Journal entry
Date | account and explanation | Debit | Credit |
June 10 | Purchase | 9000 | |
Account payable | 9000 | ||
June 10 | Freight in | 100 | |
Cash | 100 | ||
June 12 | Account payable | 600 | |
Purchase return and allowance | 600 | ||
June 19 | Account payable (9000-600) | 8400 | |
Cash (8400*98%) | 8232 | ||
Purchase discount | 168 | ||
June 20 | Purchase | 10000 | |
Account payable | 10000 | ||
June 21 | Account payable | 1000 | |
Purchase return and allowance | 1000 | ||
June 23 | Account payable | 9000 | |
Cash | 9000 | ||
2. Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions...
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.
Record the following transactions in general journal form using the periodic inventory system. If an amount does not require an entry, leave it blank. Round your answers to the nearest cent. June 5 Sold merchandise on account to Wilson, Inc., $520; terms 1/10, n/30. 12 Bought merchandise on account from Mastercraft Company, $425; terms 2/10, n/45; FOB shipping point. 15 Paid Alliance Freight Lines for freight charges on merchandise purchased from Mastercraft Company, $45. 15 Received full payment from Wilson,...
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 $6,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $310 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...
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 merchandising transactions of Lowe’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 August 1 in Accounts Payable—Aron. Aug. 1 Purchased merchandise from Aron Company for $7,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $4,900 under credit terms of 2/10, n/60, FOB destination, invoice...
Le R_29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Sep.4 Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. 4 Paid freight charges, $480. 10 Returned $300 of inventory to Max. 17 Paid Max Appliance Wholesale, less return and discount. 20 Purchased inventory of $3,900 on account from MY Appliance, an...
Prepare journal entries to record the following merchandising transactions of Lowe’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 August 1 in Accounts Payable—Aron. Aug. 1 Purchased merchandise from Aron Company for $9,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $6,300 under credit terms of 2/10, n/60, FOB destination, invoice...
Prepare journal entries to record the following merchandising transactions of Lowe’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 August 1 in Accounts Payable—Aron. Aug. 1 Purchased merchandise from Aron Company for $9,000 under credit terms of 1/10, n/30, FOB destination, invoice dated August 1. 5 Sold merchandise to Baird Corp. for $6,300 under credit terms of 2/10, n/60, FOB destination, invoice...
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...