Homework Answers
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| Ans E5-5 | |||
| Ans a | |||
| Journal Entry | |||
| Date | Account | Debit $ | Credit $ |
| 3-Apr | Cost of goods sold | 19,000.00 | |
| Merchandise Inventory | 19,000.00 | ||
| 8-Apr | Merchandise Inventory | 2,300.00 | |
| Cost of goods sold | 2,300.00 | ||
| Ans b | I cannot answer this question because sales revenue and account receivable data is not given. | ||
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ctions. E5-5 Refer to the information in E5-4 for Olaf Corp, and the following additional information:...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions in April Apr. 3 Purchased merchandise from DeVito Lid. for $28.000 terms 1/10, 1/30 FOB shipping! point 6 The appropriate company paid freight costs of $700 on the merchandise purchased on April 3 7 Purchased supplies on account for $5.000 8 Returned damaged merchandise to DeVito and was given a purchase allowance of $3.500. The merchandise was repaired by DeVito and returned to inventory...
Instru Deter E5-1 ord purchase and sales usactions-perpetual em. (1.01,23) AP Instructions (a) Prepare the journal...
Instru Deter E5-1 ord purchase and sales usactions-perpetual em. (1.01,23) AP Instructions (a) Prepare the journal entries to record the above transactions for Olaf Company. (b) Prepare the journal entries to record the above transactions for DeVito Company. (c) Calculate the gross profit earned by DeVito on these transactions. 5.3-6 The following merchandise transactions occurred in December. Both companies use a perpetual inve system. Dec. 3 Pippen Company sold merchandise to Thomas Co, for $32,000, terms 2/10, n/30, FOB destination...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inv...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inventory syste calculate Dec. 3 Pictou Ltd. sold goods to Thames Corp. for $68,000, terms 2/10, n/30, FOB shipping point The inventory had cost Pictou $36,000. 7 Shipping costs of $900 were paid by the appropriate company. 8 Thames returned unwanted merchandise to Pictou. The returned merchandise has a sales price of $2,100, and a cost of $1,150. It was restored to inventory. 11...
ase and sales -perpetual 2.3) AP Instructions (a) Prepare the journal entries to record the above...
ase and sales -perpetual 2.3) AP Instructions (a) Prepare the journal entries to record the above transactions for Olaf Company. (b) Prepare the journal entries to record the above transactions for DeVito Company. (c) Calculate the gross profit earned by DeVito on these transactions 5-6 The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pippen Company sold merchandise to Thomas Co. for $32,000, terms 2/10, n/30, FOB destination. This merchandise cost Pippen Company...
Journalize purcha transactions. (LO 2) E5-2 Information related to Duffy Co., Ltd. is presented below. 1....
Journalize purcha transactions. (LO 2) E5-2 Information related to Duffy Co., Ltd. is presented below. 1. On April 5, purchased merchandise from Thomas Company, Ltd. for £25,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of £900 on merchandise purchased from Thomas 3. On April 7, purchased equipment on account for £26,000. 4. On April 8, returned damaged merchandise to Thomas and was granted a £2,600 credit for returned merchandise. 5. On April 15, paid...
Olaf Distributing Company completed the following merchandising transactions in the month of...
1.Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of9,000 and M. Olaf, Capital of 9,000.Apr 2. Purchased merchandise on account from Dakota Supply Co. 6,9000, terms 1/10, n/30.4 Sold merchandise on account 5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was 4,100.5 Paid 240 freight on April 4 sale.6 Received credit from Dakota Supply Co. for merchandise returned 500.11 Paid...
Instructions Identify each statement as true or false. If false, indicate how to correct the statement....
Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E5-2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books...
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...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Pharoah Company purchased merchandise from DeVito Company for $12,300, terms 2/10, 1/30,FOB shipping point. DeVito had paid $8,500 for the merchandise. 6 The correct company paid freight costs of $270. 8 Pharoah Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $2.000. DeVito determined the merchandise could...
Brief Exercise 5-4 Prepare the journal entries to record the following transactions on Whispering Winds Corp.'s...
Brief Exercise 5-4 Prepare the journal entries to record the following transactions on Whispering Winds Corp.'s books using a perpetual inventory system. On March 2, Whispering Winds Corp. sold $815,000 of merchandise on account to Martinez Company, terms 4/10, 1/30. The cost of the merchandise sold was $603,000. (Credl manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 815000 Sales Commissions Expense 815000...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions in April Apr. 3 Purchased merchandise from DeVito Lid. for $28.000 terms 1/10, 1/30 FOB shipping! point 6 The appropriate company paid freight costs of $700 on the merchandise purchased on April 3 7 Purchased supplies on account for $5.000 8 Returned damaged merchandise to DeVito and was given a purchase allowance of $3.500. The merchandise was repaired by DeVito and returned to inventory...
Instru Deter E5-1 ord purchase and sales usactions-perpetual em. (1.01,23) AP Instructions (a) Prepare the journal entries to record the above transactions for Olaf Company. (b) Prepare the journal entries to record the above transactions for DeVito Company. (c) Calculate the gross profit earned by DeVito on these transactions. 5.3-6 The following merchandise transactions occurred in December. Both companies use a perpetual inve system. Dec. 3 Pippen Company sold merchandise to Thomas Co, for $32,000, terms 2/10, n/30, FOB destination...
wase and sales E5-7 The following merchandise transactions occurred in December. Both companies use a perpetual inventory syste calculate Dec. 3 Pictou Ltd. sold goods to Thames Corp. for $68,000, terms 2/10, n/30, FOB shipping point The inventory had cost Pictou $36,000. 7 Shipping costs of $900 were paid by the appropriate company. 8 Thames returned unwanted merchandise to Pictou. The returned merchandise has a sales price of $2,100, and a cost of $1,150. It was restored to inventory. 11...
ase and sales -perpetual 2.3) AP Instructions (a) Prepare the journal entries to record the above transactions for Olaf Company. (b) Prepare the journal entries to record the above transactions for DeVito Company. (c) Calculate the gross profit earned by DeVito on these transactions 5-6 The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Pippen Company sold merchandise to Thomas Co. for $32,000, terms 2/10, n/30, FOB destination. This merchandise cost Pippen Company...
Journalize purcha transactions. (LO 2) E5-2 Information related to Duffy Co., Ltd. is presented below. 1. On April 5, purchased merchandise from Thomas Company, Ltd. for £25,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of £900 on merchandise purchased from Thomas 3. On April 7, purchased equipment on account for £26,000. 4. On April 8, returned damaged merchandise to Thomas and was granted a £2,600 credit for returned merchandise. 5. On April 15, paid...
Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E5-2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a...
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...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Pharoah Company purchased merchandise from DeVito Company for $12,300, terms 2/10, 1/30,FOB shipping point. DeVito had paid $8,500 for the merchandise. 6 The correct company paid freight costs of $270. 8 Pharoah Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $2.000. DeVito determined the merchandise could...
Brief Exercise 5-4 Prepare the journal entries to record the following transactions on Whispering Winds Corp.'s books using a perpetual inventory system. On March 2, Whispering Winds Corp. sold $815,000 of merchandise on account to Martinez Company, terms 4/10, 1/30. The cost of the merchandise sold was $603,000. (Credl manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 815000 Sales Commissions Expense 815000...
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