Homework Answers
| S.no | General Journal | Debit | Credit |
| 1 | Inventory | 252,050 | |
| Accounts payable- showcase co. | 252,050 | ||
| entry for the purchase on credit | |||
| 2 | Accounts payable- showcase co. | 31,950 | |
| Inventory | 31,950 | ||
| return of the merchandise for credit | |||
| 3 | Accounts payable- showcase co. | 220,100 | |
| Cash | 220,100 | ||
| 252050-31950 | |||
| payment of the invoice |
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Please help Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co....
Please help
Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold S152.700. Showcase Co. issues a rmerchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500. credit memo on March 5 for $30.000 Journalze Showcase Co. 's entries for (a) the sale, inciuding t cost of the merchandise sold, (b) the credit memo,...
NOO Mail Cengage Unlimited Student Dashboard CengageNOW12 Online teaching and learning resource from Ceng eBook Show...
NOO Mail Cengage Unlimited Student Dashboard CengageNOW12 Online teaching and learning resource from Ceng eBook Show Me How Calculator Printem Purchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $34,500, terms 1/30. The cost of the merchandise sold is $20,700. Showcase Co. issues a credit memo for $6,200 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $3,700 a. Journalize Balboa Co's entry for the purchase...
Help solving Cengage Accounting I exercise eBook Show Me How Calculator Print Item Sales-related and purchase...
Help solving Cengage Accounting I exercise
eBook Show Me How Calculator Print Item Sales-related and purchase related transactions using perpetual inventory system Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year Nov. 3 4 6 8 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, 1/30 Sold merchandise for cash, 541,250. The cost of the merchandise sold was...
Instructions Joumalize entries for the following related transactions of Lily Heating & Air Company. Refer to...
Instructions Joumalize entries for the following related transactions of Lily Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. A. Purchased $51,300 of merchandise from Schell Co. on account, terms 1/10, 1/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that $7,300 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased $6,200 of merchandise from Schell Co. on account, terms n/30....
The following selected transactions were completed during August between Summit Co. and Beartooth Co. Aug. 1...
The following selected transactions were completed during August between Summit Co. and Beartooth Co. Aug. 1 Summit Co. sold merchandise on account to Beartooth Co., $52,150, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $25,940. 2 Summit Co. paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 15 16 20 Summit Co. sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point, n/eom. The cost of the...
Stylon Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms...
Stylon Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $9,900, receiving a credit memo. Journalize Stylon’s entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days. Refer to the Chart of...
Please solve. I provided the question and what I have to far. Thank you! instructions Chart...
Please solve. I provided the question and what I have
to far. Thank you!
instructions Chart of Accounts Journal Instructions Journalize entries for the following related transactions of Lilly Heating Air Company. Refer to the Chart of Accounts for exact word A. Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period C. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned...
The following selected transactions were completed by Capers Company during October of the current year: Oct....
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,031, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,150, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,600 of merchandise returned from purchase on October 4. 13...
The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies...
The following selected transactions were completed during August between Summit Company and Beartooth Co. Both companies use the net method under a perpetual inventory system. Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. 2 Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $68,590, terms...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 2 5 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was...
Please help
Instructions On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold S152.700. Showcase Co. issues a rmerchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,500. credit memo on March 5 for $30.000 Journalze Showcase Co. 's entries for (a) the sale, inciuding t cost of the merchandise sold, (b) the credit memo,...
NOO Mail Cengage Unlimited Student Dashboard CengageNOW12 Online teaching and learning resource from Ceng eBook Show Me How Calculator Printem Purchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $34,500, terms 1/30. The cost of the merchandise sold is $20,700. Showcase Co. issues a credit memo for $6,200 for merchandise returned prior to Balboa Co. paying the original invoice. The cost of the merchandise returned is $3,700 a. Journalize Balboa Co's entry for the purchase...
Help solving Cengage Accounting I exercise
eBook Show Me How Calculator Print Item Sales-related and purchase related transactions using perpetual inventory system Chart of Accounts Journal Instructions The following were selected from among the transactions completed by Babcock Company during November of the current year Nov. 3 4 6 8 Purchased merchandise on account from Moonlight Co., list price $88,000, trade discount 20%, terms FOB destination, 2/10, 1/30 Sold merchandise for cash, 541,250. The cost of the merchandise sold was...
Instructions Joumalize entries for the following related transactions of Lily Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. A. Purchased $51,300 of merchandise from Schell Co. on account, terms 1/10, 1/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that $7,300 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased $6,200 of merchandise from Schell Co. on account, terms n/30....
The following selected transactions were completed during August between Summit Co. and Beartooth Co. Aug. 1 Summit Co. sold merchandise on account to Beartooth Co., $52,150, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $25,940. 2 Summit Co. paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 15 16 20 Summit Co. sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point, n/eom. The cost of the...
Please solve. I provided the question and what I have
to far. Thank you!
instructions Chart of Accounts Journal Instructions Journalize entries for the following related transactions of Lilly Heating Air Company. Refer to the Chart of Accounts for exact word A. Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period C. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned...
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,031, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,150, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,600 of merchandise returned from purchase on October 4. 13...
The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 2 5 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was...
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