Homework Answers
| July. 4 | Purchase | 8500 | |
| Accounts payables | 8500 | ||
| 5 | Freight-in | 45 | |
| Cash | 45 | ||
| 7 | Purchase | 11985 | |
| Accounts payables | 11985 | ||
| 13 | Accounts payables ( 11985 + 8500 ) | 20485 | |
| Cash ( 20485 - 204.85 ) | 20280.15 | ||
| Purchase discount ( 20485 * 1% ) | 204.85 |
| Note : As the payment is made within 10 days, Marshall will get 1% discount as the credit policy of Tidy Wholesalers. |
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Marshall Supplies is a janitorial supply store that uses perpetual Inventory. Journalize the following transactions July...
Marshall Supplies is a janitorial supply store that uses perpetual inventory. Journalize the following transactions: July...
Marshall Supplies is a janitorial supply store that uses perpetual inventory. Journalize the following transactions: July 4 Marshall purchases inventory for sale from Tidy Wholesalers for $8,500 with terms 1/10, n/30. 5 Marshall pays Express Transfer $45 for freight on the July 4 order. 7 Marshall buys an additional $11,985 in inventory from Tidy Wholesalers with terms 1/10, n/30. 13 Marshall pays Tidy Wholesalers the balance due on both invoices. If required, round your answers to two decimal places. July...
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journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory...
journalize the following transactions that occurred in September
2018 for Red Hawk, assuming the perpetual inventory system is being
used. Identify each accounts payable and accounts receivable with
the vendor or customers names. Red Hawk estimates sales returns at
the end of each month.
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Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory...
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Exercise 2: (5 marks) Ephrayim Company uses a perpetual inventory system. During July, the following transactions...
Exercise 2: (5 marks) Ephrayim Company uses a perpetual inventory system. During July, the following transactions and events occurred. Xian Company sold 12 motors at a cost of $40 each to Slater Brothers Supply Company, terms 1/10, n/30. The motors cost Xian $25 each. July 13 Two defective motors were returned to Xian. July 16 Xian Company received payment in full from Slater Brothers. July 23 Instruction: Journalize the above transactions Solution:
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 $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
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Gadget Palace is a retailer selling unique hardware, Gadget Palace uses a perpetual inventory system. Journalize the following transactions On July 5, Gadget Palace purchases inventory for sale from Turbo Tools for $11,400.00 with terms 2/10, 1/30. On July 6, Gadget Palace pays Fast Truck Transport $75.00 for freight in on the July 5 order. On July 8, Gadget Palace receives a credit memo from Turbo Tools for $215.00 for damaged merchandise. On July 15, Gadget Palace pays Turbo Tools...
journalize the following transactions that occurred in September
2018 for Red Hawk, assuming the perpetual inventory system is being
used. Identify each accounts payable and accounts receivable with
the vendor or customers names. Red Hawk estimates sales returns at
the end of each month.
i More Info Sep. 3 Purchased merchandise inventory on account from Simmon Wholesalers, $4,000. Terms 3/15, n/EOM, FOB shipping point. 4 Paid freight bill of $75 on September 3 purchase. 4 Purchase merchandise inventory for cash...
Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Red Hawk estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount) (Click the icon to view the transactions.) More Info More Info Sep. ing:...
Exercise 2: (5 marks) Ephrayim Company uses a perpetual inventory system. During July, the following transactions and events occurred. Xian Company sold 12 motors at a cost of $40 each to Slater Brothers Supply Company, terms 1/10, n/30. The motors cost Xian $25 each. July 13 Two defective motors were returned to Xian. July 16 Xian Company received payment in full from Slater Brothers. July 23 Instruction: Journalize the above transactions Solution:
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