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Presented below are selected transactions of Blossom Company. Blossom sells in large quantities to other companies...
Presented below are selected transactions of Bramble Company. Bramble sells in large quantities to other companies...
Presented below are selected transactions of Bramble Company. Bramble sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $11,800, terms 2/10, 1/30. Dodson Company returned merchandise worth $400 to Bramble. Bramble collected the amount due from Dodson Company from the March 1 sale. Bramble sold merchandise for $700 in its retail outlet. The customer used his Bramble credit...
Presented below are selected transactions of Concord Company. Concord sells in large quantities to other companies...
Presented below are selected transactions of Concord Company. Concord sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $8,800, terms 6/10, n/30. 3 Dodson Company returned merchandise worth $700 to Concord. 9 Concord collected the amount due from Dodson Company from the March 1 sale. 15 Concord sold merchandise for $1,000 in its retail outlet. The customer used his Concord credit card....
n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s...
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...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $1...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
Presented below are transactions related to Blossom Company.
Presented below are transactions related to Blossom Company. 1. On December 3, Blossom Company sold $591,000 of merchandise on account to Sunland Co, terms 4/10,30, FOB shipping point. The cost of the merchandise sold was $354,400. 2. On December 8, Sunland Co. was granted an allowance of $25.700 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Sunland Co. Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of the current year. Blue Spruce uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $46,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,400 of damaged goods purchased from Hillary Company on September 1. 15 Sold...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10,...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, 30 Kingbird pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19,Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Kingbird Company f no entry is required, select "No Entry" for...
Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic...
Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method August 10 Purchased merchandise on account, $12.500, terms 2/10, 1/30 13 Returned part of the purchase of August 10, $1,300, and received credit on account 15 Purchased merchandise on account, $15,700, terms 1/10.1/60 25 Purchased merchandise on account, $19.800 terms 2/10, 1/30 28 Paid invoice of August 15 in full Assuming that purchases are recorded at gross amounts and that discounts are...
Transactions for Blossom Company for the month of June are presented below June 1 Issues common...
Transactions for Blossom Company for the month of June are presented below June 1 Issues common stock to investors in exchange for $4,000 cash. 2 Buys equipment on account for $1,000 3 Pays $520 to landlord for June rent. 12 Bills Wil Wheaton $500 for welding work done. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing $7,400 from Bole Company on account. 5 7 Received credit of $410 from Carwell Company for merchandise damaged in shipment to Hasselback Issued credit of $400 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $260. Hasselback Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal....
Presented below are selected transactions of Bramble Company. Bramble sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $11,800, terms 2/10, 1/30. Dodson Company returned merchandise worth $400 to Bramble. Bramble collected the amount due from Dodson Company from the March 1 sale. Bramble sold merchandise for $700 in its retail outlet. The customer used his Bramble credit...
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...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
Question 5 Presented below are selected transactions for Blue Spruce Company during September and October of the current year. Blue Spruce uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $46,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,400 of damaged goods purchased from Hillary Company on September 1. 15 Sold...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, 30 Kingbird pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19,Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Kingbird Company f no entry is required, select "No Entry" for...
Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method August 10 Purchased merchandise on account, $12.500, terms 2/10, 1/30 13 Returned part of the purchase of August 10, $1,300, and received credit on account 15 Purchased merchandise on account, $15,700, terms 1/10.1/60 25 Purchased merchandise on account, $19.800 terms 2/10, 1/30 28 Paid invoice of August 15 in full Assuming that purchases are recorded at gross amounts and that discounts are...
Transactions for Blossom Company for the month of June are presented below June 1 Issues common stock to investors in exchange for $4,000 cash. 2 Buys equipment on account for $1,000 3 Pays $520 to landlord for June rent. 12 Bills Wil Wheaton $500 for welding work done. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing $7,400 from Bole Company on account. 5 7 Received credit of $410 from Carwell Company for merchandise damaged in shipment to Hasselback Issued credit of $400 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $260. Hasselback Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal....
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