Homework Answers
Journal entries
| No | Account title and explanation | Debit | Credit |
| a | Purchase | 200000 | |
| Account payable | 200000 | ||
| b | Account payable | 25000 | |
| Purchase return and allowance | 25000 | ||
| c | Account payable | 175000 | |
| Cash | 175000 | ||
| d | Account payable | 175000 | |
| Cash (175000*98%) | 171500 | ||
| Purchase discount | 3500 | ||
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2. Suppose Bob's Toy Store buys $200,000 of LEGO on credit, terms 2/15, n/45. Some of...
Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30....
Goods costing $1,900 are purchased on account on July
15 with credit terms of 2/10, n/30. On July 18, the purchaser
receives a $300 credit from the supplier for damaged goods. Give
the journal entry on July 24 to record payment of the balance due
within the discount
period.
Question 11 Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, the purchaser receives a $300 credit from the supplier for...
Consider the following transactions for Green Drug Store: (Click the icon to view the transactions Requirements...
Consider the following transactions for Green Drug Store: (Click the icon to view the transactions Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Green? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual in explanations from journal entries.) Apr. 2: Green buys $22,500 worth of inventory on account with credit terms of 1/15, n/30, FOB shipping point Date Accounts Debit...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping point. Salem Tire prepaid the $250 shipping cost and added the amount to the invoice. 7 Purchased $400 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $900 (cost, $425) of merchandise on account to W. Furmick. Terms, 3/15, n/45, FOB destination. 11 Paid $75 freight charges to deliver goods to W. Furmick. 13 Returned $1,300 of the merchandise...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
Requirements Journalize the purchase transactions. Explanations are not required. 1. 2. In the final analysis, how...
Requirements Journalize the purchase transactions. Explanations are not required. 1. 2. In the final analysis, how much did the inventory cost Elfland Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Jul. 8: Elfland Toys buys $160,800 worth of MegoBlock toys on account with credit terms of 2/10, n/30 Date Accounts Debit Credit Jul. 8 Jul. 12: Elfland Toys returns...
Carla Vista Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30...
Carla Vista Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,755 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,200. The cost of the merchandise sold was $850. 6 Received $55 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in...
im very confused on the part where its like a fraction, for example 2/10,n,30. if i...
im very confused on the part where its like a fraction, for
example 2/10,n,30. if i could get a brief explanation that would
help me so much for these study questions
U LIL 7. Jake's Market recorded the following events involving a recent purchase of merchandise: a. Received good for $60,000 terms 2/10,n/30 b. Returned $1,200 of the shipment for credit c. Paid $300 freight on the shipment. d. Paid the Invoice within the discount period The company's Inventory increased...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB...
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 $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
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...
Please do S5-3, S5-4, and S5-8. S5-3 Journalizing purchase transactions Consider the following transactions for Derry...
Please do S5-3, S5-4, and S5-8.
S5-3 Journalizing purchase transactions Consider the following transactions for Derry Drug Store: Learr Jun. 2 4 8 14 Derry buys $23,000 worth of inventory on account with credit terms of 2/15, 1/30, FOB shipping point. Derry pays a $110 freight charge. Derry returns $6,200 of the merchandise due to damage during shipment. Derry paid the amount due, less return and discount. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the...
Goods costing $1,900 are purchased on account on July
15 with credit terms of 2/10, n/30. On July 18, the purchaser
receives a $300 credit from the supplier for damaged goods. Give
the journal entry on July 24 to record payment of the balance due
within the discount
period.
Question 11 Goods costing $1,900 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, the purchaser receives a $300 credit from the supplier for...
Consider the following transactions for Green Drug Store: (Click the icon to view the transactions Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost Green? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual in explanations from journal entries.) Apr. 2: Green buys $22,500 worth of inventory on account with credit terms of 1/15, n/30, FOB shipping point Date Accounts Debit...
Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping point. Salem Tire prepaid the $250 shipping cost and added the amount to the invoice. 7 Purchased $400 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $900 (cost, $425) of merchandise on account to W. Furmick. Terms, 3/15, n/45, FOB destination. 11 Paid $75 freight charges to deliver goods to W. Furmick. 13 Returned $1,300 of the merchandise...
Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...
Requirements Journalize the purchase transactions. Explanations are not required. 1. 2. In the final analysis, how much did the inventory cost Elfland Toys? Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Jul. 8: Elfland Toys buys $160,800 worth of MegoBlock toys on account with credit terms of 2/10, n/30 Date Accounts Debit Credit Jul. 8 Jul. 12: Elfland Toys returns...
im very confused on the part where its like a fraction, for
example 2/10,n,30. if i could get a brief explanation that would
help me so much for these study questions
U LIL 7. Jake's Market recorded the following events involving a recent purchase of merchandise: a. Received good for $60,000 terms 2/10,n/30 b. Returned $1,200 of the shipment for credit c. Paid $300 freight on the shipment. d. Paid the Invoice within the discount period The company's Inventory increased...
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 $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
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...
Please do S5-3, S5-4, and S5-8.
S5-3 Journalizing purchase transactions Consider the following transactions for Derry Drug Store: Learr Jun. 2 4 8 14 Derry buys $23,000 worth of inventory on account with credit terms of 2/15, 1/30, FOB shipping point. Derry pays a $110 freight charge. Derry returns $6,200 of the merchandise due to damage during shipment. Derry paid the amount due, less return and discount. Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the...
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