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 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 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 perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 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 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...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system a the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, POB shipping...
On November 30, Petrov Co. has $136,700 of accounts receivable and uses the perpetual inventory system. Dec. 4 Sold $9,850 of merchandise (that had cost $6,384) to customers on credit, terus n/30. 9 Sold $19, 138 of accounts receivable to Main Bank. Main charges a 4% factoring fee. 17 Received $5,418 cash from customers in payment on their accounts. 27 Borrowed $10,936 cash from Main Bank, pledging $14,217 of accounts receivable as security for the loan. (1) Prepare journal entries...
Levine Company uses the perpetual inventory system. 8 Sold merchandise for $7,400 (that had cost $5,469) and accepted the custoner's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold nerchandise for $3,800 (that had cost $2,462) and accepted the custoner's Continental Card. Continental charges a 2.5% fee. Apr. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet < 1 3...
Fortune Apple Shoe Buyers (FASB) engaged in the transactions below. 1. Purchased $9,500 of inventory on account 2. Paid weekly salaries, $1,050. 3. Recorded sales for the first week: Cash: $8,400; On account: $6,600. 4. Paid for inventory purchased in event (1). 5. Placed an order for $7,500 of inventory. Required: Prepare the appropriate journal entry for each transaction (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...