LuLu Library purchased 50 textbooks from the local publisher, about career readiness, to resell to clients....
LuLu Library purchased 50 textbooks from the local publisher, about career readiness, to resell to clients. The total cost of the transaction, including shipping and handling, was $552. The textbooks were purchased on account. Use a journal entry to record this transaction, using the perpetual inventory system.
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LuLu Library purchased 50 textbooks from the local publisher,
about career readiness, to resell to clients....
LuLu Library returned 8 severely damaged books to the publisher. The total value of the returned...
LuLu Library returned 8 severely damaged books to the publisher. The total value of the returned merchandise was $94. Use a journal entry to record this transaction, using the perpetual inventory system.
Select Apparel purchased 90 new shirts and recorded a total cost of $2,665 determined as foilow...
Select Apparel purchased 90 new shirts and recorded a total cost of $2,665 determined as foilow Invoice cost Shipping charges Import taxes and duties Interest (6.0%) on $2,180 borrowed from the bank to finance the purchase $2,180 181 173 131 $2,665 Required: Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
James Company began the month of October with inventory of $17,000. The following inventory transactions occurred...
James Company began the month of October with inventory of $17,000. The following inventory transactions occurred during the month: The company purchased merchandise on account for $25,000 on October 12. Terms of the purchase were 3/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $520 were paid in cash. On October 31, James paid for the merchandise purchased on October 12. During October merchandise costing $18,300 was sold...
The company purchased merchandise on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. James u...
The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30. James uses the
net method to record purchases.
The merchandise was shipped f.o.b. shipping point and freight
charges of $670 were paid in cash.
On October 31, James paid for the merchandise purchased on
October 12.
Record the sale of merchandise on account.
Record the cost of goods sold.
Record any necessary adjusting entry when the inventory on hand
at the end...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for $35 each. The terms of the sale were 4/10, 1/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018 2. Prepare the journal entry to record the payment on August 15, 2018 3. If Nixon instead uses a perpetual...
Required information [The following information applies to the questions displayed below. James Company began the month...
Required information [The following information applies to the questions displayed below. James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10. n/30. James uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
DS Unlimited has the following transactions during August. August 6 Purchases 50 handheld game devices on...
DS Unlimited has the following transactions during August. August 6 Purchases 50 handheld game devices on account from GameGirl, Inc., for $100 each, terms 1/10, n/60. August 7 Pays $300 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl five game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 30 game devices purchased on August 6 for $120 each to customers on account. The...
The company purchased merchandise on account for $47,500 on October 12. Terms of the purchase were 1/10, n/30. James u...
The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30. James uses the
net method to record purchases.
The merchandise was shipped f.o.b. shipping point and freight
charges of $670 were paid in cash.
On October 31, James paid for the merchandise purchased on
October 12.
Record the sale of merchandise on account.
Record the cost of goods sold.
Record any necessary adjusting entry when the inventory on hand
at the end...
On July 15, 2018, the Nixon Car Company purchased 3,000 tires from the Harwell Company for...
On July 15, 2018, the Nixon Car Company purchased 3,000 tires
from the Harwell Company for $30 each. The terms of the sale were
2/10, n/30. Nixon uses a periodic inventory system and the
net method of accounting for purchase discounts.
Required:
1. Prepare the journal entries to record the
purchase on July 15 and payment on July 23, 2018.
2. Prepare the journal entry to record the payment
on August 15, 2018.
3. If Nixon instead uses a perpetual...
Check my work Required information The following information applies to the questions displayed below.) Part 1 of 2 0.8...
Check my work Required information The following information applies to the questions displayed below.) Part 1 of 2 0.83 points James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: eBook a. The company purchased merchandise on account for $29,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were...
Select Apparel purchased 90 new shirts and recorded a total cost of $2,665 determined as foilow Invoice cost Shipping charges Import taxes and duties Interest (6.0%) on $2,180 borrowed from the bank to finance the purchase $2,180 181 173 131 $2,665 Required: Prepare the journal entry to record this purchase in the correct amount, assuming a perpetual inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list...
The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30. James uses the
net method to record purchases.
The merchandise was shipped f.o.b. shipping point and freight
charges of $670 were paid in cash.
On October 31, James paid for the merchandise purchased on
October 12.
Record the sale of merchandise on account.
Record the cost of goods sold.
Record any necessary adjusting entry when the inventory on hand
at the end...
On July 15, 2018, the Nixon Car Company purchased 2,300 tires from the Harwell Company for $35 each. The terms of the sale were 4/10, 1/30. Nixon uses a periodic inventory system and the net method of accounting for purchase discounts Required: 1. Prepare the journal entries to record the purchase on July 15 and payment on July 23, 2018 2. Prepare the journal entry to record the payment on August 15, 2018 3. If Nixon instead uses a perpetual...
Required information [The following information applies to the questions displayed below. James Company began the month of October with inventory of $23,000. The following inventory transactions occurred during the month: a. The company purchased merchandise on account for $34,000 on October 12. Terms of the purchase were 3/10. n/30. James uses the net method to record purchases. The merchandise was shipped fo.b. shipping point and freight charges of $580 were paid in cash. b. On October 31, James paid for...
DS Unlimited has the following transactions during August. August 6 Purchases 50 handheld game devices on account from GameGirl, Inc., for $100 each, terms 1/10, n/60. August 7 Pays $300 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl five game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 30 game devices purchased on August 6 for $120 each to customers on account. The...
The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30. James uses the
net method to record purchases.
The merchandise was shipped f.o.b. shipping point and freight
charges of $670 were paid in cash.
On October 31, James paid for the merchandise purchased on
October 12.
Record the sale of merchandise on account.
Record the cost of goods sold.
Record any necessary adjusting entry when the inventory on hand
at the end...
On July 15, 2018, the Nixon Car Company purchased 3,000 tires
from the Harwell Company for $30 each. The terms of the sale were
2/10, n/30. Nixon uses a periodic inventory system and the
net method of accounting for purchase discounts.
Required:
1. Prepare the journal entries to record the
purchase on July 15 and payment on July 23, 2018.
2. Prepare the journal entry to record the payment
on August 15, 2018.
3. If Nixon instead uses a perpetual...
Check my work Required information The following information applies to the questions displayed below.) Part 1 of 2 0.83 points James Company began the month of October with inventory of $20,000. The following inventory transactions occurred during the month: eBook a. The company purchased merchandise on account for $29,500 on October 12. Terms of the purchase were 2/10, n/30. James uses the net method to record purchases. The merchandise was shipped f.o.b. shipping point and freight charges of $550 were...
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