Homework Answers
Answer
| Date | Account titles | Debit | Credit |
| 02-Mar | Equipment | $ 7,400 | |
| Accounts Payable | $ 7,400 | ||
| (Equipment purchased on account) | |||
| 05-Mar | Accounts Payable | $ 410 | |
| Inventory | $ 410 | ||
| (credit received for returning damaged inventory) | |||
| 07-Mar | Sales Return & Allowances | $ 400 | |
| Accounts receivables | $ 400 | ||
| (merchandise returned) | |||
| 07-Mar | Inventory | $ 260 | |
| Cost of Goods Sold | $ 260 | ||
| (Cost of merchandise returned) |
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Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing...
Thank you. thumbs up! Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of...
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Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare...
On March 2, Skysong, Inc. sold $929,000 of merchandise on account to Riverbed Company, terms 4/10...
On March 2, Skysong, Inc. sold $929,000 of merchandise on account to Riverbed Company, terms 4/10, n/30. The cost of the merchandise sold was $558,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record credit sale) To record cost of merchandise sold) On March 6, Riverbed Company returned $92,900...
Exercise 11-7 Quay Co. had the following transactions during the current period. Mar. 2 Issued 4,400...
Exercise 11-7
Quay Co. had the following transactions during the current
period.
Mar.
2
Issued 4,400 shares of $5 par value common stock to attorneys
in payment of a bill for $26,800 for services performed in helping
the company to incorporate.
June
12
Issued 55,700 shares of $5 par value common stock for cash of
$345,400.
July
11
Issued 2,700 shares of $110 par value preferred stock for cash
at $130 per share.
Nov.
28
Purchased 2,200 shares of treasury...
Prepare the journal entries to record these transactions on the books of Sheffield Co. under a...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Question 1 The following transactions occurred in April and May. Both companies use a perpetual inventory...
Question 1 The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. DeVito had paid $8,100 for the merchandise. The correct company paid freight costs of $330. Crane Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $1,700. DeVito determined the merchandise could not be repaired and sent it to the...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) on March 2, Novak Corp. sold E758,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was E524,000. Account Tities and Explanation Debit Credit (To record the sale) (To record cost of merchandise sold) (b) on March 6, Edgebrook...
On March 2, Ivanhoe Company sold $863,000 of merchandise on account to Sarasota Company, terms 2/10,...
On March 2, Ivanhoe Company sold $863,000 of merchandise on
account to Sarasota Company, terms 2/10, n/30. The cost of the
merchandise sold was $577,000. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 5-04 a-c (Part Level Submission) Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $863,000 of merchandise on account to Sarasota Company, terms...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland Company sold $473,800 of merchandise to Blossom Co., terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland...
View Policies Current Attempt in Progress Prepare journal entries to record the following sales transactions in...
View Policies Current Attempt in Progress Prepare journal entries to record the following sales transactions in Wildhorse Company's books. Wildhorse uses a perpetual inventory system Jan. 2 4 Wildhorse sold $14,000 of merchandise to Xiaoyan Company, terms 1/30, FOB shipping point. The cost of the merchandise sold was $5.530 The correct company paid freight costs of $245. Xiaoyan returned $1.400 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was 5550,...
Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic...
Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method August 10 Purchased merchandise on account, $12.500, terms 2/10, 1/30 13 Returned part of the purchase of August 10, $1,300, and received credit on account 15 Purchased merchandise on account, $15,700, terms 1/10.1/60 25 Purchased merchandise on account, $19.800 terms 2/10, 1/30 28 Paid invoice of August 15 in full Assuming that purchases are recorded at gross amounts and that discounts are...
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Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare...
On March 2, Skysong, Inc. sold $929,000 of merchandise on account to Riverbed Company, terms 4/10, n/30. The cost of the merchandise sold was $558,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record credit sale) To record cost of merchandise sold) On March 6, Riverbed Company returned $92,900...
Exercise 11-7
Quay Co. had the following transactions during the current
period.
Mar.
2
Issued 4,400 shares of $5 par value common stock to attorneys
in payment of a bill for $26,800 for services performed in helping
the company to incorporate.
June
12
Issued 55,700 shares of $5 par value common stock for cash of
$345,400.
July
11
Issued 2,700 shares of $110 par value preferred stock for cash
at $130 per share.
Nov.
28
Purchased 2,200 shares of treasury...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Question 1 The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 6 8 Crane Company purchased merchandise from DeVito Company for $12,400, terms 2/10, n/30, FOB shipping point. DeVito had paid $8,100 for the merchandise. The correct company paid freight costs of $330. Crane Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $1,700. DeVito determined the merchandise could not be repaired and sent it to the...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) on March 2, Novak Corp. sold E758,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was E524,000. Account Tities and Explanation Debit Credit (To record the sale) (To record cost of merchandise sold) (b) on March 6, Edgebrook...
On March 2, Ivanhoe Company sold $863,000 of merchandise on
account to Sarasota Company, terms 2/10, n/30. The cost of the
merchandise sold was $577,000. (Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
Brief Exercise 5-04 a-c (Part Level Submission) Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $863,000 of merchandise on account to Sarasota Company, terms...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland Company sold $473,800 of merchandise to Blossom Co., terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland...
View Policies Current Attempt in Progress Prepare journal entries to record the following sales transactions in Wildhorse Company's books. Wildhorse uses a perpetual inventory system Jan. 2 4 Wildhorse sold $14,000 of merchandise to Xiaoyan Company, terms 1/30, FOB shipping point. The cost of the merchandise sold was $5.530 The correct company paid freight costs of $245. Xiaoyan returned $1.400 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was 5550,...
Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method August 10 Purchased merchandise on account, $12.500, terms 2/10, 1/30 13 Returned part of the purchase of August 10, $1,300, and received credit on account 15 Purchased merchandise on account, $15,700, terms 1/10.1/60 25 Purchased merchandise on account, $19.800 terms 2/10, 1/30 28 Paid invoice of August 15 in full Assuming that purchases are recorded at gross amounts and that discounts are...
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