51.
Correct option is a.
52.
Correct option is a or c both because both the entries are same.
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Use the following information to complete questions 51-52 Presented below are transactions for Amazing Retailer Inc...
Required information [The following information applies to the questions displayed below.] Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $9 cash per unit (for a total cost of $27,000). 5 Allied sold 1,500 of the units in inventory for $13 per unit (invoice total: $19,500) to...
2 pts Question 16 On July 1, Ferguson Company sold merchandise in the amount of $5,000 to Tracey Company, with credit terms of 2/10, 1/30. The cost of the items sold is $1,000. Ferguson uses the perpetual inventory system and the gross method. On July 5, Tracey returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ferguson must make on July 5...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 8 10 30 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was...
At the beginning of the current season on April 1, the ledger of Tamarisk, Inc. Shop showed Cash $1,900, Inventory $2,500, and Common Stock $4,400. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 Purchased golf discs, bags, and other inventory on account from Arnie Co. $1,050, FOB shipping point, terms 2/10, n/60 Paid freight on the Arnie purchase $60. Received credit from Arnie Co. for merchandise returned $200. Sold merchandise on account for...
Required information Use the following information for the Exercises 6-8 below. (Algo) (The following information applies to the questions displayed below.) Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. May 3 Allied made its first and only purchase of inventory for the period on May 3 for 3,000 units at a price of $10 cash per unit (for a total cost of $30,000). 5 Allied sold 1,500 of the units...
On September 12, Wynn Company sold merchandise in the amount of $5,800 to Jetson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Wynn uses the periodic inventory system. On September 14, Jetson returns some of the merchandise. The selling price of the returned merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Wynn must make on September 14 is: 500 500 Accounts receivable Sales returns...
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Prepare journal entries to record the following merchandising transactions of Cabela'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-Boden. July 1 Purchased merchandise from Roden Company for $6,000 under credit terns of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of...
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Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $27,300 with terms 2/10, n/30. The cost of the merchandise sold was $16,380. Sale Accounts payable / Accounts Receivable / Cash / Cost of Merchandise Sold / Merchandise Inventory / Purchase Discounts Cost of Merchandse Sold / Purchases / Cash / Sales / Sales Discounts / Sales Returns and Allowances...
The following information was taken from the accounting records of Northern Lights for the month of October, 20--: Sales $344,000 Sales Returns and Allowances 3,410 Sales Discounts 370 Purchases 194,500 Purchases Returns and Allowances 9,740 Purchases Discounts 5,560 Freight-In 1,580 Merchandise Inventory, October 1 42,000 Merchandise Inventory, October 31 33,000 Complete a partial income statement for the month of October, showing gross profit. Northern Lights Income Statement (partial) For the month ended October 31, 20- Sales Sales returns and allowances...
On September 12, Ryan Company sold merchandise in the amount of $6,000 to Johnson Company, with credit terms of 2/10, 1/30. The cost of the items sold is $4,100. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the non-defective merchandise, which is restored to inventory. The selling price of the returned merchandise is $520 and the cost of the merchandise returned is $360. The entry or entries...