Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| 1 | Merchandise inventory | 19000 | |
| Account payable | 19000 | ||
| 2 | Account payable | 2700 | |
| Merchandise inventory | 2700 | ||
| 3 | Account payable (19000-2700) | 16300 | |
| Cash (16300*99%) | 16137 | ||
| Merchandise inventory | 163 | ||
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Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on...
Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30
Purchase-Related Transactions Warwick's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 2/10, 1/30. Warwick's returned $3,000 of the merchandise, receiving a credit memo. a. Journalize Warwick's Co's entry to record the purchase. b. Journalize Warwick's Co.'s entry to record the merchandise returnc. Journalize Warwick's Co, entry to record the payment within the discount period of ten days. d. Journalize Warwick's Co. entry to record the payment beyond the discount period of ten days. If...
Stylon Co., a women's clothing store, purchased $26,000 of merchandise from a supplier on account
Purchase-Related TransactionsStylon Co., a women's clothing store, purchased $26,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30, using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,400, receiving a credit memo.a. Journalize Stylon’s entry to record the purchase. If an amount box does not require an entry, leave it blank.b. Journalize Stylon’s entry to record the merchandise return. If an amount box does not require an entry, leave...
Warwick’s Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account
Purchase-Related TransactionsWarwick’s Co., a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $3,100 of the merchandise, receiving a credit memo, and then paid the amount due within the discount perioda. Journalize Warwick’s Co.'s entry to record the purchase.b. Journalize Warwick’s Co.'s entry to record the merchandise return.c. Journalize Warwick’s Co.'s entry to record the payment.
Mayn Co, a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms...
Mayn Co, a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB returned $2,900 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Mayn Co.'s entry to record the purchase. destination, 2/10, n/30. Mayn Co. Merchandise Inventory Accounts Payable Feedbad b. Journalize Mayn Co.'s entry to record the merchandise return. Accounts Payable.->< Merchandise InventoryY Feedbad c. Journalize Mayn Co.'s entry to record the payment. Cash
Warwick's Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account
Warwick's Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 1/10, 1/30. Warwick's returned $3,600 of the merchandise, receiving a credit memo. a. Journalize Warwick's Co.'s entry to record the purchase. b. Journalize Warwick's Co.'s entry to record the merchandise return. c. Journalize Warwick's Co. entry to record the payment within the discount period of ten days. d. Journalize Warwick's Co. entry to record the payment beyond the discount period of ten days.
Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on...
Purchase-Related Transactions Milan Co., a women's clothing
store, purchased $120,000 of merchandise from a supplier on
account, terms FOB destination, 2/10, n/30. Milan Co. returned
$16,000 of the merchandise, receiving a credit memorandum, and then
paid the amount due within the discount period. Illustrate the
effects on the accounts and financial statements of Milan Co. to
record the following transactions. If no account or activity is
affected, select "No effect" from the dropdown and leave the
corresponding number entry box...
Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on...
Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Milan Co. returned $16,000 of the merchandise, receiving a credit memorandum, and then paid the amount due within the discount period. Illustrate the effects on the accounts and financial statements of Milan Co. to record the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box...
Warwick's Co, a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms...
Warwick's Co, a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Warwick's returned $3,100 of the merchandise, recelving a credit memo. a. Journalize Warwick's Co.'s entry to record the purchase. Inventory 21,780 Accounts Payable 21,780 Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable Learning Objective 2 b. Journalize Warwick's Co.'s entry to record the merchandise return Accounts Payable 3,069 Inventory 3,069 1 Check My Work b. A...
277 Chapter 5 Accounting for Retail Businesses EX 5-7 Purchase-related transactions Obj. 2 $39,690 Stylor Co.,...
277 Chapter 5 Accounting for Retail Businesses EX 5-7 Purchase-related transactions Obj. 2 $39,690 Stylor Co., a women's clothing store, purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an invoice amount of $7,500, receiving a credit memo. Journalize Stylon's entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days.
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year, Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,150, terms FOB shipping point, 2/10, /eom. Prepaid freight of $210 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,376, terms FOB destination, 1/30. 10. Pald Haas Co. for invoice of March 1 13. Purchased merchandise from Jost...
Mayn Co, a women's clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB returned $2,900 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Mayn Co.'s entry to record the purchase. destination, 2/10, n/30. Mayn Co. Merchandise Inventory Accounts Payable Feedbad b. Journalize Mayn Co.'s entry to record the merchandise return. Accounts Payable.->< Merchandise InventoryY Feedbad c. Journalize Mayn Co.'s entry to record the payment. Cash
Warwick's Co., a women's clothing store, purchased $21,000 of merchandise from a supplier on account, terms FOB destination, 1/10, 1/30. Warwick's returned $3,600 of the merchandise, receiving a credit memo. a. Journalize Warwick's Co.'s entry to record the purchase. b. Journalize Warwick's Co.'s entry to record the merchandise return. c. Journalize Warwick's Co. entry to record the payment within the discount period of ten days. d. Journalize Warwick's Co. entry to record the payment beyond the discount period of ten days.
Purchase-Related Transactions Milan Co., a women's clothing
store, purchased $120,000 of merchandise from a supplier on
account, terms FOB destination, 2/10, n/30. Milan Co. returned
$16,000 of the merchandise, receiving a credit memorandum, and then
paid the amount due within the discount period. Illustrate the
effects on the accounts and financial statements of Milan Co. to
record the following transactions. If no account or activity is
affected, select "No effect" from the dropdown and leave the
corresponding number entry box...
Warwick's Co, a women's clothing store, purchased $22,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Warwick's returned $3,100 of the merchandise, recelving a credit memo. a. Journalize Warwick's Co.'s entry to record the purchase. Inventory 21,780 Accounts Payable 21,780 Check My Work a. A purchase increases Merchandise Inventory and Accounts Payable Learning Objective 2 b. Journalize Warwick's Co.'s entry to record the merchandise return Accounts Payable 3,069 Inventory 3,069 1 Check My Work b. A...
277 Chapter 5 Accounting for Retail Businesses EX 5-7 Purchase-related transactions Obj. 2 $39,690 Stylor Co., a women's clothing store, purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an invoice amount of $7,500, receiving a credit memo. Journalize Stylon's entries to record (a) the purchase, (b) the merchandise return, (c) the payment within the discount period of 10 days, and (d) the payment beyond the discount period of 10 days.
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year, Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,150, terms FOB shipping point, 2/10, /eom. Prepaid freight of $210 was added to the invoice. 5. Purchased merchandise from Whitman Co., $14,376, terms FOB destination, 1/30. 10. Pald Haas Co. for invoice of March 1 13. Purchased merchandise from Jost...
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