Homework Answers
If payment is received within 10 days from May 1st, there would be discount. Since the payment is received on May 25th there would be no discount.
Select the following:
Credit Accounts receivable $1,400
Debit Cash $1,400
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X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold...
X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Check all that apply. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Accounts Receivable $1,400 Debit Sales $1,400. Debit...
Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At...
Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware Store showed Cash of $5,000 and Common Stock of $5,000. May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,200, terms 2/10, n/30. 2 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,300. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections...
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as...
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as a proprietorship, which earns income mainly by buying and selling shoe. Stone owns and manages the business. Here are the transactions which had occurred during December of 2018. On 12/1/18, Jack Stone personally invests $1,000,000 cash in J-Mart and deposits the cash in a bank account opened under the name of J-Mart 1. On 12/1/18, J-Mart paid $48,000 for rent for 2-years (24-months, December...
Question 1 Given below are account balances for Charlie Company: Gross sales, $100,000 Sales returns and...
Question 1 Given below are account balances for Charlie Company: Gross sales, $100,000 Sales returns and allowances, $6,000 Selling expenses, $12,000 Cost of goods sold, $54,000 Interest expense, $3,000 How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example - enter 46% as .46) Question 2 Merchandise is sold on account on January 16, terms 2/10, n/30, and recorded by debiting Accounts Receivable and crediting Sales for $2,000. If payment occurs on January...
help!!! Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current...
help!!!
Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Blossom Pro Shop showed Cash $3,110; Inventory $4,110; and Common Stock $7.220. The following transactions occurred during April 2022. bs, and balls on account from Arnie Co. $1,830, terms 4/10, 1/60 purchases $98. nie Co. for merchandise returned $530. ount to members $1,635, terms n/30. Teaters, and other accessories on account from Woods Sportswear $1,013, terms 1/10,n/30....
I need help with question 2, the first part is just for context. thanks IceKreme Inc....
I need help with question 2, the first part is just for context.
thanks
IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30, 2017: April 10: Received an order from Peter's Appliances, a wholesaler, for 14 machines. April 30: Sold 21 machines to Yuri Inc. on credit. May 1: The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 17 machines on credit, instead of the...
First Choice Ltd. completed the following merchandising transactions in the month of May 2018. At the...
First Choice Ltd. completed the following merchandising
transactions in the month of May 2018. At the beginning of May,
First Choice’s ledger showed Cash $6,400; Accounts Receivable
$1,300; Inventory $3,200; Common Shares $8,600; and Retained
Earnings $2,300. First Choice uses a perpetual inventory
system.
May
1
Purchased merchandise on account
from Depot Wholesale Supply Ltd. for $5,200, terms 1/10, n/30, FOB
shipping point.
3
Freight charges of $150 were paid
by the appropriate party on the merchandise purchased on May...
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks...
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks received should be recorded in the cash receipts prelist prior to entry in the cash receipts journal Make sure to update the accounts receivables subledger if applicable November 10-BrawnyFinch Corp. purchased $46,213.00 worth of merchandise on account (invoice #527). Terms of the sale were 2/10 net 30 November 11- Thistlecadenza returned $12,014.00 worth of merchandise purchased on account. The credit memo number is 31...
Answer the whole question, please. Wiset Company completes these transactions during April of the current year...
Answer the whole question, please.
Wiset Company completes these transactions during April of the
current year (the terms of all its credit sales are 2/10,
n/30).
Apr.
2
Purchased $15,100 of merchandise on credit from Noth Company,
invoice dated April 2, terms 2/10, n/60.
3
(a)
Sold merchandise on credit to Page Alistair, Invoice No. 760,
for $4,600 (cost is $3,500).
3
(b)
Purchased $1,550 of office supplies on credit from Custer, Inc.
Invoice dated April 2, terms n/10 EOM....
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks...
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks received should be recorded in the cash receipts prelist prior to entry in the cash receipts journal Make sure to update the accounts receivables subledger if applicable November 10-BrawnyFinch Corp. purchased $46,213.00 worth of merchandise on account (invoice #527). Terms of the sale were 2/10 net 30 November 11- Thistlecadenza returned $12,014.00 worth of merchandise purchased on account. The credit memo number is 31...
X-Mart uses the perpetual inventory system to account for its merchandise. On May 1, it sold $1,400 of merchandise for cash. The original cost of the merchandise to X-Mart was $500. Demonstrate the required journal entry to record the sale and the cost of the sale by selecting all of the correct actions below. (Check all that apply.) Check all that apply. Debit Cost of Goods Sold $500. Debit Merchandise Inventory $500. Credit Accounts Receivable $1,400 Debit Sales $1,400. Debit...
Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware Store showed Cash of $5,000 and Common Stock of $5,000. May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,200, terms 2/10, n/30. 2 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,300. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections...
On December 1, 2018, Jack Stone forms a merchandising company, named J-Mart and set up as a proprietorship, which earns income mainly by buying and selling shoe. Stone owns and manages the business. Here are the transactions which had occurred during December of 2018. On 12/1/18, Jack Stone personally invests $1,000,000 cash in J-Mart and deposits the cash in a bank account opened under the name of J-Mart 1. On 12/1/18, J-Mart paid $48,000 for rent for 2-years (24-months, December...
help!!!
Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Blossom Pro Shop showed Cash $3,110; Inventory $4,110; and Common Stock $7.220. The following transactions occurred during April 2022. bs, and balls on account from Arnie Co. $1,830, terms 4/10, 1/60 purchases $98. nie Co. for merchandise returned $530. ount to members $1,635, terms n/30. Teaters, and other accessories on account from Woods Sportswear $1,013, terms 1/10,n/30....
I need help with question 2, the first part is just for context.
thanks
IceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred between April 1 and June 30, 2017: April 10: Received an order from Peter's Appliances, a wholesaler, for 14 machines. April 30: Sold 21 machines to Yuri Inc. on credit. May 1: The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 17 machines on credit, instead of the...
First Choice Ltd. completed the following merchandising
transactions in the month of May 2018. At the beginning of May,
First Choice’s ledger showed Cash $6,400; Accounts Receivable
$1,300; Inventory $3,200; Common Shares $8,600; and Retained
Earnings $2,300. First Choice uses a perpetual inventory
system.
May
1
Purchased merchandise on account
from Depot Wholesale Supply Ltd. for $5,200, terms 1/10, n/30, FOB
shipping point.
3
Freight charges of $150 were paid
by the appropriate party on the merchandise purchased on May...
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks received should be recorded in the cash receipts prelist prior to entry in the cash receipts journal Make sure to update the accounts receivables subledger if applicable November 10-BrawnyFinch Corp. purchased $46,213.00 worth of merchandise on account (invoice #527). Terms of the sale were 2/10 net 30 November 11- Thistlecadenza returned $12,014.00 worth of merchandise purchased on account. The credit memo number is 31...
Answer the whole question, please.
Wiset Company completes these transactions during April of the
current year (the terms of all its credit sales are 2/10,
n/30).
Apr.
2
Purchased $15,100 of merchandise on credit from Noth Company,
invoice dated April 2, terms 2/10, n/60.
3
(a)
Sold merchandise on credit to Page Alistair, Invoice No. 760,
for $4,600 (cost is $3,500).
3
(b)
Purchased $1,550 of office supplies on credit from Custer, Inc.
Invoice dated April 2, terms n/10 EOM....
Complete the Following Tasks 1. Record the following transactions in the appropriate journal . All checks received should be recorded in the cash receipts prelist prior to entry in the cash receipts journal Make sure to update the accounts receivables subledger if applicable November 10-BrawnyFinch Corp. purchased $46,213.00 worth of merchandise on account (invoice #527). Terms of the sale were 2/10 net 30 November 11- Thistlecadenza returned $12,014.00 worth of merchandise purchased on account. The credit memo number is 31...
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