Homework Answers
![Answer General Journal Debit 5,100 Date Credit June 20 Merchandise Inventory Accounts Payable To record purchase of Inventory on account 5,100 June 20 Merchandise Inventory 400 Cash (To record payment of Freight Charges) Accounts Payable 400 July 4 600 Merchandise Inventory To record Goods returned 600 July 14 Accounts Payable ($5,100 $600) 4,500 Cash 4,500 To record pavment made July 16 Merchandise Inventory 3,500 Accounts Payable To record purchase of Inventory on account 3,500 July 18 Accounts Payable 300 Merchandise Inventory To record Goods returned) 300 July 24 Accounts Payable ($3,500 300) 3,200 Cash ($3,500-300) * 98%) Merchandise inventory ($3,500-300) * 296] 3,136 65 To record pavment made, net of discount](http://img.homeworklib.com/questions/891dfee0-d679-11ea-b219-c11fdb9ac4af.png?x-oss-process=image/resize,w_560)
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Howie Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary...
Howie Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required.
Howie Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. Journalize all necessary transactions in the order they are presented in the transaction list. Jun. 20: Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point
E5-20 (similar to) Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions....
E5-20 (similar to) Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. (Click the icon to view the transactions.) Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole de Jun. 20: Purchased inventory of $5,800 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15,...
Le R_29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchas...
Le R_29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Sep.4 Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. 4 Paid freight charges, $480. 10 Returned $300 of inventory to Max. 17 Paid Max Appliance Wholesale, less return and discount. 20 Purchased inventory of $3,900 on account from MY Appliance, an...
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 that occurred in September 2018 for Water Works, assuming the perpetual inventory...
Journalize the following transactions that occurred in September 2018 for Water Works, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Water Works estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.)Sep. 3 Purchased merchandise inventory on account...
Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land​, assuming the perpetual...
Journalize the following transactions that occurred in November
2018 for Sam's Adventure Land​, assuming the perpetual inventory
system is being used. No explanations are needed. Identify each
accounts payable and accounts receivable with the vendor or
customer name.Sam's Adventure Land estimates sales returns at
the
Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor...
Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory...
Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Red Hawk estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount) (Click the icon to view the transactions.) More Info More Info Sep. ing:...
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...
Journalize the following transactions that occurred in November 2018 for Colden's Awesome Park, assuming the perpetual...
Journalize the following transactions that occurred in November 2018 for Colden's Awesome Park, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Colden's Awesome Park estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Nov. 4 Purchased merchandise...
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...
Howie Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. Journalize all necessary transactions in the order they are presented in the transaction list. Jun. 20: Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point
E5-20 (similar to) Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. (Click the icon to view the transactions.) Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole de Jun. 20: Purchased inventory of $5,800 on account from Southboro Diamonds, a jewelry importer. Terms were 2/15,...
Le R_29 Journalizing purchase transactions-periodic inventory system Lawrence Appliances had the following purchase transactions. Journalize all necessary transactions using the periodic inventory system. Explanations are not required. Sep.4 Purchased inventory of $6,900 on account from Max Appliance Wholesale, an appliance wholesaler. Terms were 3/15, n/30, FOB shipping point. 4 Paid freight charges, $480. 10 Returned $300 of inventory to Max. 17 Paid Max Appliance Wholesale, less return and discount. 20 Purchased inventory of $3,900 on account from MY Appliance, an...
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 that occurred in November
2018 for Sam's Adventure Land​, assuming the perpetual inventory
system is being used. No explanations are needed. Identify each
accounts payable and accounts receivable with the vendor or
customer name.Sam's Adventure Land estimates sales returns at
the
Journalize the following transactions that occurred in November 2018 for Sam's Adventure Land, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor...
Journalize the following transactions that occurred in September 2018 for Red Hawk, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Red Hawk estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount) (Click the icon to view the transactions.) More Info More Info Sep. ing:...
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...
Journalize the following transactions that occurred in November 2018 for Colden's Awesome Park, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Colden's Awesome Park estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Nov. 4 Purchased merchandise...
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...
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