277 Chapter 5 Accounting for Retail Businesses EX 5-7 Purchase-related transactions Obj. 2 $39,690 Stylor Co.,...
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 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...
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...
Purchase-Related Transactions Poff's Co., a women's clothing store, purchased $19,000 of merchandise from a supplier on account, terms FOB destination, 1/10, n/30. Poff's returned $2,700 of the merchandise, receiving a credit memo, and then paid the amount due within the discount period. a. Journalize Poff's Co.'s entry to record the purchase. If an amount box does not require an entry, leave it blank. b. Journalize Poff's Co.'s entry to record the merchandise return. If an amount box does not require...
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 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
EX 6-8 Purchase-related transactions OBJ. 2 Journalize entries for the following related transactions of Greenville Heating & Air Com- pany: a. Purchased $57,000 of merchandise from Foster Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $11,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $10,780 ($11,000 ($11.000 x 296) d. Purchased $6.300 of merchandise from Foster Co. on account, terms n/30...
counting for Merchandising Businesses + PE 6-3B Sales transactions OBJ. 2 Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, 1/30. The cost of the mer- chandise sold was $55,500. b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $10.400 terms n/30. The cost of the merchandise returned was $6,500. PE 6-4A Freight terms OBJ. 2 Determine the amount to be paid in full settlement of...
480 EX 6-8 Purchase-related transactions OBJ. 2 Journalize entries for the following related transactions of Greenville Heating & Air Com- pany: a. Purchased $57,000 of merchandise from Foster Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $11,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $10,780 ($11,000 - ($11,000 X 2%)]. d. Purchased $6,300 of merchandise from Foster Co. on account,...
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...