Question

Record the following purchases and sales transactions for Manioc Corp. using the general journal form provided...

Record the following purchases and sales transactions for Manioc Corp. using the general journal form provided below. Assume Manioc uses a periodic inventory system. Omit transaction descriptions from entries.

Date Transaction
Apr. 1 Purchased merchandise on account, list price $22,000, trade discount 30%, terms FOB destination, 2/10, n/30.
4 Sold merchandise on account, $8,500.
6 Purchased merchandise on account, $18,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $140 added to the invoice.
8 Sold merchandise on VISA, $14,500.
8 Returned damaged merchandise, $800, purchased on April 6.
9 Paid for the merchandise purchased on April 1, less discount.
12 Received cash on account from the April 4 sale.
13 Paid for merchandise purchased on April 6, less return and discount.

Required:

Journalize the transactions related to the purchases and sales transactions for Manioc Corp. Refer to the Chart of Accounts for exact wording of account titles.
0 0
Add a comment Improve this question Transcribed image text
Answer #1

Journal Entries under periodic inventory system:

Date Account title and Explanation Debit Credit
Apr.1 Purchases $15,400
Accounts payable [22,000 x 70%] $15,400
[To record purchase of merchandise on account]
Apr.4 Accounts receivable $8,500
Sales revenue $8,500
[To record sales on account]
Apr.6 Purchases $18,000
Freight-in $140
Accounts payable $18,140
[To record purchases on account]
Apr.8 Cash $14,500
Sales revenue $14,500
[To record sales though VISA Card]
Apr.8 Accounts payable $800
Purchase returns $800
[To record purchase returns]
Apr.9 Accounts payable $15,400
Purchase discount [15,400 x 2%] $308
Cash $15,092
[To record cash paid to creditors]
Apr.12 Cash $8,500
Accounts receivable $8,500
[To record cash collected from customers]
Apr.13 Accounts payable [18,140-800] $17,340
Purchase discount [17,340 x 2%] $346.80
Cash $16,993
[To record cash paid to creditors]
Add a comment
Know the answer?
Add Answer to:
Record the following purchases and sales transactions for Manioc Corp. using the general journal form provided...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Prepare journal entries to record the following transactions for a retail store. The company uses a...

    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...

  • HELP PLEASEEEE 15. Record the following transactions for Sparky's Pet Shop using the general journal form Sparky s u...

    HELP PLEASEEEE 15. Record the following transactions for Sparky's Pet Shop using the general journal form Sparky s uses a perpetual inventory system. Omit transaction descriptions from entries. using the general journal form provided below. Assume Date August 1 3 Transaction Purchased S6,000 of merchandise on account, terms 2/10, n/30. Retu Retumed S1,500 of merchandise purchased on August 1 due to defects. Recorded cash sales for the first week of August, $9,750; cost of the merchandise was $4.000. Made sale...

  • Prepare journal entries for April, 2014 to record the following transactions for Holden Corp. Assume a...

    Prepare journal entries for April, 2014 to record the following transactions for Holden Corp. Assume a perpetual inventory system. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). April 2: Holden Corp. purchased merchandise from Stake Technology Inc. for $9,700 under credit terms of 2/10, n/60, FOB destination. April 18: Received a credit memorandum in the amount of $1,300 acknowledging the...

  • Prepare journal entries to record the following transactions for a retail store. The company uses a...

    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 transactions for a retail store. The company uses a...

    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...

  • 2) The following purchasing and sales transactions happened for Hamilton Inc in the month of April:...

    2) The following purchasing and sales transactions happened for Hamilton Inc in the month of April: Apr 2 Purchased merchandise on account for Kai Supply for $8,900. Terms were 1/15, n/30 FOB shipping Point Apr 3 The appropriate party paid $100 freight on the April 2 purchases Apr 6 Sold $11,600 of merchandise on account to Kananaskis Supply, terms 1/10, n/30 FOB destination. The cost of the merchandise was $7,200 Apr 6 The appropriate party paid $350 cash for the...

  • Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...

    Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $45,300, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,780. 2. Summit Company paid freight of $1,130 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $68,140,...

  • Exercise Record the following transactions of J. Min Designs in a general journal TRANSACTIONS DATE 2019...

    Exercise Record the following transactions of J. Min Designs in a general journal TRANSACTIONS DATE 2019 April 1 Purchased merchandise on credit from O'Rourke Fabricators, Invoice as $1,5ee, terms 3/10, 1/30; freight of $45 prepaid by O'Rourke Fabricators and added to the invoice (total Invoice amount, 31,545) Paid amount due to O'Rourke Fabricators for the purchase of April 13 Less the percent discount Check 457. Purchased merchandise on credit from Kroll company. Invoice 145, 51,000, terms 3 n /30 freight...

  • Record the following transactions in the T-accounts provided for S&V Office Supply Company. EXERCISE ONE: Record...

    Record the following transactions in the T-accounts provided for S&V Office Supply Company. EXERCISE ONE: Record the following transactions in the T-accounts provided (NEXT PAGE) for S & V Office Supply Company. 1) S& V purchased $500 worth of merchandise for cash. There were no shippng costs. S & V purchased $4,000 of merchandise on account: Terms n/30. FOB Shipping Point (buyer pays). 2) S&V separately paid cash to the freight company- $45. Recognized revenue of $500 on the cash...

  • Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions...

    Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Babcock Company during November of the current year: Nov. 3. Purchased merchandise on account from Moonlight Co., list price $89,000, trade discount 30%, terms FOB destination, 2/10, n/30. 4. Sold merchandise for cash, $40,040. The cost of the goods sold was $20,620. 5. Purchased merchandise on account from Papoose Creek Co., $47,400, terms FOB shipping point, 2/10, n/30, with prepaid freight of...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT