Homework Answers
| june 2 | Accounts receivable a/c | 4,800 | |
| ..........To sales revenue a/c | 4,800 | ||
| (to record sales) | |||
| june 2 | cost of goods sold a/c | 2,700 | |
| .........To merchandise inventory a/c | 2,700 | ||
| (to record for cost of goods sold) | |||
| jul 13 | cash a/c | 4,800 | |
| ...........To accounts receivable a/c | 4,800 | ||
| (to record cash payment received) |
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2. Craig's Snowboards uses the perpetual inventory system and the gross method of accounting for sales,...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the gross method of accounting for purchases. The company had the following transactions during January January 6 January 8 January 15 Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30 Returned $200 worth of defective units and received full credil Paid the amount due, less the returned items Prepare jourmal entries to record each of the preceding transactions. Jan. 6 Jan. 8 Jan....
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting...
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are...
All paper. Good feed back. Thanks anticipated. Exercise 3. Serene Spa Sales uses the perpetual inventory...
All
paper. Good feed back. Thanks anticipated.
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. 3 Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had...
Prepare journal entries to record the following merchandising transactions of Wright's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Wright's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Martin.) Jul. 1 Purchased merchandise from Martin Company for $9,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Clark Co. for $2,700 under credit terms of 2/10, n/60, FOB...
Prepare journal entries to record the following merchandising transactions of Wright's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Wright's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Martin.) Jul. 1 Purchased merchandise from Martin Company for $9,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Clark Co. for $2,700 under credit terms of 2/10, n/60, FOB...
Prepare journal entries to record the following merchandising transactions of Thompson's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising transactions of Thompson's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Knight.) Jul. 1 Purchased merchandise from Knight Company for $11,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Taylor Co. for $3,700 under credit terms of 2/10, n/60, FOB...
Exercise 9-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and...
Exercise 9-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and allows customers to use the Z-Mart store credit card in charging purchases. Z-Ma assesses a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,700 (that had cost $1,500) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded 59 of interest earned from its store credit card as of...
Question 28 15 points Save Answer EXERCISE 2-Perpetual Inventory System Journal Entries (15 pts.) Journalize the...
Question 28 15 points Save Answer EXERCISE 2-Perpetual Inventory System Journal Entries (15 pts.) Journalize the following transaction for the month of July. Copa Company uses a perpetual inventory system and the Cost of Goods Sold is 60% of sales. During January, the following transactions and events occurred. Jul. Jul. Jul. Jul Jul. 4 Purchased merchandise from Foster Co. for $18,000, terms 2/10, n/30. 10 Sold merchandise to Stuart Co. $21,000, terms 3/15, n/30. 12 Granted credit to Stuart Co....
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for...
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for recording both purchase and sales discounts. All purchases and sales of inventory are on account with terms 2/15, n/30. Carter Inc. had the following select transactions occur during May and June of 2020: May 1 --- Purchased inventory costing $12,000, terms 2/15, n/30. May 1 --- Paid $200 cash to UPS for freight related to the above purchase. Carter is responsible for these freight...
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system...
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $4,600 (that had cost $2,956) and accepted the customer's Suntrust Bank...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the gross method of accounting for purchases. The company had the following transactions during January January 6 January 8 January 15 Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30 Returned $200 worth of defective units and received full credil Paid the amount due, less the returned items Prepare jourmal entries to record each of the preceding transactions. Jan. 6 Jan. 8 Jan....
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are...
All
paper. Good feed back. Thanks anticipated.
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. 3 Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had...
Prepare journal entries to record the following merchandising transactions of Wright's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Martin.) Jul. 1 Purchased merchandise from Martin Company for $9,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Clark Co. for $2,700 under credit terms of 2/10, n/60, FOB...
Exercise 9-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and allows customers to use the Z-Mart store credit card in charging purchases. Z-Ma assesses a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,700 (that had cost $1,500) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded 59 of interest earned from its store credit card as of...
Question 28 15 points Save Answer EXERCISE 2-Perpetual Inventory System Journal Entries (15 pts.) Journalize the following transaction for the month of July. Copa Company uses a perpetual inventory system and the Cost of Goods Sold is 60% of sales. During January, the following transactions and events occurred. Jul. Jul. Jul. Jul Jul. 4 Purchased merchandise from Foster Co. for $18,000, terms 2/10, n/30. 10 Sold merchandise to Stuart Co. $21,000, terms 3/15, n/30. 12 Granted credit to Stuart Co....
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for recording both purchase and sales discounts. All purchases and sales of inventory are on account with terms 2/15, n/30. Carter Inc. had the following select transactions occur during May and June of 2020: May 1 --- Purchased inventory costing $12,000, terms 2/15, n/30. May 1 --- Paid $200 cash to UPS for freight related to the above purchase. Carter is responsible for these freight...
Exercise 9-2 Accounting for credit card sales LO C1 Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, a 4% service charge for credit card sales is assessed. The second credit card that Levine accepts is the Continental Card. Continental assesses a 2.5% charge on sales for using its card. Apr. 8 Sold merchandise for $4,600 (that had cost $2,956) and accepted the customer's Suntrust Bank...
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