Question 1 Sheffield Corporation uses a periodic inventory system and the gross method of accounting for...
Question 1
Sheffield Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts.
| (a) | On July 1, (1) Sheffield purchased $85,000 of inventory, terms 3/10, n/30, FOB shipping point. (2) Sheffield paid freight costs of $1,094. | |
| (b) | On July 3, Sheffield returned damaged goods and received credit of $8,500. | |
| (c) | On July 10, Sheffield paid for the goods. |
Prepare all necessary journal entries for Sheffield.
(If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Homework Answers
| Date | General Journal | Debit | Credit |
| July 1 | Purchases | $85,000 | |
| Accounts payable | $85,000 | ||
| Freight-in | $1,094 | ||
| Cash | $1,094 | ||
| July 3 | Accounts payable | $8,500 | |
| Purchase returns and allowances | $8,500 | ||
| July 10 | Accounts payable | $76,500 | |
| Cash | $74,205 | ||
| Purchase discounts | $2,295 |
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Question 1
Sheffield Corporation uses a periodic inventory system and the
gross method of accounting for...
Brief Exercise 13-1 Martinez Corporation uses a periodic inventory system and the gross method of accounting...
Brief Exercise 13-1 Martinez Corporation
uses a periodic inventory system and the gross method of accounting
for purchase discounts. (a) On July 1, (1) Martinez purchased
$80,000 of inventory, terms 1/10, n/30, FOB shipping point. (2)
Martinez paid freight costs of $1,207. (b) On July 3, Martinez
returned damaged goods and received credit of $8,000. (c) On July
10, Martinez paid for the goods. Prepare all necessary journal
entries for Martinez. (If no entry is required, select "No Entry"
for...
Brief Exercise 13-1 Martinez Corporation uses a periodic inventory system and the gross method of accounting for purchas...
Brief Exercise 13-1 Martinez
Corporation uses a periodic inventory system and the gross method
of accounting for purchase discounts. (a) On July 1, (1) Martinez
purchased $80,000 of inventory, terms 1/10, n/30, FOB shipping
point. (2) Martinez paid freight costs of $1,207. (b) On July 3,
Martinez returned damaged goods and received credit of $8,000. (c)
On July 10, Martinez paid for the goods. Prepare all necessary
journal entries for Martinez. (If no entry is required, select "No
Entry" for...
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Prepare the journal entries to record these transactions on the books of Sheffield Co. under a...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
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Do not indent manually.)
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Question 10 iew Policies urrent Attempt in Progress Presented here are selected transactions for Alpine Tours...
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June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
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it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
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12
Flint received damaged goods returned by Pina Colada for
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On June 3, Sheffield Company sold to Chester Company merchandise having a sale price of $4,600...
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shipping point. An invoice totaling $94, terms n/30, was received
by Chester on June 8 from John Booth Transport Service for the
freight cost. On June 12, the company received a check for the
balance due from Chester Company.
Prepare journal entries on the Sheffield Company books to record all the events noted above under each of the...
Described below are certain transactions of Skysong Corporation. The company uses the periodic inventory system. 1....
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Brief Exercise 13-1 Martinez Corporation
uses a periodic inventory system and the gross method of accounting
for purchase discounts. (a) On July 1, (1) Martinez purchased
$80,000 of inventory, terms 1/10, n/30, FOB shipping point. (2)
Martinez paid freight costs of $1,207. (b) On July 3, Martinez
returned damaged goods and received credit of $8,000. (c) On July
10, Martinez paid for the goods. Prepare all necessary journal
entries for Martinez. (If no entry is required, select "No Entry"
for...
Brief Exercise 13-1 Martinez
Corporation uses a periodic inventory system and the gross method
of accounting for purchase discounts. (a) On July 1, (1) Martinez
purchased $80,000 of inventory, terms 1/10, n/30, FOB shipping
point. (2) Martinez paid freight costs of $1,207. (b) On July 3,
Martinez returned damaged goods and received credit of $8,000. (c)
On July 10, Martinez paid for the goods. Prepare all necessary
journal entries for Martinez. (If no entry is required, select "No
Entry" for...
Novak Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1. (1) Novak purchased $67,000 of inventory, terms 2/10, 1/30, FOB shipping point (2) Novak paid freight costs of $1,250. (b) On July 3, Novak returned damaged goods and received credit of $6,700. (c) On July 10, Novak paid for the goods. Prepare all necessary journal entries for Novak. (If no entry is required, select "No Entry for the account tities...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Use the following information to answer the next_2_questions, Roley Corporation uses the gross method of accounting for discounts. On July 1, 2019, Roley purchased $60,000 of inventory, terms 2/10, 1/30, FOB shipping point. Roley paid freight costs of $1,200 in cash on July 1. On July 3, Roley returned damaged goods and received credit of $6,000. 8. What dollar amount will Roley show for accounts payable on July 9, 2019? a. $60,000 b. $52.920 c. $61,200 d. $54,000 9. Roley...
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Flint Ltd. and Pina Colada Ltd. incurred the following
merchandise transactions in June.
June
10
Flint sold $4,600 of merchandise to Pina Colada, terms 1/10,
n/30, FOB shipping point. The merchandise cost Duvall $2,760 when
it was originally purchased.
11
Freight costs of $210 were paid by the appropriate
company.
12
Flint received damaged goods returned by Pina Colada for
credit. The goods were originally sold for $300; the cost of the
returned merchandise was $180. The merchandise was not...
On June 3, Sheffield Company sold to Chester Company merchandise
having a sale price of $4,600 with terms of 2/10, n/60, f.o.b.
shipping point. An invoice totaling $94, terms n/30, was received
by Chester on June 8 from John Booth Transport Service for the
freight cost. On June 12, the company received a check for the
balance due from Chester Company.
Prepare journal entries on the Sheffield Company books to record all the events noted above under each of the...
Described below are certain transactions of Skysong Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $63,300 subject to cash discount terms of 2/10, 1/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $52,000 from General Motors Company, paying $3,000 in cash and signing a...
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