COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Textbook Question
Chapter 8, Problem 16E
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:
Bushard Company
Schmidt, Inc.
Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. Use 20 as the journal page for both companies.
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A čompany uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9,
2021, for $57,000 and then sells this inventory on account on March 7, 2021, for $74,000.
Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select
"No Journal Entry Required" in the first account field.)
View transaction list
EX:
......
Record the purchase of inventory on account.
2
Record the sale of inventory on account.
Record the cost of inventory sold.
Credit
Note :
journal entry has been entered
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View general journal
Clear entry
Record entry
A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9,
2021, for $59,000 and then sells this inventory on account on March 7, 2021, for $79,000.
Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select
"No Journal Entry Required" in the first account field.)
View transaction list
Journal entry worksheet
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Record the purchase of inventory on account.
Note: Enter debits before credits.
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Given the following, prepare the entries that
both the purchaser and seller should record for
these transactions. Assume both companies
use a perpetual inventory system.
a. February 14: Benson Inc.'s merchandise was
sold to Dylex Corporation for $700 under
credit terms of 2/30, n/60, FOB shipping
point. The cost of the merchandise was
$630.
b. February 28: Dylex Corporation paid Benson
Inc. the balance due.
Enter the transaction letter as the description
when entering the transactions in the journal.
Dates must be entered in the format dd/mmm
(i.e., January 15 would be 15/Jan).
Please use the '+' and '-' buttons to change the
number of accounts (if necessary) for each
journal entry.
a) Dylex Corporation
b) Benson Inc.
General Journal
Page GJ4
General Journal
Page GJ7
Date
Account/Explanation
E Debit
Credit
Date
Account/Explanation
E Debit
Credit
+ -
+ -
+ -|
+
Chapter 8 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 8 - What is the name of the account used to record...Ch. 8 - What does FOB shipping point mean?Ch. 8 - Prob. 1.3SRQCh. 8 - Prob. 1.4SRECh. 8 - Prob. 1.5SRECh. 8 - Prob. 1.6SRACh. 8 - Prob. 2.1SRQCh. 8 - Prob. 2.2SRQCh. 8 - The total of the schedule of accounts payable...Ch. 8 - In the accounts payable ledger, a suppliers...
Ch. 8 - Prob. 2.5SRECh. 8 - Prob. 2.6SRACh. 8 - What is the name of the account used to record...Ch. 8 - What type of account is Purchases Returns and...Ch. 8 - Prob. 3CSRCh. 8 - Prob. 4CSRCh. 8 - Prob. 5CSRCh. 8 - Prob. 1DQCh. 8 - Prob. 2DQCh. 8 - Prob. 3DQCh. 8 - Prob. 4DQCh. 8 - Prob. 5DQCh. 8 - Prob. 6DQCh. 8 - What type of accounts are kept in the accounts...Ch. 8 - Prob. 8DQCh. 8 - Prob. 9DQCh. 8 - Prob. 10DQCh. 8 - Prob. 11DQCh. 8 - Prob. 12DQCh. 8 - Prob. 13DQCh. 8 - Why is using the Purchases Returns and Allowances...Ch. 8 - Prob. 15DQCh. 8 - Prob. 16DQCh. 8 - Prob. 17DQCh. 8 - Prob. 18DQCh. 8 - Identify the normal balance of the following...Ch. 8 - Prob. 2ECh. 8 - Prob. 3ECh. 8 - Record the following transactions of J. Min...Ch. 8 - Record the following transactions of Allen Inc.:Ch. 8 - Bushard Company (buyer) and Schmidt, Inc. (seller)...Ch. 8 - Prob. 7ECh. 8 - Prob. 8ECh. 8 - Prob. 9ECh. 8 - Prob. 10ECh. 8 - Prob. 11ECh. 8 - Prob. 12ECh. 8 - Prob. 13ECh. 8 - Record the following transactions of Fashion Park...Ch. 8 - On April 1, Moloney Meat Distributors sold...Ch. 8 - Bushard Company (buyer) and Schmidt, Inc. (seller)...Ch. 8 - Annettes Photo Shop is a retail store that sells...Ch. 8 - Prob. 2PACh. 8 - Prob. 3PACh. 8 - NewTech Medical Devices is a medical devices...Ch. 8 - Prob. 5PACh. 8 - Bowden Company (buyer) and Song, Inc. (seller),...Ch. 8 - The following transactions took place at Fine...Ch. 8 - Prob. 1PBCh. 8 - Taras Card and Novelty Shop is a retail card,...Ch. 8 - Prob. 3PBCh. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - Belladonna Company (buyer) and Sachi, Inc....Ch. 8 - The following transactions took place at The...Ch. 8 - William Evans began Evans Distributors, a sporting...Ch. 8 - Prob. 2CTPCh. 8 - Prob. 1MFCh. 8 - Prob. 2MFCh. 8 - Prob. 3MFCh. 8 - Prob. 4MFCh. 8 - Prob. 5MFCh. 8 - Prob. 6MFCh. 8 - Prob. 1ED
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