Homework Answers
| Date | General Journal | Debit | Credit |
| February 02 | Merchandise inventory | $32,000 | - |
| Accounts payable | - | $32,000 | |
| (To record purchase of inventory on account) | |||
| March 17 | Accounts receivable | $52,000 | - |
| Sales revenue | - | $52,000 | |
| (To record sale of inventory on account) | |||
| March 17 | Cost of goods sold | $32,000 | - |
| Merchandise inventory | - | $32,000 | |
| (To record cost of sales) |
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11. 0.50 points Shankar Company uses a perpetual system to record inventory transactions. The company purchases...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
A company uses a perpetual system to record inventory transactions.
A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9 . 2021, for $59,000 and then sells this inventory on account on March 7.2021 for $77,000Record the transactions for the purchase and sole of the inventory (If no entry is required for a particular transaction/event, select 'No Journal Entry Required" in the first account field.)
record purchase discounts of inventory using a perpetual system. Shankar company uses a perpetual system to...
record purchase discounts of inventory using a perpetual system. Shankar company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, n/30. On February 10, the company pays on account for the inventory. Record the inventory purchase on February 2 and the payment on February 10
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on F...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $22,000 and then sells this inventory on account on March 17 for $42,000. Record the purchase of inventory on account. Record the sale of inventory on account. Record the cost of goods sold.
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n...
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n/30. March 5 Pays freight costs of $290 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,800 on account. tormiunt due on March 3 purchase the returned Record...
Required: 1. Assuming that the James Company uses a perpetual inventory system, prepare journal entries for...
Required:
1. Assuming that the James Company uses a
perpetual inventory system, prepare journal entries for the above
transactions. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
We were unable to transcribe this imageWe were unable to transcribe this imageOn October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Date General Journal Debit Credit October A unts payable 31 Accounts payable Record entry...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these...
Shankar Company uses a periodic system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for $60,000. Record transactions for the purchase and sale of inventory. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the purchase of inventory on account. Note: Enter debits before credits....
A company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9 . 2021, for $59,000 and then sells this inventory on account on March 7.2021 for $77,000Record the transactions for the purchase and sole of the inventory (If no entry is required for a particular transaction/event, select 'No Journal Entry Required" in the first account field.)
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
A company has the following transactions during March: March 3 Purchases inventory on account for $3,100, terms 3/10, n/30. March 5 Pays freight costs of $290 on inventory purchased on March 3. March 6 Returns inventory with a cost of $500. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,800 on account. tormiunt due on March 3 purchase the returned Record...
Required:
1. Assuming that the James Company uses a
perpetual inventory system, prepare journal entries for the above
transactions. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
We were unable to transcribe this imageWe were unable to transcribe this imageOn October 31, James paid for the merchandise purchased on October 12. Note: Enter debits before credits. Date General Journal Debit Credit October A unts payable 31 Accounts payable Record entry...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these...
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