Homework Answers
Journal entries:
Purchase a/c Dr 17000
To cash 17000
03.april
Receivables a/c Dr 25,000
To sales 25,000
11.april
Cash a/c Dr 25,000
To receivables 25000
Merchandise on
April 3rd: It's with redstone as risk and rewards aren't trasfered but sale has completed
April : 4th : Its Milton as risk and rewards are transfred at this point
April 10: Its Milton as they received at this point of time but everything related them has already been completed.
It's assumed that on 4th risk and rewards are transfred and the shipping responsibility was Milton if that is not the case 10th would be point of sale.
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- X i Requirements 1. Prepare the journal entries for Redstone Company for the sale of...
i Requirements Prepare the journal entries for Canton Company for the sale of the merchandise, the...
i Requirements Prepare the journal entries for Canton Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Spring Corporation. Assume that Spring Corporation takes the discount if payment is within the discount period. Indicate which company (Canton or Spring) owns the merchandise at the end of each of the following dates: a. April 3 b. April 4 c. April 10 (Assume that Canton Company uses the gross method of recording...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Apr. 1 Sold merchandise for $6,400, with credit terns n/30; invoice dated April 1. The cost of the merchandise is $3,840. Apr. 4 The customer in the April 1 sale returned $720 of merchandise for full credit. The merchandise, which had cost $432, is returned to inventory. Apr. 8 Sold merchandise for $2,700, with...
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases...
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Apr. 1 Sold merchandise for $4,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,520. Apr. 4 The customer in the April 1 sale returned $500 of merchandise for full credit....
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $6,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $4,080. Apr. The customer in the April 1 sale returned $760 of merchandise for full credit. The merchandise, which had cost $456, is returned to inventory. Apr. & Sold merchandise for $2,900, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 Sold merchandise for $6,600, with credit terms 1/30; invoice dated April 1. The cost of the merchandise is $3.960. apr. The customer in the April 1 sale returned $740 of merchandise for full credit. The merchandise, which had cost $444, is returned to inventory. Npr. 8 Sold merchandise for $2,800, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $6,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $4,080. Apr. 4 The customer in the April 1 sale returned $760 of merchandise for full credit. The merchandise, which had cost $456, is returned to inventory. Apr. 8 Sold merchandise for $2,900, with...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit teras/30; Invoice dated April 1. The cost of the merchandise is $1,800 Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory Apr. 8 Sold merchandise for $1,000, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit teras/30; Invoice dated April 1. The cost of the merchandise is $1,800 Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory Apr. 8 Sold merchandise for $1,000, with credit...
Prepare Journal entries to record each of the following sales transactions of a merchandising company. The c...
Prepare Journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 sold merchandise for $7,000, with credit termen/30; invoice dated April 1. The cost of the merchandise is $4,200. Apr. 4 The customer in the April 1 sale returned $780 of merchandise for full credit. The merchandise, which had cont $468, is returned to inventory. Apr. 8 Sold merchandise for $3,000, with credit...
required 1: prepare entries that the buyer records for the (a) purchase, (b) cash payment within...
required 1: prepare entries that the buyer records for the (a)
purchase, (b) cash payment within discount period, and (c) cash
payment after discount period.
Required 2: prepare entries the seller records for the (a)
sale, (b) cash collection within discount period, and (c) cash
collection after the discount period
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10,n/60 and an invoice price of $20,400. The merchandise had cost Mesa $13,913....
i Requirements Prepare the journal entries for Canton Company for the sale of the merchandise, the cost of the sale, and the related receipt of payment from Spring Corporation. Assume that Spring Corporation takes the discount if payment is within the discount period. Indicate which company (Canton or Spring) owns the merchandise at the end of each of the following dates: a. April 3 b. April 4 c. April 10 (Assume that Canton Company uses the gross method of recording...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Apr. 1 Sold merchandise for $6,400, with credit terns n/30; invoice dated April 1. The cost of the merchandise is $3,840. Apr. 4 The customer in the April 1 sale returned $720 of merchandise for full credit. The merchandise, which had cost $432, is returned to inventory. Apr. 8 Sold merchandise for $2,700, with...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $6,800, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $4,080. Apr. The customer in the April 1 sale returned $760 of merchandise for full credit. The merchandise, which had cost $456, is returned to inventory. Apr. & Sold merchandise for $2,900, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 Sold merchandise for $6,600, with credit terms 1/30; invoice dated April 1. The cost of the merchandise is $3.960. apr. The customer in the April 1 sale returned $740 of merchandise for full credit. The merchandise, which had cost $444, is returned to inventory. Npr. 8 Sold merchandise for $2,800, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit teras/30; Invoice dated April 1. The cost of the merchandise is $1,800 Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory Apr. 8 Sold merchandise for $1,000, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,000, with credit teras/30; Invoice dated April 1. The cost of the merchandise is $1,800 Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory Apr. 8 Sold merchandise for $1,000, with credit...
Prepare Journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. Apr. 1 sold merchandise for $7,000, with credit termen/30; invoice dated April 1. The cost of the merchandise is $4,200. Apr. 4 The customer in the April 1 sale returned $780 of merchandise for full credit. The merchandise, which had cont $468, is returned to inventory. Apr. 8 Sold merchandise for $3,000, with credit...
required 1: prepare entries that the buyer records for the (a)
purchase, (b) cash payment within discount period, and (c) cash
payment after discount period.
Required 2: prepare entries the seller records for the (a)
sale, (b) cash collection within discount period, and (c) cash
collection after the discount period
Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10,n/60 and an invoice price of $20,400. The merchandise had cost Mesa $13,913....
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