Homework Answers
| Date | Account Title | Debit | Credit |
| August 9 | Cash | $9,000 | - |
| Sales Revenue | - | $9,000 | |
| August 9 | Cost of goods sold | $5,400 | - |
| Merchandise inventory | - | $5,400 | |
| August 15 | Sales returns and allowance | $840 | - |
| Cash | - | $840 | |
| August 15 | Merchandise inventory ($5,400 X $840 / $9,000) | $504 | - |
| Cost of goods sold | - | $504 |
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Journalize the following transactions for Powell Company. Assume a perpetual inventory system. Also, assume a constant...
Journalize the following transactions for White Company. Assume a perpetual inventory system. Also, assume a constant...
Journalize the following transactions for White Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. October 3 October 9 Sold goods costing $3,600 to Lopez Company for cash, $6,000. Lopez Company returned undamaged merchandise, purchased on October 3, for a cash refund, $710. Date Account Title Debit | Credit
Powell Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute...
Powell Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Powell Company received on November 20. November 9 Sold goods costing $5,400 to Alexander Company on account, $9,000, terms 4/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $50. November 15 Alexander Company returned undamaged merchandise previously purchased on account, $1,100. November 20 Received the amount due from Alexander Company.
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Problem Page Question Journalize the following transactions for Ramirez Company using the gross method of accounting...
Problem Page Question Journalize the following transactions for Ramirez Company using the gross method of accounting for sales discounts. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. May 9 Sold goods costing $6,000 to Bailey Company on account, $10,000, terms 5/10, n/30. May 15 Bailey Company was granted an allowance of $800 for returned merchandise that was previously purchased on account. The...
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750...
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750 with terms n/30. The cost of the merchandise sold was $2,000. Issued credit memo for $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned was $610. Received check for the amount due for sale on July 3 less return on July 5. Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise...
Coleman Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute...
Coleman Company uses the gross method and a perpetual inventory system. Assuming the following entries, compute the amount that Coleman Company received on June 19. June 8 Sold goods costing $3,000 to Powell Company on account, $5,000, terms 5/10, n/30. The goods are shipped FOB Shipping Point, Freight Prepaid by Seller, $330. June 14 Powell Company returned undamaged merchandise previously purchased on account, $200. June 19 Received the amount due from Powell Company.
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along...
Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. Note: Any available cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $1,600 of merchandise for cash. 2 Purchased $6,400 of merchandise; terms 1/10, n/30. 5 Sold merchandise costing $3,200 for $4,800; terms 3/10, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17...
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts....
Journalize the following transactions for Perez Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. October 9 Purchased goods from Long Company on account, $6,000, terms 2/10, n/30. October 15 Returned merchandise to Long Company that was previously purchased on account, $600. October 20 Paid the amount due to Long Company. Date Account Title Debit Credit ✓ (Choose one) Accounts Payable Accounts Receivable Cash Cost of Goods Sold Purchase Discounts Last Freight Out Merchandise...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for...
Journalize the following transactions for the buyer, Reed Company, using the gross method to account for purchase discounts. Assume a perpetual inventory system. Purchased merchandise from Green Company on account, $5,000, terms 4/10, n/30. The goods are shipped FOB shipping point, freight prepaid by seller, $230. November 3 November 9 Returned to Green Company merchandise previously purchased on account, $200. Paid the amount due to Green Company. November 14 Date Account Title Debit Credit * (Choose one) Accounts Payable Accounts...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System. The following selected transactions...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System. The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $17,700, terms FOB shipping point, 2/10, n/30. Swan Company paid freight of $420, which was added to the invoice. The cost of the merchandise sold was $11,200. 8. Swan Company sold merchandise on account to Bird Company, $27,000, terms FOB destination, 1/15, n/30. The...
Journalize the following transactions for White Company. Assume a perpetual inventory system. Also, assume a constant gross profit ratio for all items sold. Make sure to enter the day for each separate transaction. October 3 October 9 Sold goods costing $3,600 to Lopez Company for cash, $6,000. Lopez Company returned undamaged merchandise, purchased on October 3, for a cash refund, $710. Date Account Title Debit | Credit
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750 with terms n/30. The cost of the merchandise sold was $2,000. Issued credit memo for $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned was $610. Received check for the amount due for sale on July 3 less return on July 5. Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise...
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