A. combines...Ch. 6 - Which of the following accounts would not be...Ch. 6 - Which of the following accounts are used when...Ch. 6 - A retailer obtains a purchase allowance from the...Ch. 6 - A customer returns $690 worth of merchandise and...Ch. 6 - A customer obtains an allowance from the retailer...Ch. 6 - What are some benefits to a retailer for offering...Ch. 6 - What do credit terms of 4/10, n/30 mean in regard...Ch. 6 - What is the difference between a sales return and...Ch. 6 - If a retailer made a purchase in the amount of...Ch. 6 - What are two advantages and disadvantages of the...Ch. 6 - What are two advantages and disadvantages of the...Ch. 6 - Sunrise Flowers sells flowers to a customer on...Ch. 6 - Sunrise Flowers sells flowers to a customer on...Ch. 6 - Name two situations where cash would be remitted...Ch. 6 - If a retailer purchased inventory in the amount of...Ch. 6 - A retailer discovers that 50% of the total...Ch. 6 - Name two situations where cash would be remitted...Ch. 6 - If a customer purchased merchandise in the amount...Ch. 6 - A customer discovers 60% of the total merchandise...Ch. 6 - What are the main differences between FOB...Ch. 6 - A buyer purchases $250 worth of goods on credit...Ch. 6 - A seller sells $800 worth of goods on credit to a...Ch. 6 - Which statement and where on the statement is...Ch. 6 - The following is select account information for...Ch. 6 - What is the difference between a multi-step and...Ch. 6 - How can an investor or lender use the Gross Profit...Ch. 6 - The following is select account information for...Ch. 6 - If a retailer purchased inventory in the amount of...Ch. 6 - A customer discovers 50% of the total merchandise...Ch. 6 - What is the difference in reporting requirements...Ch. 6 - On March 1, Bates Board Shop sells 300 surfboards...Ch. 6 - Marx Corp. purchases 135 fax machines on credit...Ch. 6 - Match each of the following terms with the best...Ch. 6 - The following is selected information from Mars...Ch. 6 - On April 5, a customer returns 20 bicycles with a...Ch. 6 - Record journal entries for the following purchase...Ch. 6 - Record journal entries for the following purchase...Ch. 6 - Record the journal entry for each of the following...Ch. 6 - Record journal entries for the following sales...Ch. 6 - Record the journal entries for the following sales...Ch. 6 - Record the journal entry or entries for each of...Ch. 6 - Review the following situations and record any...Ch. 6 - Review the following situations and record any...Ch. 6 - Review the following situations and record any...Ch. 6 - The following select account data is taken from...Ch. 6 - Record journal entries for the following purchase...Ch. 6 - Record journal entries for the following purchase...Ch. 6 - Record the journal entries for the following sales...Ch. 6 - Record the journal entry or entries for each of...Ch. 6 - On June 1, Lupita Candy Supplies sells 1,250 candy...Ch. 6 - Ariel Enterprises purchases 32 cellular telephones...Ch. 6 - For each of the following statements, fill in the...Ch. 6 - The following is selected information from Orange...Ch. 6 - On April 20, Barrio Bikes purchased 30 bicycles at...Ch. 6 - Blue Barns purchased 888 gallons of paint at $19...Ch. 6 - Canary Lawnmowers purchased 300 lawnmower parts at...Ch. 6 - Record journal entries for the following purchase...Ch. 6 - Blue Barns sold 136 gallons of paint at $31 per...Ch. 6 - Canary Lawnmowers sold 70 lawnmower parts at $5.00...Ch. 6 - Record journal entries for the following sales...Ch. 6 - Review the following situations and record any...Ch. 6 - Review the following situations and record any...Ch. 6 - Review the following situations and record any...Ch. 6 - The following select account data is taken from...Ch. 6 - Canary Lawnmowers purchased 300 lawnmower parts at...Ch. 6 - Record journal entries for the following purchase...Ch. 6 - Canary Lawnmowers sold 75 lawnmower parts at $5.00...Ch. 6 - Record journal entries for the following sales...Ch. 6 - Record journal entries for the following...Ch. 6 - Record journal entries for the following...Ch. 6 - Costume Warehouse sells costumes and accessories....Ch. 6 - Pharmaceutical Supplies sells medical supplies to...Ch. 6 - Review the following transactions for Birdy...Ch. 6 - Review the following transactions for Dish Mart...Ch. 6 - Review the following sales transactions for Birdy...Ch. 6 - Review the following sales transactions for Dish...Ch. 6 - Record the following purchase transactions of...Ch. 6 - The following is the adjusted trial balance data...Ch. 6 - The following is the adjusted trial balance data...Ch. 6 - Review the following transactions for Birdy...Ch. 6 - Review the following sales transactions for Dish...Ch. 6 - Record journal entries for the following...Ch. 6 - Record journal entries for the following...Ch. 6 - Costume Warehouse sells costumes and accessories...Ch. 6 - Pharmaceutical Supplies sells medical supplies and...Ch. 6 - Review the following transactions for April...Ch. 6 - Review the following transactions for Dish Mart...Ch. 6 - Review the following sales transactions for April...Ch. 6 - Review the following sales transactions for Dish...Ch. 6 - Record the following purchase transactions of...Ch. 6 - Record the following sales transactions of Money...Ch. 6 - Record the following sales transactions of Custom...Ch. 6 - The following is the adjusted trial balance data...Ch. 6 - Following is the adjusted trial balance data for...Ch. 6 - Review the following transactions for April...Ch. 6 - Review the following sales transactions for Dish...Ch. 6 - Conduct research on a real-world retailers trade...Ch. 6 - You have decided to open up a small convenience...Ch. 6 - You own your own outdoor recreation supply store....Ch. 6 - You own a clothing store and use a periodic...
Additional Business Textbook Solutions
Find more solutions based on key concepts
LIFO, Conversion to FIFO. Inventory transactions tor Jack Franklin stores are summarized in the following table...
Intermediate Accounting (2nd Edition)
S6-2 Determining inventory costing methods
Ward Hard ware does not expect costs to change dramatically and want...
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
•• B.4. Consider the following linear programming problem:
Operations Management
(Preferred stock valuation) What is the value of a preferred stock when the dividend rate is 16 percent on a $1...
Foundations Of Finance
(Record inventory transactions in the periodic system) Wexton Technologies began the year with inventory of 560...
Financial Accounting (12th Edition) (What's New in Accounting)
11-9. Identify a company with a product that interests you. Consider ways the company could use customer relati...
Business Essentials (12th Edition) (What's New in Intro to Business)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.arrow_forwardRecord journal entries for the following purchase transactions of Flower Company. Assume the perpetual inventory system is used Oct. 13 Purchased 83 bushels of flowers with cash for $1,400 Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30 invoice dated October 20. Oct. 30 Paid account in full from the October 20 purchasearrow_forwardPurchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased $37,000 of merchandise from Schell Co. on account, terms 2/10, n/30. Paid the amount owed on the invoice within the discount period. Discovered that $7,400 before purchases discount of the merchandise was defective and returned items, receiving credit. Purchased $5,900 of merchandise from Schell Co. on account, terms n/30. Received a check for the balance owed from the return in (c), after deducting for the purchase in (d).arrow_forward
- Prepare journal entries for the SALES (Jane, seller) side of the purchase transactions above: October 1: Jane sold $1,000 of goods on account. Terms of the sale are 4/10, n 30. The invoice is dated October 1. Assume the cost of the inventory to Jane (amount she purchased it for) is $700. Record Jane’s entry. 1: Perpetual 2:Periodic October 7: Jake returned $50 of the $1,000 of goods from the October 1 purchase and received full credit. The cost of this inventory to Jane is $30. Record Jane’s entry. 1: Perpetual 2: Periodic October 11: Jake paid the amount due from the October 1 purchase, less the return on October 7. Record Jane’s entry. 1: Perpetual 2:Periodic October 3: Jake paid Jane $30 cash for freight charges from UPS for the October 1 purchase. Record Jane’s entry. 1: Perpetual 2: Periodicarrow_forwardPurchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased $30,000 of merchandise from Schell Co. on account, terms 1/10, n/30. Paid the amount owed on the invoice within the discount period. Discovered that $6,000 before purchases discount of the merchandise was defective and returned items, receiving credit. Purchased $4,800 of merchandise from Schell Co. on account, terms n/30. Received a check for the balance owed from the return in (c), after deducting for the purchase in (d). a. Inventory fill in the blank 2 Accounts Payable-Schell Co. fill in the blank 4 b. Accounts Payable-Schell Co. fill in the blank 6 Cash fill in the blank 8 c. Accounts Payable-Schell Co. fill in the blank 10 Inventory fill in the blank 12 d. Inventory fill in the blank 14 Accounts Payable-Schell Co. fill in the blank 16 e. Cash fill in the blank 18 Accounts…arrow_forwardComplete the necessary journal entries for the company below. a. ABC Co purchased $1,000 of inventory on account. Credit Terms 2/10, n/30. X/X b. ABC Co paid for shipping of $50 for the purchase. (FOB Shipping Point) X/X c. ABC Co. returned $400 of the purchased. X/X d. ABC Co. paid the bill within the discount period. X/Xarrow_forward
- Prepare the journal entries for the following situations On August 10. Travis company purchased inventory on account from Tony Co. for 11,500 terms 2/10 n/30. Travis Company returned inventory with an invoice amount of 2,500 on August 14 and received full credit. Journalize Travis Co. entries for the purchase, the return, and the payment of the invoice on August 10.arrow_forwardUser Rancho Furniture completed the following transactions relating to the purchase of merchandise during August, the first month of operation. It is the policy of the company to record all purchase invoices at the net amount and to pay invoices within the discount period. Aug.1 Purchased merchandise from Carolina Corporation, invoice price, $21,000; terms 2/10, n/30. Aug.8 Purchased merchandise from Thomas Company, $36,000; terms 2/10, n/30. Aug. 8 Merchandise with an invoice price of $3,000 purchased from Carolina Corporation on August 1 was found to be defective. It was returned to the supplier accompanied by debit memorandum no. 118. Aug. 18 Paid Thomas Company's invoice of August 8, less cash discount. Aug. 25 Purchased merchandise from Shenren Company, $22, 800; terms 2/10, n/30. Aug. 30 Paid Carolina Corporation's invoice of August 1, taking into consideration the return of defective goods on August 8. Assume that the inventory of merchandise on August 1 was $79, 400; on August…arrow_forwardPurchase-related transactions. Journalize entries for the following related transactions of Mandumna Company: Purchased $71,500 of merchandise from Nacara Co. on account, terms 1/10, n/30. Discovered that $13,500 (before purchases discount of 1%) of the merchandise was defective and returned items. Paid the balance amount owed on the invoice within the discount period. Purchased $9,000 of merchandise from Nacara Co. on account, FOB Destination, terms 5/15, n/30. Paid the balance amount owed on the invoice within the discount period.arrow_forward
- Abdulla Co. purchased $2,600 of merchandise from Adel Co. on April 10 with terms 2/10, n/30. On April 27, it returned $300 worth of merchandise. On May 6, it paid the full amount due to Adel Co. The journal entry to record the purchase on April 10 is: O A. Dr. Merchandise Inventory $2,600; Cr. Accounts Payable $2,600 Dr. Merchandise Inventory $2,600; Cr. Sales Returns $300; credit Cash $2,300 Dr. Accounts Payable $2,600; Cr. Merchandise Inventory $2,600 В. OC. D. Dr. Merchandise Inventory $2,300; Cr. Cash $2,300 Activate Windows « Go to Settihgs to activate Windov Moving to another question will save this response. Close Windowarrow_forwardJournalize the entores for the following related transactions of Manville Heating & Air company: A. purchased $31,000 of merchandise from Wright Co. On account,terms 1/10 ,n/30. ______ ______ B. Paid the amount owed on the invoice within the discount period. _____ _____ C. Discovered that $6,200 of the merchandise purchased in (a) was defective and returned items, receiving credit. _____ _____ D. Purchased $4,700 of merchandise from Wright company on account terms n/30. _____ _____ E. Received a refund from Wright company for return in (c) less the purchase in (d). _____ _____arrow_forwardOn March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,
Financial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27
Accounting
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Cengage Learning
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Property, Plant and Equipment (PP&E) - Introduction to PPE; Author: Gleim Accounting;https://www.youtube.com/watch?v=e_Hx-e-h9M4;License: Standard Youtube License