Homework Answers
![a. Journal Entries to Black Company (buver) under Perpetual Inventory System Date General Journal DebitCredit June 4 Inventory $7,000 Accounts Payable $7,000 To record purchase of merchandise on credit June 12 Accounts Payable $500 Inventory $500 To record the return of Merchandise June 12 Accounts Payable [Please refer Working Note below] S6,500 Cash $6,500 To record the payment made to Hayes Company Working Note Gross Amount Payable to Hayes Company - $7,000 Less: Purchase returns Net amount payable to Hayes CompanyS6,500 -$500](http://img.homeworklib.com/questions/0e37b330-208c-11eb-9308-c31c9c119ce8.png?x-oss-process=image/resize,w_560)
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PROBLEM #2: Black Company purchased $7,000 worth of merchandise, terms n/30 from Hayes Company. The cost...
June 4 Sandhill Company purchased $9,200 worth of merchandise, terms n/30 from Hayes Company. The cost...
June 4 Sandhill Company purchased $9,200 worth of merchandise, terms n/30 from Hayes Company. The cost of the merchandise was $7,000. 12 Sandhill returned $510 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. 12 Sandhill paid the account in full. Assume use of the perpetual inventory system for both companies. Prepare the journal entries to record these transactions in Sandhill’s books. (Credit account titles are automatically indented when the amount is...
CALCULATOR FULL SCREEN PRINTER Exercise 227 June 4 Ivanhoe Company purchased $9,400 worth of merchandise, terms...
CALCULATOR FULL SCREEN PRINTER Exercise 227 June 4 Ivanhoe Company purchased $9,400 worth of merchandise, terms 1/30 from Hayes Company. The cost of the merchandise was $6,600. 12 Ivanhoe returned $510 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. 12 Ivanhoe paid the account in full. Assume use of the perpetual inventory system for both companies, Prepare the journal entries to record these transactions in Ivanhoe's books. (Credit account titles are...
On June 10, Wildhorse Company purchased $7,000 of merchandise from Sandhill Company, terms 3/10, n/30. Wildhorse...
On June 10, Wildhorse Company purchased $7,000 of merchandise from Sandhill Company, terms 3/10, n/30. Wildhorse Company pays the freight costs of $430 on June 11. Goods totaling $300 are returned to Sandhill Company for credit on June 12. On June 19, Wildhorse Company pays Sandhill Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Wildhorse Company. Prepare separate entries for each transaction for Sandhill...
On June 10,Crane Company purchased $ 6,100 of merchandise from Sheridan Company, terms 2/10, n/30. Crane...
On June 10,Crane Company purchased $ 6,100 of merchandise from Sheridan Company, terms 2/10, n/30. Crane Company pays the freight costs of 360 on June 11. Goods totaling $400 are returned to Sheridan Company for credit on June 12.On June 19, Crane Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Crane Company.( no entry is required, select "No Entry' for the...
On June 10, Crane Company purchased $10,000 of merchandise on account from Blue Company, FOB shipping...
On June 10, Crane Company purchased $10,000 of merchandise on
account from Blue Company, FOB shipping point, terms 2/10, n/30.
Crane pays the freight costs of $610 on June 11. Damaged goods
totaling $350 are returned to Blue for credit on June 12. The fair
value of these goods is $75. On June 19, Crane pays Blue Company in
full, less the purchase discount. Both companies use a perpetual
inventory system.
Exercise 5-04 a-b (Part Level Submission) (Video) On June...
On June 10, Crane Company purchased $10,000 of merchandise on account from Blue Company, FOB shipping...
On June 10, Crane Company
purchased $10,000 of merchandise on account from Blue Company, FOB
shipping point, terms 2/10, n/30. Crane pays the freight costs of
$610 on June 11. Damaged goods totaling $350 are returned to Blue
for credit on June 12. The fair value of these goods is $75. On
June 19, Crane pays Blue Company in full, less the purchase
discount. Both companies use a perpetual inventory system.
Exercise 5-04 a-b (Part Level Submission) (Video) On June...
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7,...
A company purchased $1,800 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $200 worth of merchandise. On July 28, it paid the full amount due. Assuming the company uses a perpetual inventory system, and records purchases using the gross method, The correct journal entry to record the purchase on July 5 is:
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping...
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping point, terms 3/10, n/30. Tamarisk, Inc. pays the freight costs of $500 on June 11. Goods totaling $650 are returned to Culver for credit on June 12. On June 19. Tamarisk, Inc. pays Culver Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Culver Company. The merchandise purchased by Tamarisk, Inc. on...
Current Allempl II Progress On June 10, Skysong Company purchased $6,600 of merchandise from Sheridan Company,...
Current Allempl II Progress On June 10, Skysong Company purchased $6,600 of merchandise from Sheridan Company, on account, terms 4/10, n/30. Skysong pays the freight costs of $350 on June 11. Goods totaling $300 are returned to Sheridan for credit on June 12. On June 19, Skysong Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Skysong Company. (If no entry is...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10,...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, 30 Kingbird pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19,Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Kingbird Company f no entry is required, select "No Entry" for...
CALCULATOR FULL SCREEN PRINTER Exercise 227 June 4 Ivanhoe Company purchased $9,400 worth of merchandise, terms 1/30 from Hayes Company. The cost of the merchandise was $6,600. 12 Ivanhoe returned $510 worth of goods to Hayes for full credit. The goods had a cost of $350 to Hayes. 12 Ivanhoe paid the account in full. Assume use of the perpetual inventory system for both companies, Prepare the journal entries to record these transactions in Ivanhoe's books. (Credit account titles are...
On June 10,Crane Company purchased $ 6,100 of merchandise from Sheridan Company, terms 2/10, n/30. Crane Company pays the freight costs of 360 on June 11. Goods totaling $400 are returned to Sheridan Company for credit on June 12.On June 19, Crane Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Crane Company.( no entry is required, select "No Entry' for the...
On June 10, Crane Company purchased $10,000 of merchandise on
account from Blue Company, FOB shipping point, terms 2/10, n/30.
Crane pays the freight costs of $610 on June 11. Damaged goods
totaling $350 are returned to Blue for credit on June 12. The fair
value of these goods is $75. On June 19, Crane pays Blue Company in
full, less the purchase discount. Both companies use a perpetual
inventory system.
Exercise 5-04 a-b (Part Level Submission) (Video) On June...
On June 10, Crane Company
purchased $10,000 of merchandise on account from Blue Company, FOB
shipping point, terms 2/10, n/30. Crane pays the freight costs of
$610 on June 11. Damaged goods totaling $350 are returned to Blue
for credit on June 12. The fair value of these goods is $75. On
June 19, Crane pays Blue Company in full, less the purchase
discount. Both companies use a perpetual inventory system.
Exercise 5-04 a-b (Part Level Submission) (Video) On June...
On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping point, terms 3/10, n/30. Tamarisk, Inc. pays the freight costs of $500 on June 11. Goods totaling $650 are returned to Culver for credit on June 12. On June 19. Tamarisk, Inc. pays Culver Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Culver Company. The merchandise purchased by Tamarisk, Inc. on...
Current Allempl II Progress On June 10, Skysong Company purchased $6,600 of merchandise from Sheridan Company, on account, terms 4/10, n/30. Skysong pays the freight costs of $350 on June 11. Goods totaling $300 are returned to Sheridan for credit on June 12. On June 19, Skysong Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Skysong Company. (If no entry is...
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, 30 Kingbird pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19,Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Kingbird Company f no entry is required, select "No Entry" for...
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