Journal entries | |||
No. | GENERAL JOURNAL | DEBIT ($) | CREDIT ($) |
1 | Merchandise Inventory | 5,194.00 | |
Accounts Payable (5,300 - 106) | 5,194.00 | ||
2 | Accounts Payable | 5,194.00 | |
Cash | 5,194.00 | ||
Explanation | |||
Discount = $5,300 x 2% = $106 |
Travis Company purchased merchandise on account from a supplier for $5,300, terms 2/10, net 30. Travis...
Travis Company purchased merchandise on account from a supplier for $8,200, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. a. b.
3) (a.) Nelson Company purchased merchandise on account from Hogan Manufacturing for $6,200 2/10 net 30. (b.) Nelson Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for Nelson Company for the above transactions: DR CR Possible Accounts Cash Accounts Receivable Merchadise Inventory Cost of Merchandise Sold Accounts Payable
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The Wheatland Company returned $8,000 of the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. The wheatland Company returned $8,000 of the merchandise and received full credit. a. What is the amount of cash...
Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $11,200, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $1,500 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?
Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $12,700, terms 2/10, n/30. Oppenheimer Company returned $1,700 of the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return? 4 Previous Check My Work 3:17 PM /19/2020 ะพ 3
Purchase-Related Transactions The Wheatland Company purchased merchandise on account from a supplier for $8.500, terms 2/10, 1/30, The Wheatland Company returned 1.000 merchandise and received full credit a. What is the amount of cash required for the payment within the discount period? 7.425 X h. Under a perpetuo ventory system, what account is credited by The Wheatland Company to record the return? Merchandise Inventory e The thout the counts on thes Under a perpetual stem for a return, the buyer...
Purchases Transactions Xanadu Company purchased merchandise on account from a supplier for $8,600, terms 1/10, n/30. Xanadu Company returned $1,600 of the merchandise and received full credit. a. If Xanadu Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is credited by Xanadu Company to record the return?
Purchase-related transaction Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10, n/30. Burr Company returned $3,000 of the merchandise before payment was made and received full credit. a. If Burr Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. What account is decreased by Burr Company to record the return? Inventory
dec 1. sold merchandise on account $17300 with terms 2/10 net 30. the cost of the merchandise sold was $12600 Chart of Accounts General Journal Instructions Instructions Journalize the foiowing inventory merchandise transactions, assuming that the company uses the perpetual inventory system Refer to the Chart of Accounts for exact wording of account tities Sold merchandise on account, $17,300 with terms 2/10, net 30. The cost of the merchandise sold was Dec $12,600 6 Received payment within the discount period
The company purchased merchandise on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $670 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. Record the sale of merchandise on account. Record the cost of goods sold. Record any necessary adjusting entry when the inventory on hand at the end...