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QUESTION 1 (7 marks) Pluton uses a periodic inventory system. Prepare general journal entries to record...
QUESTION 2 (10 marks) A. Harlingen Store uses the retail method concerning their most recent accounting...
QUESTION 2 (10 marks) A. Harlingen Store uses the retail method concerning their most recent accounting period (5 marks e the following informac At Retail 5 245 200 1.229,800 At Cost $148,600 677.400 1,200,000 Beginning-of-period inventory Net purchases Sales (1) What is the cost ratio using the retail method? (2) What is the estimated cost of the ending inventory D. A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the...
2. Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions...
2. Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions for Neutron: (25%) Neutron purchased merchandise on credit from Proton for $9,000, terms 2/10, n/30, FOB shipping. 10 Paid freight $100 charges to bring merchandise in. 12 Neutron returned $600 of merchandise from the June 10 purchase. 19 Neutron paid Proton for the June 10 purchase. 20 Purchase inventory of $10,000 on account from Man appliance terms were n/45. 21 Received a $1,000 allowance...
Kool Beans Gourmet Coffee uses a periodic inventory system. Prepare general Journal entries to record the...
Kool Beans Gourmet Coffee uses a periodic inventory system. Prepare general Journal entries to record the following transactions for Kool Beans: Kool Beans purchased merchandise on credit from Trice Foods for June $9,000, terms 2/10,n/30, FOB destination. Transportation costs of $350 were paid by Trice. 12 Kool Beans returned $600 of merchandise from the June 10 purchase. 19 Kool Beans paid Trice Foods for the June 10 purchase.
Kool Beans Gourmet Coffee uses a periodic inventory system. Prepare general journal entries to record the...
Kool Beans Gourmet Coffee uses a periodic inventory system. Prepare general journal entries to record the following transactions for Kool Beans: Kool Beans purchased merchandise on credit from Trice Foods for June $9,000, terms 2/10, n/30, FOB destination. Transportation costs of 10 $350 were paid by Trice. 12 Kool Beans returned $600 of merchandise from the June 10 purchase. 19 Kool Beans paid Trice Foods for the June 10 purchase.
prepare journal entries to record the following transactions for a retail store. the company uses perpetual...
prepare journal entries to record the following transactions
for a retail store. the company uses perpetual inventory system and
the gross method
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $6,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $390 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $280 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. 17 Sent a check to Lyon Company...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $7,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $400 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $ 750. 17 Sent a check to Lyon Company...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company...
QUESTION 2 (10 marks) A. Harlingen Store uses the retail method concerning their most recent accounting period (5 marks e the following informac At Retail 5 245 200 1.229,800 At Cost $148,600 677.400 1,200,000 Beginning-of-period inventory Net purchases Sales (1) What is the cost ratio using the retail method? (2) What is the estimated cost of the ending inventory D. A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the...
2. Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions for Neutron: (25%) Neutron purchased merchandise on credit from Proton for $9,000, terms 2/10, n/30, FOB shipping. 10 Paid freight $100 charges to bring merchandise in. 12 Neutron returned $600 of merchandise from the June 10 purchase. 19 Neutron paid Proton for the June 10 purchase. 20 Purchase inventory of $10,000 on account from Man appliance terms were n/45. 21 Received a $1,000 allowance...
Kool Beans Gourmet Coffee uses a periodic inventory system. Prepare general Journal entries to record the following transactions for Kool Beans: Kool Beans purchased merchandise on credit from Trice Foods for June $9,000, terms 2/10,n/30, FOB destination. Transportation costs of $350 were paid by Trice. 12 Kool Beans returned $600 of merchandise from the June 10 purchase. 19 Kool Beans paid Trice Foods for the June 10 purchase.
Kool Beans Gourmet Coffee uses a periodic inventory system. Prepare general journal entries to record the following transactions for Kool Beans: Kool Beans purchased merchandise on credit from Trice Foods for June $9,000, terms 2/10, n/30, FOB destination. Transportation costs of 10 $350 were paid by Trice. 12 Kool Beans returned $600 of merchandise from the June 10 purchase. 19 Kool Beans paid Trice Foods for the June 10 purchase.
prepare journal entries to record the following transactions
for a retail store. the company uses perpetual inventory system and
the gross method
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $6,200 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $390 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $450. 17 Sent a check to Lyon Company for...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $7,000 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $400 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $ 750. 17 Sent a check to Lyon Company...
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