Homework Answers
1. DR. Merchandise Inventory $1,300
CR. Waldo Co. $1,300
(Merchandise purchased on account.)
2. DR. Store Equipment. $5,300
CR. Kelowna Co. $5,300
(Equipment purchased on credit.)
3. DR. Merchandise Inventory. $2,000
CR. Redwood Co. $2,000
(Merchandise purchased on account.)
4. DR. Store supplies . $800
CR. Waldo Co. $800
(Store supplies purchased on account.)
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3. Prepare a schedule UI JU 2A-2. Reed Smith recently opened Reed's Skate Shop. The company...
CHAPTER 10 Purchases ar Purchased $560 of office equipment on account from Ryan Co., invoice no....
CHAPTER 10 Purchases ar Purchased $560 of office equipment on account from Ryan Co., invoice no. 810, dated August 18. 17 Purchased $850 of additional store supplies on account from Mixon Co., invoice no. 516, dated August 25; terms 6/10, n/30. 24 1O8-3. Wendy Ellis operates a wholesale computer center and has hired you as her bookkeeper to record the following transactions. She would like you to (1) journalize the following transactions, (2) record to the accounts payable subsidiary ledger...
Allison Cooper opened Allison’s Toy House. As her newly hired accountant, your tasks are to do...
Allison Cooper opened Allison’s Toy House. As her newly hired accountant, your tasks are to do the following: a. Journalize the transactions for the month of October, 201X. b. Record to subsidiary ledgers and post to the general ledger as appropriate. c. Prepare a schedule of accounts receivable and a schedule of accounts payable. The following is the partial chart of accounts for Allison’s Toy House: Allison’s Toy House Chart of Accounts Assets Revenue 110 Cash 410 Toy Sales 112...
Problem 8.1A Recording purchases and cash payments. LO 8-1, 8-3 Annette’s Photo Shop is a retail...
Problem 8.1A Recording purchases and cash payments. LO 8-1,
8-3
Annette’s Photo Shop is a retail store that sells cameras and
photography supplies. Annette’s Photo Shop began operations April
1, 2019 and uses the periodic system. The firm purchases its
merchandise for cash and on open account. During April, Annette’s
Photo Shop engaged in the following transactions:
DATE
TRANSACTIONS
2019
April
1
Purchased camera film on credit from Camera & Film Products,
Invoice 825, $1,055, terms n/30; freight of $29...
Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general...
Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $11,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $940 to G. Seles for $1,700 on credit subject to a $32 sales discount if paid by the end of the month. 14 Purchased $260 of store supplies from Chang Company on credit, terms...
in reference to part 2-e: Church Company completes these transactions and events during March of the...
in reference to part 2-e:
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $40,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,000 (cost is $8,000). 3 (a) Purchased $1,200 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold...
MERCHANDISING ACOUNTING Joe Blink an his brother Paul opened Blink's Partnership Company Merchandising business on July...
MERCHANDISING ACOUNTING Joe Blink an his brother Paul opened Blink's Partnership Company Merchandising business on July 1. The company applies the perpetual inventory system. July 1 Joe and Paul each invest $70,000 cash in a new partnership Purchased merchandise form Boden Company for $8,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1 Purchased used truck from Carter for $8,000, paying $3,000 cash and the balance On account. Sold merchandise that cost $3,500 to Rivera's Co....
HUIUI Kern's Book Warehouse using a perpetual inventory system. 2A (LO 2, 3, 5) Financial Statemen...
HUIUI Kern's Book Warehouse using a perpetual inventory system. 2A (LO 2, 3, 5) Financial Statemen dising transactions in the month of Mount Renner Hardwa $5,000 and Owner's Capital of $5,000. ne Renner Hardware Store completed the following merchan- At the beginning of May, the ledger of Renner showed Cash of Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, Journalize, po May 1 Purchase GLS 5 o 10 11 12 15 12 n/30. Sold merchandise on account...
Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO C3, P1, P2 Wiset...
Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO C3, P1, P2 Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $16,000 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,900 (cost is $2,800). 3 Purchased $1,590 of office supplies on credit from Custer,...
5-2B Aelsh regerding the March 2 sale. Collectec 16 7 Paid for the March 4 purchas...
5-2B
Aelsh regerding the March 2 sale. Collectec 16 7 Paid for the March 4 purchas ho a Pald for the March 10 purchsce Collected the balance owing ery erng he ssie of March 6. 31 Part 2 Based on the information provided above, caiculate (a) net ss, (b) cost of goods sold, and (c) gross profit for de month ended March 31, 2020, Problem 5-2B Journal entries for merchandising ectivities--perpetual LO3 Prepare general journal entries to record the following...
Post information from the journals in Part 2 to the general ledger and the accounts receivable...
Post information from the journals in Part
2 to the general ledger and the accounts receivable and accounts
payable subsidiary ledgers.
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $40,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,000 (cost is $8,000). 3 (a) Purchased $1,200 of office...
CHAPTER 10 Purchases ar Purchased $560 of office equipment on account from Ryan Co., invoice no. 810, dated August 18. 17 Purchased $850 of additional store supplies on account from Mixon Co., invoice no. 516, dated August 25; terms 6/10, n/30. 24 1O8-3. Wendy Ellis operates a wholesale computer center and has hired you as her bookkeeper to record the following transactions. She would like you to (1) journalize the following transactions, (2) record to the accounts payable subsidiary ledger...
Problem 8.1A Recording purchases and cash payments. LO 8-1,
8-3
Annette’s Photo Shop is a retail store that sells cameras and
photography supplies. Annette’s Photo Shop began operations April
1, 2019 and uses the periodic system. The firm purchases its
merchandise for cash and on open account. During April, Annette’s
Photo Shop engaged in the following transactions:
DATE
TRANSACTIONS
2019
April
1
Purchased camera film on credit from Camera & Film Products,
Invoice 825, $1,055, terms n/30; freight of $29...
Hel Peachtree Company uses sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the purchases journal. May 1 Purchased $11,100 of merchandise on credit from Krause, Inc., terms n/30. 8 Sold merchandise costing $940 to G. Seles for $1,700 on credit subject to a $32 sales discount if paid by the end of the month. 14 Purchased $260 of store supplies from Chang Company on credit, terms...
in reference to part 2-e:
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $40,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,000 (cost is $8,000). 3 (a) Purchased $1,200 of office supplies on credit from Gabel Company, invoice dated March 3, terms n/10 EOM. 3 (b) Sold...
MERCHANDISING ACOUNTING Joe Blink an his brother Paul opened Blink's Partnership Company Merchandising business on July 1. The company applies the perpetual inventory system. July 1 Joe and Paul each invest $70,000 cash in a new partnership Purchased merchandise form Boden Company for $8,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1 Purchased used truck from Carter for $8,000, paying $3,000 cash and the balance On account. Sold merchandise that cost $3,500 to Rivera's Co....
HUIUI Kern's Book Warehouse using a perpetual inventory system. 2A (LO 2, 3, 5) Financial Statemen dising transactions in the month of Mount Renner Hardwa $5,000 and Owner's Capital of $5,000. ne Renner Hardware Store completed the following merchan- At the beginning of May, the ledger of Renner showed Cash of Purchased merchandise on account from Braun's Wholesale Supply $4,200, terms 2/10, Journalize, po May 1 Purchase GLS 5 o 10 11 12 15 12 n/30. Sold merchandise on account...
Problem 7-3A Special journals, subsidiary ledgers, and schedule of accounts payable-perpetual LO C3, P1, P2 Wiset Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30). Apr. 2 Purchased $16,000 of merchandise on credit from Noth Company, invoice dated April 2, terms 2/10, n/60. 3 Sold merchandise on credit to Page Alistair, Invoice No. 760, for $5,900 (cost is $2,800). 3 Purchased $1,590 of office supplies on credit from Custer,...
5-2B
Aelsh regerding the March 2 sale. Collectec 16 7 Paid for the March 4 purchas ho a Pald for the March 10 purchsce Collected the balance owing ery erng he ssie of March 6. 31 Part 2 Based on the information provided above, caiculate (a) net ss, (b) cost of goods sold, and (c) gross profit for de month ended March 31, 2020, Problem 5-2B Journal entries for merchandising ectivities--perpetual LO3 Prepare general journal entries to record the following...
Post information from the journals in Part
2 to the general ledger and the accounts receivable and accounts
payable subsidiary ledgers.
Church Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30). Mar. 1 Purchased $40,000 of merchandise from Van Industries, invoice dated March 1, terms 2/15, n/30. Sold merchandise on credit to Min Cho, Invoice No. 854, for $16,000 (cost is $8,000). 3 (a) Purchased $1,200 of office...
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