Date | Description | Post.Ref. | Debit | Credit | Assets | Liabilities | Equity | |
Dec. 31 | Inventory | 50787 | ↑ | =51300-513 | ||||
Accounts Payable-Schell Co. | 50787 | ↑ | ||||||
Dec. 31 | Accounts Payable-Schell Co. | 50787 | ↓ | |||||
Cash | 50787 | ↓ | ||||||
Dec. 31 | Accounts Payable-Schell Co. | 7227 | ↓ | =7300-73 | ||||
Inventory | 7227 | ↓ | ||||||
Dec. 31 | Inventory | 6200 | ↑ | |||||
Accounts Payable-Schell Co. | 6200 | ↑ | ||||||
Dec. 31 | Cash | 1027 | ↑ | =7227-6200 | ||||
Accounts Payable-Schell Co. | 1027 | ↑ |
Instructions Joumalize entries for the following related transactions of Lily Heating & Air Company. Refer to...
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instructions Chart of Accounts Journal Instructions Journalize entries for the following related transactions of Lilly Heating Air Company. Refer to the Chart of Accounts for exact word A. Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period C. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned...
Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. (If an amount box does not require an entry, leave it blank.) a. Purchased $24,000 of merchandise from Schell Co. on account, terms 2/10, n/30. 24,000 Inventory Accounts Payable-Schell Co. 24,000 b. Paid the amount owed on the invoice. Accounts Payable-Schell Co. 24,000 Cash 24,000 c. Discovered that merchandise with an invoice amount of $4,800 purchased...
Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased $43,000 of merchandise from Schell Co. on account, terms 2/10, n/30. Paid the amount owed on the invoice within the discount period. Discovered that $8,600 before purchases discount of the merchandise was defective and returned items, receiving credit. Purchased $6,500 of merchandise from Schell Co. on account, terms n/30. Received a check for the balance owed from the return in (c), after deducting for the purchase...
Instructions The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Purchased $18,700 of merchandise on account, FOB shipping Jan. 2 point, terms 2/15, n/30. Paid freight of $240 on the January 2 purchase. 5 Returned $2,400 of the merchagdise purchased on January 2 6 Sold merchandise on account, $34,100, FOB destination, 1/10, 13 n/30. The cost of merchandise sold was $22,200. Paid freight of $245...
The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Jan. 2 Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5 Paid freight of $190 on the January 2 purchase. 6 Returned $2,750 of the merchandise purchased on January 2. 13 Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of merchandise sold was $22,400. 15 Paid freight of $215...
Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased $25,000 of merchandise from Schell Co. on account, terms 2/10, n/30. Paid the amount owed on the invoice within the discount period. Discovered that $5,000 before purchases discount of the merchandise was defective and returned items, receiving credit. Purchased $3,900 of merchandise from Schell Co. on account, terms n/30. Received a check for the balance owed from the return in (c), after deducting for...
The following selected transactions were completed during August between Summit Co. and Beartooth Co. Aug. 1 Summit Co. sold merchandise on account to Beartooth Co., $52,150, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $25,940. 2 Summit Co. paid freight of $1,235 for delivery of merchandise sold to Beartooth Co. on August 1. 5 15 16 20 Summit Co. sold merchandise on account to Beartooth Co., $60,090, terms FOB shipping point, n/eom. The cost of the...
The following were selected from among the
transactions completed by Babcock Company during November of the
current year. Babcock uses the net method under a perpetual
inventory system.
Nov. 3 Purchased merchandise on account from Moonlight
Co., list price $85,000, trade discount 25%, terms FOB destination,
2/10, n/30.
4 Sold merchandise for cash, $37,680. The cost of goods sold was
$22,600
5 Purchased merchandise on account from Papoose Creek Co., $47,500,
terms FOB shipping point, 2/10, n/30, with prepaid freight...
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., $49,050, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,370. 2 Summit Company paid freight of $1,160 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $68,590, terms...
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 goods 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/eom. The cost of the goods sold was...