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1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Aug. 5 Purchased inventory on account Aug. 9 Paid for transportation of goods purchased Aug. 10 Returned defective merchandise to the seller Aug. 15 Paid for goods purchased on August 5 Amount $ 300,000 25.000 20.000 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CRE
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 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was...
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.: 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., $48,750, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $27,000. 2. Summit Company...
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750...
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750 with terms n/30. The cost of the merchandise sold was $2,000. Issued credit memo for $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned was $610. Received check for the amount due for sale on July 3 less return on July 5. Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise...
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., $49,750, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,490. 2. Summit Company paid freight of $1,240 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $69,400,...
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., $52,150, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $25,940. 2 Summit Company paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $60,090, terms...
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting...
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are...
Prepare journal entries to record each of the following transactions of a merchandising company. The company...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return...
sales and purchase-related transactions using perpetual inventory system es and purchase-related transactions using perpetual inventory system...
sales and purchase-related transactions using perpetual
inventory system
es and purchase-related transactions using perpetual inventory system following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual entory system. Wuly 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $890 added to the invoice 5. Purchased merchandise on account from Kester...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1.Purchased merchandise from Haas Co., $10,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 5.Purchased merchandise from Whitman Co., $15,717, terms FOB destination, n/30. 10.Paid Haas Co. for invoice of March 1. 13.Purchased merchandise from Jost Co., $12,850, terms FOB...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Aug. 5 Purchased inventory on account Aug. 9 Paid for transportation of goods purchased Aug. 10 Returned defective merchandise to the seller Aug. 15 Paid for goods purchased on August 5 Amount $ 300,000 25.000 20.000 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CRE
4 Journalize the following transactions assuming the perpetual inventory system: Sold merchandise on account for $3,750 with terms n/30. The cost of the merchandise sold was $2,000. Issued credit memo for $1,050 for merchandise returned from sale on July 3. The cost of the merchandise returned was $610. Received check for the amount due for sale on July 3 less return on July 5. Sold merchandise for $7,000 plus 6% sales tax to cash customers. The cost of the merchandise...
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return...
sales and purchase-related transactions using perpetual
inventory system
es and purchase-related transactions using perpetual inventory system following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual entory system. Wuly 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $890 added to the invoice 5. Purchased merchandise on account from Kester...
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