Note - In the absense of information I have consider 360 Days = Year.
1. Journal Entries -
Prepare general journal entries for the following transactions of Laurier Company, who use the perpetual inventory...
Prepare general journal entries for the following transactions of Laurier Company, who use the perpetual inventory system: I Apr. 1 Sold $12,500 of merchandise (Cost $10,500) to flight Co., receiving a 10%, 120-day note. 15 Wrote off $2,000 owed by FCB Co. as worthless. (The allowance method of accounting for bad debts is used.) 30 Received a $10,800, 10%, 30-day note receivable from Cruise Co. as an extension of credit. May 1 Issued a $7,000,9%, 60 day note to Auggie...
Q2. (25 marks) Prepare general journal entries for the following transactions of Laurier Company, who use the perpetual inventory system: Apr. 1 Sold $12.500 of merchandise (Cost $10,500) to flight Co., receiving a (10%, 120-day note. 15 Wrote off $2,000 owed by FCB Co. as worthless. (The allowance method of accounting for bad debts is used) 30 Received a $10,800, 10%, 30-day note receivable from Cruise Co. as an extension of credit. May 1 Issued a $7,000, 9%, 60 day...
The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1Dec.16Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable.31Made an adjusting entry to record the accrued interest on the Todd note.Year 2Feb.14Received Todd’s payment of principal and interest on the note dated December 16.Mar.2Accepted a $6,100, 8%, 90-day note in granting a time extension on the past-due account receivable from Midnight Co.17Accepted a $2,400, 30-day, 7% note in granting Ava...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual Inventory system and the gross method. Apr. 2 Purchased $3,200 of merchandise from Lyon Company with credit terms of 2/15, 1/60. Invoice dated April 2. And FOB shipping point. Paid $270 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $800. 17 Sent a cheek to Lyon Company for the...
prepare journal entries to record the following transactions for a retail store. the company uses perpetual inventory system and the gross method Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
Use the perpetual investy system, and be. Round to the newest 19-5A and journblizing ewable The following transactions are from Oilm Company s end distincts to record and it applies the lone method P4 Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granding Danny Todd time extension account receivable. Made an adjusting entry to record the accrued interest on the Todd not 31 me extension on his past-due Year 2 Feb. 14 Mar. 2 Received Todd's payment...
Ditzler Company, a construction supply company, uses unting for uncollectible accounts receivable. Selected transactions comple the allowance method of accoun Ditzler Company are as follows: by Eeh. 1 Sold merchandise on account to Ames Co., $8,000. The cost of the mer- chandise sold was $4,500. Accepted a 60-day, 12% note for $8,000 from Ames Co. on account. 15, 9. Mar. Wrote off a $2500 account from Dorset Co. as uncollectible Loaned $7,500 cash to Jill Klein, receiving a 90-day, 14%...
The following transactions are from Ohlm Company Year 1 December 16 - Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. December 31 – Made an adjustment entry to record the accrued interest on the Todd note. Year 2 February 14 – Received Todd’s payment of principal and interest on the note dates December 16. March 2 – Accepted a $6,100, 8%, 90-day note in granting a time extension on the...
Exercise 8-16 Dishonouring a note L04 Prepare journal entries to record these transactions Mar. Sept. Dec 21 Accepted a $6,200, six-month, 4% note dated today from Bradley Brooks in granting a time extension on his past-due account 21 Brooks dishonoured his note when presented for payment. 31 After exhausting all legal means of collection, wrote off Brooks's account against the Allowance for Doubtful Accounts. Exercke 8.17 Honouring a note L04 Prepare journal entries to record these transactions (round the answer...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for...