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9. Journalize the following transactions for a merchandiser that uses the gross method for recording sales...
9. Journalize the following transactions for a merchandiser that uses the gross method for recording sales...
9. Journalize the following transactions for a merchandiser that uses the gross method for recording sales and a perpetual inventory system. On January 8, inventory was sold for AED 7,000 on account. Credit terms were 2/15, n/30 (cost AED 5,500). On January 31, cash was received in full settlement of the January 8 sale. Omit explanations (20 points) Jan. 8 Jan 31
Journalize the following transactions for Nasheville Art Gift Shop. Assume Nasheville uses the gross method to...
Journalize the following transactions for Nasheville Art Gift Shop. Assume Nasheville uses the gross method to record sales revenue. Explanations are not required. (Assume the company uses a perpetual inventory system.) Feb. 3 Purchased $ 3,700 of merchandise inventory on account under terms 5/10, n/EOM and FOB shipping point. 7 Returned $ 900 of defective merchandise purchased on February 3. 9 Paid freight bill of $ 450 on February 3 purchase. 10 Sold merchandise inventory on account for $ 6,000....
E5C-4 (similar to) Journalize the following sales transactions for Antique World. Assume Antique World uses the...
E5C-4 (similar to) Journalize the following sales transactions for Antique World. Assume Antique World uses the gross method to record sales revenue. Explanations are not required. (Assume the company uses a perpetual inver (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 4: Sold $21,000 of antiques on account, credit terms are 1/15, n/30. Cost of goods is $14,700. Begin by preparing the entry to journalize the sale portion of the...
E5C-5 (similar to) Journalize the following transactions for Burlington Art Gift Shop. Assume Burlington uses the...
E5C-5 (similar to) Journalize the following transactions for Burlington Art Gift Shop. Assume Burlington uses the gross method to record sales revenue. Explanations are not required. (Assume the company uses a perpetual invento (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) Feb. 3: Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. Date Accounts Debit Credit 0 More Info Feb. 3 3 Purchased $3,400 of...
Learning Objective 1 E9-16 Recording credit sales and Steller Company had the following transactions in June:...
Learning Objective 1 E9-16 Recording credit sales and Steller Company had the following transactions in June: 3. $695 Jun. 1 6 12 20 22 28 Sold merchandise inventory on account to Carter Company, $1,575. Sold merchandise inventory for cash, $550. Received cash from Carter Company in full settlement of its accounts receivable. Sold merchandise inventory on account to Iris Company, $765. Sold merchandise inventory on account to Driver Company, $230. Received cash from Iris Company in partial settlement of its...
EXERCISE 3 -PERPETUAL INVENTORY SYSTEM JOURNAL EN Journalize the following transaction for the month of January...
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...
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...
Journalize the following transactions for Wilson Company using the gross method of accounting for purchase discounts....
Journalize the following transactions for Wilson Company using the gross method of accounting for purchase discounts. Assume a perpetual inventory system. January 9 Purchased goods from Thompson Company on account, $8,200, terms 5/10, n/30. January 15 Returned merchandise to Thompson Company that was previously purchased on account, $820. January 19 Paid the amount due to Thompson Company.
24 Journalizing purchase and sales transactions Journalize the following transactions for Soul A following transactions for...
24 Journalizing purchase and sales transactions Journalize the following transactions for Soul A following transactions for Soul Art Gift Shop. Explanations are not required. 7 9 10 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. Returned $900 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4,700. Payment terms were 2/15, n/30. These goods cost the company $2,350. Paid amount...
9. Journalize the following transactions for a merchandiser that uses the gross method for recording sales and a perpetual inventory system. On January 8, inventory was sold for AED 7,000 on account. Credit terms were 2/15, n/30 (cost AED 5,500). On January 31, cash was received in full settlement of the January 8 sale. Omit explanations (20 points) Jan. 8 Jan 31
E5C-4 (similar to) Journalize the following sales transactions for Antique World. Assume Antique World uses the gross method to record sales revenue. Explanations are not required. (Assume the company uses a perpetual inver (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) Jan. 4: Sold $21,000 of antiques on account, credit terms are 1/15, n/30. Cost of goods is $14,700. Begin by preparing the entry to journalize the sale portion of the...
E5C-5 (similar to) Journalize the following transactions for Burlington Art Gift Shop. Assume Burlington uses the gross method to record sales revenue. Explanations are not required. (Assume the company uses a perpetual invento (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from journal entries.) Feb. 3: Purchased $3,400 of merchandise inventory on account under terms 2/10, n/EOM and FOB shipping point. Date Accounts Debit Credit 0 More Info Feb. 3 3 Purchased $3,400 of...
Learning Objective 1 E9-16 Recording credit sales and Steller Company had the following transactions in June: 3. $695 Jun. 1 6 12 20 22 28 Sold merchandise inventory on account to Carter Company, $1,575. Sold merchandise inventory for cash, $550. Received cash from Carter Company in full settlement of its accounts receivable. Sold merchandise inventory on account to Iris Company, $765. Sold merchandise inventory on account to Driver Company, $230. Received cash from Iris Company in partial settlement of its...
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...
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...
24 Journalizing purchase and sales transactions Journalize the following transactions for Soul A following transactions for Soul Art Gift Shop. Explanations are not required. 7 9 10 Purchased $3,300 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point. Returned $900 of defective merchandise purchased on February 3. Paid freight bill of $400 on February 3 purchase. Sold merchandise inventory on account for $4,700. Payment terms were 2/15, n/30. These goods cost the company $2,350. Paid amount...
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