LuLu Library returned 8 severely damaged books to the publisher. The total value of the returned...
LuLu Library returned 8 severely damaged books to the publisher. The total value of the returned merchandise was $94. Use a journal entry to record this transaction, using the perpetual inventory system.
Homework Answers
| Ans. | Account and Titles | Dr.($) | Cr.($) | ||
| Accounts Payable | 94 | ||||
| To Inventory | 94 | ||||
| (Being damaged books returned to the publisher) | |||||
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LuLu Library returned 8 severely damaged books to the publisher.
The total value of the returned...
LuLu Library purchased 50 textbooks from the local publisher, about career readiness, to resell to clients....
LuLu Library purchased 50 textbooks from the local publisher, about career readiness, to resell to clients. The total cost of the transaction, including shipping and handling, was $552. The textbooks were purchased on account. Use a journal entry to record this transaction, using the perpetual inventory system.
LuLu's Library sold 3 books to Sandra M on account for a total of $60. The...
LuLu's Library sold 3 books to Sandra M on account for a total of $60. The total cost of the books sold was $34. Record the journal entries that would be made for this transaction using a perpetual inventory system. Why are two journal entries required to record the sale of merchandise in a perpetual inventory system? (100-150 words) Use the information from above. Sandra M returned 1 book. Record the journal entries for this transaction in a perpetual inventory...
12. Prepare the necessary journal entries on the books of Ahmed Car wash Company to record...
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...
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...
Prepare the journal entries to record these transactions on the books of Sheffield Co. under a...
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...
The library charges overdue fees when books are returned late. Each night, after closing, the librarian...
The library charges overdue fees when books are returned late. Each night, after closing, the librarian looks at the list of customers with overdue books and calculates the total dollars of late fees. If the last day of the library's year is December 31, 2020 and total fees were $35 that day, the journal entry to record these charges would include: Debit to Late Fee Expense of $35 Debit to Acocunts Payable for $35 o Credit to Late Fee Revenue...
Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual...
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...
Thank you. thumbs up! Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of...
Thank you. thumbs up!
Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare...
Exercise 1 Part 1: Prepare the necessary journal entries on the books of Marlon Carpet Company...
Exercise 1 Part 1: Prepare the necessary journal entries on the books of Marlon Carpet Company to record the following transactions, assuming a perpetual inventory system is used. Marlon purchased the goods from ABC Company. (a) Marlon purchased $45,000 of merchandise from ABC Company on account, terms 2/10, n/30. The goods cost ABC Company $35000. (b) Marlon returned $4,000 of damaged merchandise for credit. (c) Marlon paid for the merchandise purchased within 10 days Solution:
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight...
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 31,000 161,000 16,000 18,000 36,000 256,000 154,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers...
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...
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...
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...
The library charges overdue fees when books are returned late. Each night, after closing, the librarian looks at the list of customers with overdue books and calculates the total dollars of late fees. If the last day of the library's year is December 31, 2020 and total fees were $35 that day, the journal entry to record these charges would include: Debit to Late Fee Expense of $35 Debit to Acocunts Payable for $35 o Credit to Late Fee Revenue...
Thank you. thumbs up!
Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare...
Exercise 1 Part 1: Prepare the necessary journal entries on the books of Marlon Carpet Company to record the following transactions, assuming a perpetual inventory system is used. Marlon purchased the goods from ABC Company. (a) Marlon purchased $45,000 of merchandise from ABC Company on account, terms 2/10, n/30. The goods cost ABC Company $35000. (b) Marlon returned $4,000 of damaged merchandise for credit. (c) Marlon paid for the merchandise purchased within 10 days Solution:
The following information is available for the Johnson Corporation: Beginning inventory Inventory purchases (on account) Freight charges on purchases (paid in cash) Inventory returned to suppliers (for credit) Ending inventory Sales (on account) Cost of inventory sold $ 31,000 161,000 16,000 18,000 36,000 256,000 154,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Complete this question by entering your answers...
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