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Journal entry worksheet < 1 2 3 4 5 6 7 Sold merchandise for $6,400, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 3 4 5 6 7 The cost of the merchandise is $3,840. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 2...
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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...
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Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system a the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, POB shipping...
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GL0402 - Based on Problem 4-2A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Griffin's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable--Brown) Aug. 1 Purchased merchandise from Brown Company for $10,500 under credit terms of 1/10, 1/30, POB destination, invoice dated August 1. Aug. 5 Sold merchandise to Perez Corp. for $6,700 under credit terms...
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Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $77 in cash along with receipts for the following expenditures: transportation-in, $52postage expenses, $58; and miscellaneous expenses, $132. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3)...
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Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $100,000 cash. 2 Purchased Inventory on account for $35,000 (the perpetual inventory system is used). 4 Paid an insurance company $2,400 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $12,000. The cost of the merchandise was $7,000 15 Borrowed $30,000 from a local bank and...
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John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. 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. 3. Merchandise costing $3,450 was sold for $6,500 in cash. Required: Prepare the necessary journal entries to record these transactions....
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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 $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
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Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials were purchased on account. b. $73,000 in raw materials were used in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials. C. Total labor wages of $120,500 were paid in cash. Of this amount, $103,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record...
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Waupaca Company establishes a $470 petty cash fund on September 9. on September 30, the fund shows $255 in cash along with receipts for the following expenditures: transportation-in, $45; postage expenses, $58; and miscellaneous expenses, $110. The petty cashier could not account for a $2 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and...
Journal entry worksheet < 1 2 3 4 5 6 7 Sold merchandise for $6,400, with credit terms n/30. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 3 4 5 6 7 The cost of the merchandise is $3,840. Note: Enter debits before credits. Date General Journal Debit Credit Apr 01 Record entry Clear entry View general Journal Journal entry worksheet < 1 2...
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...
Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system a the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden. July 1 Purchased merchandise from Boden Company for $6,800 under credit terms of 2/15, n/30, POB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $1,000 under credit terms of 2/10, n/60, POB shipping...
GL0402 - Based on Problem 4-2A LO P1, P2 Prepare journal entries to record the following merchandising transactions of Griffin's, which uses the perpetual inventory system. (Hint: It will help to identify each receivable and payable; for example, record the purchase on August 1 in Accounts Payable--Brown) Aug. 1 Purchased merchandise from Brown Company for $10,500 under credit terms of 1/10, 1/30, POB destination, invoice dated August 1. Aug. 5 Sold merchandise to Perez Corp. for $6,700 under credit terms...
Waupaca Company establishes a $330 petty cash fund on September 9. On September 30, the fund shows $77 in cash along with receipts for the following expenditures: transportation-in, $52postage expenses, $58; and miscellaneous expenses, $132. The petty cashier could not account for a $11 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3)...
Halogen Laminated Products Company began business on January 1, 2021. During January, the following transactions occurred: Jan. 1 Issued common stock in exchange for $100,000 cash. 2 Purchased Inventory on account for $35,000 (the perpetual inventory system is used). 4 Paid an insurance company $2,400 for a one-year insurance policy. Prepaid insurance was debited for the entire amount. 10 Sold merchandise on account for $12,000. The cost of the merchandise was $7,000 15 Borrowed $30,000 from a local bank and...
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $6,300. Freight charges of $950 were paid in cash. 2. 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. 3. Merchandise costing $3,450 was sold for $6,500 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 month of May: 1. John's purchased merchandise on account for $5,900. Freight charges of $750 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,050 and John's account was credited by the supplier. 3. Merchandise costing $3,250 was sold for $6,100 in cash. Required: Prepare the necessary journal entries to record these transactions....
Larned Corporation recorded the following transactions for the just completed month. a. $75,000 in raw materials were purchased on account. b. $73,000 in raw materials were used in production. Of this amount, $65,000 was for direct materials and the remainder was for indirect materials. C. Total labor wages of $120,500 were paid in cash. Of this amount, $103,900 was for direct labor and the remainder was for indirect labor. d. Depreciation of $196,000 was incurred on factory equipment. Required: Record...
Waupaca Company establishes a $470 petty cash fund on September 9. on September 30, the fund shows $255 in cash along with receipts for the following expenditures: transportation-in, $45; postage expenses, $58; and miscellaneous expenses, $110. The petty cashier could not account for a $2 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and...