on january 4, JC sells merchandiese costing $2,000 for $8,000 to RM with terms of 3/12,...
on january 4, JC sells merchandiese costing $2,000 for $8,000 to RM with terms of 3/12, n30. January 10, RM returns one tenth of the merchandise because it was the wrong size. January 16 RM pays for the goods purchased from JC. what is a possible entry by RM on Jan. 16?
Homework Answers
| General Journal | Debit | Credit | |||||
| Accounts payable | (8000*90%) | 7200 | |||||
| Merchandise inventory | 216 | ||||||
| cash | 6984 | ||||||
| Assumed it uses perpetual inventory system ,since you have | |||||||
| not provided the entry options | |||||||
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on january 4, JC sells merchandiese costing $2,000 for $8,000 to
RM with terms of 3/12,...
Alpha Company uses the periodic inventory system for purchase & sales of merchandise. Discount terms for...
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15. On May. . Ace Bonding Company purchased inventory costing $2,000 on account. If credit terms...
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o Suppose Bargain Hardware sells merchandise on account, terms 2/10,n/60, for $1,200 (the cost of the...
o Suppose Bargain Hardware sells merchandise on account, terms 2/10,n/60, for $1,200 (the cost of the inventory is $320) on January 17, 2018. Bargain Hardware later received 400 of goods (cost, $100) as sales returns on January 21, 2018. The customer paid the balance due on January 26, 2018. Journalize the January 2018 transactions for Bargain Hardware assuming the "net" method is used (Record debits first, then credits Exclude explanations from any journal entries. Round your answers to the nearest...
JUUillaL coupom E5-4 On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Com FOB...
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EXERCISE 3 -PERPETUAL INVENTORY SYSTEM JOURNAL EN Journalize the following transaction for the month of January...
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On September 12, Vander Company sold merchandise in the amount of $2,000 to Jepson Company, with...
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1. On November 1 Chilton Systems purchases merchandise for $1,500 on credit with terms of 2/5...
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Note: I will check this homework on Sunday/Monday next week. Question (Homework): - Journalize the following...
Note: I will check this homework on Sunday/Monday next week. Question (Homework): - Journalize the following merchandising transactions for Abu Dhabi Systems assuming it uses a perpetual inventory system. > On January 1, Abu Dhabi Systems purchases merchandise for $5,000 on credit with terms of 3/10, n/30, FOB shipping point; invoice dated January 1. > On January 8, Abu Dhabi Systems pays cash for the January 1 purchase. > On January 12, Abu Dhabi Systems discovers and returns $1,000 of...
Thank you. thumbs up! Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of...
Thank you. thumbs up!
Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare...
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JUUillaL coupom E5-4 On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Com FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair valu. of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries for each transaction on...
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n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) E9.2 (LO 1) Presented below are selected transactions of Molina Company. Molina sells in large quanti- ties to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30. 3 Dodson Company returned merchandise worth...
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Note: I will check this homework on Sunday/Monday next week. Question (Homework): - Journalize the following merchandising transactions for Abu Dhabi Systems assuming it uses a perpetual inventory system. > On January 1, Abu Dhabi Systems purchases merchandise for $5,000 on credit with terms of 3/10, n/30, FOB shipping point; invoice dated January 1. > On January 8, Abu Dhabi Systems pays cash for the January 1 purchase. > On January 12, Abu Dhabi Systems discovers and returns $1,000 of...
Thank you. thumbs up!
Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare...
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