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Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter
into the following transactions.
May | 11 | Sydney accepts delivery of $34,500 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $23,115. Sydney pays $370 cash to Express Shipping for delivery charges on the merchandise. | ||
12 | Sydney returns $1,200 of the $34,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804. | |||
20 | Sydney pays Troy for the amount owed. Troy receives the cash immediately. |
(Both Sydney and Troy use a perpetual inventory system and the
gross method.)
1. Prepare journal entries that Sydney Retailing
(buyer) records for these three transactions.
2. Prepare journal entries that Troy Wholesalers
(seller) records for these three transactions.
Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.
Sydney accepts delivery of $34,500 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $23,115.
2
Sydney pays $370 cash to Express Shipping for delivery charges on the merchandise.
3
Sydney returns $1,200 of the $34,500 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804.
4
Sydney pays Troy for the amount owed. Troy receives the cash immediately.
Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.
1
Record the merchandise sold on account.
2
Record the cost of goods sold.
3
Record the sales return.
4
Record the cost of sales return.
5
Record the cash collected for credit sales.
Check my workCheck My Work button is now enabled2 Item3 Item 3 2.14 points Item Skipped...
Check my work Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $23,589 of merchandise it purchases for resale from Troy: invoice dated May 11, teras 3/10, n/90, FOB shipping point. The goods cost Troy $15,745. Sydney pays $355 cash to Express Shipping for delivery charges on the merchandise 12 Sydney returns $1,200 of the $23,5ee of goods to Troy, who receives then the same day and restores then to its...
Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these t View transaction list XE 1 Sydney accepts delivery of $36,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $24,455. 2 Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise. 3 Sydney returns $1,200 of the $36,500 of goods to Troy, who receives them the same day and...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May11Sydney accepts delivery of $23,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $15,410. Sydney pays $655 cash to Express Shipping for delivery charges on the merchandise.12Sydney returns $1,200 of the $23,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $804.20Sydney...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $35,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $23,450. Sydney pays $525 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,200 of the $35,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $40,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $30,000. Sydney pays $345 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,400 of the $40,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter
into the following transactions.
May
11
Sydney accepts delivery of $26,000 of merchandise it purchases
for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB
shipping point. The goods cost Troy $17,420. Sydney pays $520 cash
to Express Shipping for delivery charges on the merchandise.
12
Sydney returns $1,300 of the $26,000 of goods to Troy, who
receives them the same day and restores them to its inventory. The...
Exercise 4-18A Recording sales, purchases, shipping, and returns: buyer and seller-periodic LO P5 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $32,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $21,440. Sydney pays $470 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,900 of the $32,000 of goods to Troy,...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $39,000 of merchandise it purchases for resale from Troy: invoice dated May 11; terms 3/10, n/90; FOB shipping point. The goods cost Troy $26,130. Sydney pays $550 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,200 of the $39,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned...
Exercise 4-23A (Algo) Periodic-Recording sales, purchases, shipping, and returns: buyer and seller .O P5 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. lay 11 Sydney accepts delivery of $22,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $14,740. Sydney pays $660 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $2,600 of the $22,000 of goods to Troy,...
Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $34,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $22,780. Sydney pays $615 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,500 of the $34,000 of goods to Troy, who receives them the same day and restores them to its inventory. The...