Journal entry
Date | General Journal | Debit | Credit |
Jul 4 | Merchandise inventory | 18000 | |
Account payable | 18000 | ||
Jul 10 | Account receivable | 21000 | |
Sales revenue | 21000 | ||
Cost of goods sold (21000*60%) | 12600 | ||
Merchandise inventory | 12600 | ||
Jul 12 | Sales return and allowance | 1000 | |
Account receivable | 1000 | ||
Merchandise inventory | 600 | ||
Cost of goods sold | 600 | ||
July 13 | Account payable | 18000 | |
Cash (18000*98%) | 17640 | ||
Merchandise inventory | 360 | ||
Jul 22 | Cash (20000*97%) | 19400 | |
Sales discount | 600 | ||
Account receivable | 20000 |
Question 28 15 points Save Answer EXERCISE 2-Perpetual Inventory System Journal Entries (15 pts.) Journalize the...
EXERCISE 3 -PERPETUAL INVENTORY SYSTEM JOURNAL EN Journalize the following transaction for the month of January Copa Company uses a perpetual inventory system and the cost of Goods Sold is 50% of sales. During January, the following transactions and events occurred Jan. 4 Purchased merchandise from Morales Co, for $10,000, terms 2/10, 1/30. Jan. 10 Sold merchandise to Smith Co. $5,000, terms 2/15, 30. Jan. 12 Granted credit to Smith Co, for $1,000 for merchandise returned from the sale of...
Prepare journal entries to record the following merchandising transactions of Thompson's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Knight.) Jul. 1 Purchased merchandise from Knight Company for $11,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Taylor Co. for $3,700 under credit terms of 2/10, n/60, FOB...
Prepare journal entries to record the following merchandising transactions of Wright's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Martin.) Jul. 1 Purchased merchandise from Martin Company for $9,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Clark Co. for $2,700 under credit terms of 2/10, n/60, FOB...
Prepare journal entries to record the following merchandising transactions of Wright's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Martin.) Jul. 1 Purchased merchandise from Martin Company for $9,600 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to Clark Co. for $2,700 under credit terms of 2/10, n/60, FOB...
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:
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 and purchase-related transactions using perpetual inventory system The 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 inventory system. July 3. Purchased merchandise on account from Hamling Co., list price $89,000, trade discount 30%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $890 added to the invoice. 5. Purchased merchandise on account from Kester Co., $51,350, terms FOB destination, 2/10, n/30....
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...
Problem 5-1A Preparing journal entries for merchandising activities--perpetual system P1 P2 Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and 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 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Sold merchandise to Creek Co. for...
a connect Prepare journal entries perpetual inventory system and the gross method. (Hint: It will help to identify each ree able; for example, record the purchase on July 1 in Accounts Payable Boden) July Purchased merchandise from Boden Company for $6.000 under cr to record the following merchandising transactions of Cabela's which uses the PR Pr credit terms of 1/15, n/30. Pre FOB shipping point, invoice dated July I 2 merchandisto Creek Co. for $900 under credit terms of 2/10....