Scruffy Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred....
Scruffy Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred.
May 13 Purchased 6 motors at a cost of $45 each from Charlie Company, terms 4/10, n/30. The motors cost Charlie Company $26 each.
May 16 Returned 1 defective motor to Charlie.
May 23 Paid Charlie Company in full.
Instructions
Journalize the May transactions for Scruffy Brothers. You may omit explanations.
Homework Answers
Answer-
| DATE | ACCOUNT TITLE | DEBIT | CREDIT |
| MAY 13 | Purchase-Motors ($45 * 6) | $270 | |
| Accounts payable-Charlie Co. | $270 | ||
| MAY 16 | Accounts payable- Charlie Co. | $45 | |
| Purchase returns- motors | $45 | ||
| MAY 23 | Accounts payable | $225 | |
| Cash | $216 | ||
| Purchase discounts ($270-45*4%) |
$9 |
Kindly give thumbs up if u like my answer...Thanks!!!
Add Answer to:
Scruffy Brothers Supply uses a periodic inventory system. During
May, the following transactions and events occurred....
mining time: 3 hours, 10 minutes, 13 seconds. estion Completion Status: Path:p Words:0 QUESTION 102 Charlie...
mining time: 3 hours, 10 minutes, 13 seconds. estion Completion Status: Path:p Words:0 QUESTION 102 Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company terms 4/10, 1/30. The motors cost Charlie $26 each May 16 One defective motor was returned to Charlie May 23 Received payment in full from Scruffy Brothers. Round to nearest dollar. Instructions Journalize the...
21.The income statement for Pierre Paul Company for the year ended December 31, 2016 is as...
21.The income statement for Pierre Paul Company for the year ended December 31, 2016 is as follows: onoo sw notosane o ntne obo n T0832 idva PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2016 Revenues m $53,000 4,000 $57,000 Sales revenue Interest revenue Total revenues Expenses 30,000 18,000 1,500 Cost of goods sold. Salaries and wages expense Interest expense. Total expenses 49,500 $ 7.500 Net income.... Prepare the entries to close the revenue and expense accounts...
Accounting questions 31. Slater Supply uses a periodic inventory system During May, the following tra tons...
Accounting questions
31. Slater Supply uses a periodic inventory system During May, the following tra tons and Slater has the following chart of accounts Cash, Accounts Receivable, In tory &Allonwtces ts Payable, Slater Supply ,Purchases Sold, Freight Out, Salary Freight In, Sales, Sal a s& Expense Allowaces, Sales Cood G s 13 Purchased 6 motors for a total cost of$300 from Nen Company, terms 2/10,N/30 16 Returned 1 defective motor for $50 to Nen and cost the seller $30 Мay...
Exercise 2: (5 marks) Ephrayim Company uses a perpetual inventory system. During July, the following transactions...
Exercise 2: (5 marks) Ephrayim Company uses a perpetual inventory system. During July, the following transactions and events occurred. Xian Company sold 12 motors at a cost of $40 each to Slater Brothers Supply Company, terms 1/10, n/30. The motors cost Xian $25 each. July 13 Two defective motors were returned to Xian. July 16 Xian Company received payment in full from Slater Brothers. July 23 Instruction: Journalize the above transactions Solution:
Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSTOM rief Exercise 199 rimm Brothers Supply...
Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSTOM rief Exercise 199 rimm Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred. Fay 13 Purchased 10 motors at a cost of $42 each from Thompson Company, terms 4/10, 1/30. The motors cost Thompson Company $25 each. May 16 Returned 1 defective motor to Thompson May 23 Paid Thompson Company in full. burnalize the May transactions for Grimm Brothers. (Credit account titles are automatically...
S Wayandt, Accounting Principles, 130 Help System CALCULATOR PRINTER VERSION LACK ND Brief Exercise 192 Charlie...
S Wayandt, Accounting Principles, 130 Help System CALCULATOR PRINTER VERSION LACK ND Brief Exercise 192 Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45 each to Scrutty Brothers Supply Company, termo 4/10, 1/30. The motors cost Charle $26 each. May 16 One defective motor was returned to Charlie May 23 Received payment in full from Scrurly Brothers Journalize the May transactions for Charlie Company...
E5B-31 Journalizing purchase and sales transactions-periodic inventory system Journalize the following transactions for Master Bicycles using...
E5B-31 Journalizing purchase and sales transactions-periodic inventory system Journalize the following transactions for Master Bicycles using the periodic inventory system. Explanations are not required. Nov. 2 6 8 10 Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. Returned $800 of defective merchandise purchased on November 2. Paid freight bill of $100 on November 2 purchase. Sold merchandise inventory on account for $6,100. Payment terms were 3/15, n/45. Paid amount owed on credit purchase...
15, less the allowance. E5B-31 Journalizing purchase and sales transactions-periodic inventory system Journalize the following transactions...
15, less the allowance. E5B-31 Journalizing purchase and sales transactions-periodic inventory system Journalize the following transactions for Master Bicycles using the periodic inventory system. Explanations are not required. Nov. 2 6 8 10 Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. Returned $800 of defective merchandise purchased on November 2. Paid freight bill of $100 on November 2 purchase. Sold merchandise inventory on account for $6,100. Payment terms were 3/15, n/45. Paid amount...
*Problem 5-11A Journalizing purchase and s transactions Singh Distributing Company, which uses the periodic inventory system,...
*Problem 5-11A Journalizing purchase and s transactions Singh Distributing Company, which uses the periodic inventory system, engaged in the following transactions during May of the current year: inventory system may 3 -Purchased office supplies for cash, $22,000 may 7-Purchased inventory on credit terms of 3/10, net eom, $160,000. may 8-Returned 10 percent of the inventory purchased on May 7. It was not the inventory ordered may 10-Sold goods for cash, $36,400. may 13-Sold inventory on credit terms of 2/15, n/45...
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
mining time: 3 hours, 10 minutes, 13 seconds. estion Completion Status: Path:p Words:0 QUESTION 102 Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company terms 4/10, 1/30. The motors cost Charlie $26 each May 16 One defective motor was returned to Charlie May 23 Received payment in full from Scruffy Brothers. Round to nearest dollar. Instructions Journalize the...
21.The income statement for Pierre Paul Company for the year ended December 31, 2016 is as follows: onoo sw notosane o ntne obo n T0832 idva PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2016 Revenues m $53,000 4,000 $57,000 Sales revenue Interest revenue Total revenues Expenses 30,000 18,000 1,500 Cost of goods sold. Salaries and wages expense Interest expense. Total expenses 49,500 $ 7.500 Net income.... Prepare the entries to close the revenue and expense accounts...
Accounting questions
31. Slater Supply uses a periodic inventory system During May, the following tra tons and Slater has the following chart of accounts Cash, Accounts Receivable, In tory &Allonwtces ts Payable, Slater Supply ,Purchases Sold, Freight Out, Salary Freight In, Sales, Sal a s& Expense Allowaces, Sales Cood G s 13 Purchased 6 motors for a total cost of$300 from Nen Company, terms 2/10,N/30 16 Returned 1 defective motor for $50 to Nen and cost the seller $30 Мay...
Exercise 2: (5 marks) Ephrayim Company uses a perpetual inventory system. During July, the following transactions and events occurred. Xian Company sold 12 motors at a cost of $40 each to Slater Brothers Supply Company, terms 1/10, n/30. The motors cost Xian $25 each. July 13 Two defective motors were returned to Xian. July 16 Xian Company received payment in full from Slater Brothers. July 23 Instruction: Journalize the above transactions Solution:
Weygandt, Accounting Principles, 13e Help System Announcements CALCULATOR PRINTER VERSTOM rief Exercise 199 rimm Brothers Supply uses a periodic inventory system. During May, the following transactions and events occurred. Fay 13 Purchased 10 motors at a cost of $42 each from Thompson Company, terms 4/10, 1/30. The motors cost Thompson Company $25 each. May 16 Returned 1 defective motor to Thompson May 23 Paid Thompson Company in full. burnalize the May transactions for Grimm Brothers. (Credit account titles are automatically...
S Wayandt, Accounting Principles, 130 Help System CALCULATOR PRINTER VERSION LACK ND Brief Exercise 192 Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45 each to Scrutty Brothers Supply Company, termo 4/10, 1/30. The motors cost Charle $26 each. May 16 One defective motor was returned to Charlie May 23 Received payment in full from Scrurly Brothers Journalize the May transactions for Charlie Company...
E5B-31 Journalizing purchase and sales transactions-periodic inventory system Journalize the following transactions for Master Bicycles using the periodic inventory system. Explanations are not required. Nov. 2 6 8 10 Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. Returned $800 of defective merchandise purchased on November 2. Paid freight bill of $100 on November 2 purchase. Sold merchandise inventory on account for $6,100. Payment terms were 3/15, n/45. Paid amount owed on credit purchase...
15, less the allowance. E5B-31 Journalizing purchase and sales transactions-periodic inventory system Journalize the following transactions for Master Bicycles using the periodic inventory system. Explanations are not required. Nov. 2 6 8 10 Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. Returned $800 of defective merchandise purchased on November 2. Paid freight bill of $100 on November 2 purchase. Sold merchandise inventory on account for $6,100. Payment terms were 3/15, n/45. Paid amount...
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
Most questions answered within 3 hours.
-
After watching the lectures I am still having a hard time
understanding these equations.
1. The...
asked 33 minutes ago -
Testing:
H0:μ=56.9
H1:μ<56.9
Your sample consists of 23 subjects, with a mean of 56.3 and
standard...
asked 36 minutes ago -
straight wire, labeled as Wire A, lies horizontally on a
tabletop and is oriented to run...
asked 37 minutes ago -
For a Chi-Squared Goodness of Fit Test about a uniform
distribution, complete the table.
Round to...
asked 1 hour ago -
Milk of magnesia is only slightly soluble in water. Kc for the
reaction Mg(OHs)(s)>Mg2+(a) + 2OH-1(aq)...
asked 59 minutes ago -
Excel's HYPGEOM.DIST function can be used to compute _____.
a. both hypergeometric probabilities and cumulative
hypergeometric...
asked 1 hour ago -
The rocket used for the human lunar missions was the Saturn V
rocket. At liftoff the...
asked 1 hour ago -
1. The East Street Bagel Shop has a weekly demand for 3,500
bagels, which they make...
asked 1 hour ago -
paraphrasing each paragraph
“Where two or more persons knowingly act together unlawfully,
the act of each...
asked 1 hour ago -
The lateral line system in fish is contained which of the
following?
chemoreceptors
photoreceptors
mechanoreceptors
odor...
asked 1 hour ago -
Find the y-intercept of y =-5 x. The y-intercept of y equals
negative 5 x is______...
asked 1 hour ago -
Customers arrive randomly at a gas station at the average rate
of 30 per hour, while...
asked 1 hour ago