Homework Answers
| Date | GENERAL JOURNAL | DEBIT | CREDIT |
| May 15 | Inventory | 2900 | |
| Accounts Payable | 2900 | ||
| (to record inventory purchases) | |||
| May 25 | Accounts Payable | 2900 | |
| Cash | 2813 | ||
| Purchase discount (2900*3%) | 87 |
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Calhoun Inc. is a merchandiser which uses the perpetual inventory system. It had the following transactions...
Shaw Inc., which uses the perpetual inventory system, buys and sells merchandise inventory. On November 12,...
Shaw Inc., which uses the perpetual inventory system, buys and sells merchandise inventory. On November 12, Shaw sold inventory for $2,800 on account. The original cost of this inventory was $800. Answer saved Required: In the journal below, record this transaction. Do not include decimals or cents in the numerical response. Date Debit Credit Nov 12
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Aug. 5 Purchased inventory on account Aug. 9 Paid for transportation of goods purchased Aug. 10 Returned defective merchandise to the seller Aug. 15 Paid for goods purchased on August 5 Amount $ 300,000 25.000 20.000 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CRE
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date...
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Amount Aug. 5 Purchased inventory on account $ 300,000 Aug. 9 Paid for transportation of goods purchased 25,000 Aug. 10 Returned defective merchandise to the seller 20,000 Aug. 15 Paid for goods purchased on August 5 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CR
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for...
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for recording both purchase and sales discounts. All purchases and sales of inventory are on account with terms 2/15, n/30. Carter Inc. had the following select transactions occur during May and June of 2020: May 1 --- Purchased inventory costing $12,000, terms 2/15, n/30. May 1 --- Paid $200 cash to UPS for freight related to the above purchase. Carter is responsible for these freight...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: John’s purchased merchandise on account for $6,000. Freight charges of $800 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,100 and John’s account was credited by the supplier. Merchandise costing $3,300 was sold for $6,200 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: John’s purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,250 and John’s account was credited by the supplier. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no...
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,...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these...
Shaw Inc., which uses the perpetual inventory system, buys and sells merchandise inventory. On November 12, Shaw sold inventory for $2,800 on account. The original cost of this inventory was $800. Answer saved Required: In the journal below, record this transaction. Do not include decimals or cents in the numerical response. Date Debit Credit Nov 12
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Aug. 5 Purchased inventory on account Aug. 9 Paid for transportation of goods purchased Aug. 10 Returned defective merchandise to the seller Aug. 15 Paid for goods purchased on August 5 Amount $ 300,000 25.000 20.000 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CRE
1) A merchandiser, following the perpetual inventory system, has the following transactions during August, 2019: Date Transaction Amount Aug. 5 Purchased inventory on account $ 300,000 Aug. 9 Paid for transportation of goods purchased 25,000 Aug. 10 Returned defective merchandise to the seller 20,000 Aug. 15 Paid for goods purchased on August 5 Credit terms of invoice are 2/15, n/45. Prepare journal entries for the above transactions. Omit explanations. 10 points DEBIT CR
Problem I: (16.5 pts) Carter Inc. uses the perpetual inventory system and the gross method for recording both purchase and sales discounts. All purchases and sales of inventory are on account with terms 2/15, n/30. Carter Inc. had the following select transactions occur during May and June of 2020: May 1 --- Purchased inventory costing $12,000, terms 2/15, n/30. May 1 --- Paid $200 cash to UPS for freight related to the above purchase. Carter is responsible for these freight...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these 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,...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these...
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