Homework Answers
Journal entry
| No | Account and explanation | Debit | Credit |
| 1 | Inventory | 5300 | |
| Account payable | 5300 | ||
| 2 | Inventory | 450 | |
| Cash | 450 | ||
| 3 | Account payable | 750 | |
| Inventory | 750 | ||
| 4 | Account receivable | 5500 | |
| Sales revenue | 5500 | ||
| 5 | Cost of goods sold | 2950 | |
| Inventory | 2950 | ||
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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...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,400. Freight charges of $500 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $800 and John's account was credited by the supplier 3. Merchandise costing $3,000 was sold for $5,600 in cash. Required: Prepare the necessary journal entries to record these...
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...
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: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a periodic Inventory system. The following are some Inventory transactions for the...
John's Specialty Store uses a periodic Inventory system. The following are some Inventory transactions for the month of May: 2.5 points L John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash 2. John's returned some of the merchandise purchased In (). The cost of the merchandise was $1,250 and John's account was credited by the supplier 3. Merchandise costing $3,450 was sold for $6,500 in cash. eBook Required: Prepare the necessary joumal entries to...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $650 and John's account was credited by the supplier. 3. Merchandise costing $2,850 was sold for $5,300 in cash. Required: Prepare the necessary journal entries to record these...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
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: John’s purchased merchandise on account for $6,000. Freight charges of $800 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,100 and John’s account was credited by the supplier. Merchandise costing $3,300 was sold for $6,200 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry...
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: John’s purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John’s account was credited by the supplier. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no...
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: John's purchased merchandise on account for $5,700. Freight charges of $650 were paid in cash. John’s returned some of the mercha
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May:John's purchased merchandise on account for $5,700. Freight charges of $650 were paid in cash.John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $950 and John’s account was credited by the supplier.Merchandise costing $3,150 was sold for $5,900 in cash. Required:Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,400. Freight charges of $500 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $800 and John's account was credited by the supplier 3. Merchandise costing $3,000 was sold for $5,600 in cash. Required: Prepare the necessary journal entries to record these...
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...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
John's Specialty Store uses a periodic Inventory system. The following are some Inventory transactions for the month of May: 2.5 points L John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash 2. John's returned some of the merchandise purchased In (). The cost of the merchandise was $1,250 and John's account was credited by the supplier 3. Merchandise costing $3,450 was sold for $6,500 in cash. eBook Required: Prepare the necessary joumal entries to...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $650 and John's account was credited by the supplier. 3. Merchandise costing $2,850 was sold for $5,300 in cash. Required: Prepare the necessary journal entries to record these...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John's account was credited by the supplier. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
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