Exercise 1 Part 1: Prepare the necessary journal entries on the books of Marlon Carpet Company...
12. Prepare the necessary journal entries on the books of Ahmed Car wash Company to record the following transactions, assuming a perpetual inventory system is used. Ahmed purchased the goods from ABC Company. (3 marks) a) Ahmed purchased S55,000 of merchandise from ABC Company on account, terms 3/10, n/30. The goods cost ABC Company $32,500. Ahmed returned $6,000 of damaged merchandise for credit. Ahmed paid for the merchandise purchased within 10 days (b) (c) i) Prepare the necessary journal entries...
a) Prepare the necessary journal entries to record the following transactions, assuming Hewitt Company uses a perpetual inventory system. i. Purchased $35,000 of merchandise on account, terms 2/10, n/30. ii. Returned $300 of damaged merchandise for credit. . Paid for the merchandise purchased within 10 days Solution (3 marks) Transaction Account Title Dr Cr No. Zn
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Exercise 207Prepare the necessary journal entries to record the following transactions, assuming Oldman Company uses a perpetual inventory system.(a) Oldman sells $ 54,000 of merchandise, terms 1 / 10, n / 30. The merchandise cost $ 30,000.(b) The customer in (a) returned $ 5,000 of merchandise to Oldman. The merchandise returned cost $ 3,500.(c) Oldman received the balance due within the discount period.
Prepare the journal entries to record the following transactions on Concord Corporation’s books using a perpetual inventory system. On March 2, Concord Corporation sold $821,000 of merchandise on account to Sarasota Company, terms 2/10, n/30. The cost of the merchandise sold was $613,000. On March 6, Sarasota Company returned $82,100 of the merchandise purchased on March 2. The cost of the returned merchandise was $61,300 On March 12, Concord Corporation received the balance due from Sarasota Company.
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10, n/30. The cost...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) on March 2, Novak Corp. sold E758,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was E524,000. Account Tities and Explanation Debit Credit (To record the sale) (To record cost of merchandise sold) (b) on March 6, Edgebrook...
Brief Exercise 5-04 Prepare the journal entries to record the following transactions on Carla Vista Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10,...
prepare the journal entries to record the following sales
transactions in Martines Corp.'s books. Martines uses a perpetual
inventory system
Jan. 2 5 6 11 Martinez sold $48,500 of goods to Xtra Inc., terms 2/10, n/45, FOB destination. The cost of the goods sold was $27,160. The appropriate company paid freight costs of $800. Xtra returned $6,000 of the merchandise purchased from Martinez on January 2, because it was not needed. The cost of the merchandise returned was $3,360, and...
Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost...