Date | Account Titles and Explanation | Debit | Credit |
May-02 | Inventory | 10000 | |
Accounts payable-Havel | 10000 | ||
(Purchase on account) | |||
May-04 | Accounts receivable-Rath | 11000 | |
Sales revenue | 11000 | ||
(Sales on account) | |||
May-04 | Cost of goods sold | 5600 | |
Inventory | 5600 | ||
(Cost of goods sold) | |||
May-05 | Inventory | 250 | |
Cash | 250 | ||
(Freight charges paid on purchase) | |||
May-09 | Cash | 2500 | |
Sales revenue | 2500 | ||
(Cash sales) | |||
May-09 | Cost of goods sold | 2000 | |
Inventory | 2000 | ||
(Cost of goods sold) | |||
May-10 | Inventory | 3650 | |
Accounts payable-Duke | 3650 | ||
(Purchase on account) | |||
May-12 | Accounts payable-Duke | 650 | |
Inventory | 650 | ||
(Purchase returns) | |||
May-14 | Cash ($11000 - $220) | 10780 | |
Sales discount (2% x $11000) | 220 | ||
Accounts receivable-Rath | 11000 | ||
(Cash collected on account) | |||
May-17 | Accounts payable-Havel | 10000 | |
Inventory (1% x $10000) | 100 | ||
Cash | 9900 | ||
(Payment on account) | |||
May-20 | Accounts receivable-Tamer | 2800 | |
Sales revenue | 2800 | ||
(Sales on account) | |||
May-20 | Cost of goods sold | 1450 | |
Inventory | 1450 | ||
(Cost of goods sold) | |||
May-22 | Sales returns and allowances | 300 | |
Accounts receivable-Tamer | 300 | ||
(Price reduction given) | |||
May-25 | Accounts payable-Duke ($3650 - $650) | 3000 | |
Inventory (2% x $3000) | 60 | ||
Cash | 2940 | ||
(Payment on account) | |||
May-30 | Cash ($2500 - $50) | 2450 | |
Sales discount (2% x $2500) | 50 | ||
Accounts receivable-Tamer ($2800 - $300) | 2500 | ||
(Cash collected on account) | |||
May-31 | Accounts receivable-Rath | 7200 | |
Sales revenue | 7200 | ||
(Sales on account) | |||
May-31 | Cost of goods sold | 3600 | |
Inventory | 3600 | ||
(Cost of goods sold) |
Problem 5-1B Preparing journal entries for merchandising activities-perpetual system P1 P2 Prepare journal entries to record...
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...
Problem 4-1A Preparing journal entries for merchandising activities-perpetual system LO 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 1 Purchased merchandise from Boden Company for 36,700 under credit terms of 2/15, 1/30, FOB shipping point, Invoice dated July 1. 2 501d merchandise to...
PROBLEM SETA Problem 5-1A Preparing journal entries for merchandising activities--perpetual System P1 P2 En connect 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 pay- able: for example, record the purchase on July 1 in Accounts Payable-Boden July 1 Purchased merchandise from Boden Company for $6.000 under credit terms of 1/15. n/30, FOB shipping point, invoice dated July 1....
need help Saved Problem 4-1A Preparing journal entries for merchandising activities-perpetual system LO 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 1 Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2...
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 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping...
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 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
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 1 Purchased merchandise from Boden Company for $6,700 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
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 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, FOB shipping...
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 1 Purchased merchandise from Boden Company for $6,100 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, n/60, FOB shipping...
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 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping...