Homework Answers
Journal entry :
| No | account & explanation | debit | credit |
| 1 | Merchandise inventory | 35000 | |
| Account payable | 35000 | ||
| (To record purchase) | |||
| 2 | Account payable | 500 | |
| Merchandise inventory | 500 | ||
| (To record purchase return) | |||
| 3 | Account payable | 34500 | |
| Cash (34500*98%) | 33810 | ||
| Merchandise inventory (34500*2%) | 690 | ||
| (To record amount paid) |
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a) Prepare the necessary journal entries to record the following transactions, assuming Hewitt Company uses a...
12. Prepare the necessary journal entries on the books of Ahmed Car wash Company to record...
12. Prepare the necessary journal entries on the books of Ahmed Car wash Company to record the following transactions, assuming a perpetual inventory system is used. Ahmed purchased the goods from ABC Company. (3 marks) a) Ahmed purchased S55,000 of merchandise from ABC Company on account, terms 3/10, n/30. The goods cost ABC Company $32,500. Ahmed returned $6,000 of damaged merchandise for credit. Ahmed paid for the merchandise purchased within 10 days (b) (c) i) Prepare the necessary journal entries...
Prepare the necessary journal entries to record the following transactions, assuming Oldman Company uses a perpetual inventory system.
Exercise 207Prepare the necessary journal entries to record the following transactions, assuming Oldman Company uses a perpetual inventory system.(a) Oldman sells $ 54,000 of merchandise, terms 1 / 10, n / 30. The merchandise cost $ 30,000.(b) The customer in (a) returned $ 5,000 of merchandise to Oldman. The merchandise returned cost $ 3,500.(c) Oldman received the balance due within the discount period.
Exercise 1 Part 1: Prepare the necessary journal entries on the books of Marlon Carpet Company...
Exercise 1 Part 1: Prepare the necessary journal entries on the books of Marlon Carpet Company to record the following transactions, assuming a perpetual inventory system is used. Marlon purchased the goods from ABC Company. (a) Marlon purchased $45,000 of merchandise from ABC Company on account, terms 2/10, n/30. The goods cost ABC Company $35000. (b) Marlon returned $4,000 of damaged merchandise for credit. (c) Marlon paid for the merchandise purchased within 10 days Solution:
prepare journal entries to record the following transactions for a retail store. the company uses perpetual...
prepare journal entries to record the following transactions
for a retail store. the company uses perpetual inventory system and
the gross method
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
Prepare journal entries to record each of the following transactions of a merchandising company. The company...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $260 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $550. 17 Sent a check to Lyon Company for...
Prepare the journal entries to record these transactions on the books of Sheffield Co. under a...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for...
12. Prepare the necessary journal entries on the books of Ahmed Car wash Company to record the following transactions, assuming a perpetual inventory system is used. Ahmed purchased the goods from ABC Company. (3 marks) a) Ahmed purchased S55,000 of merchandise from ABC Company on account, terms 3/10, n/30. The goods cost ABC Company $32,500. Ahmed returned $6,000 of damaged merchandise for credit. Ahmed paid for the merchandise purchased within 10 days (b) (c) i) Prepare the necessary journal entries...
Exercise 1 Part 1: Prepare the necessary journal entries on the books of Marlon Carpet Company to record the following transactions, assuming a perpetual inventory system is used. Marlon purchased the goods from ABC Company. (a) Marlon purchased $45,000 of merchandise from ABC Company on account, terms 2/10, n/30. The goods cost ABC Company $35000. (b) Marlon returned $4,000 of damaged merchandise for credit. (c) Marlon paid for the merchandise purchased within 10 days Solution:
prepare journal entries to record the following transactions
for a retail store. the company uses perpetual inventory system and
the gross method
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $350 cash for shipping charges on the April 2 purchase....
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method Nov. 5 Purchased 1,500 units of product at a cost of $40 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November Nov. 7 Returned 35 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, less the return...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method Apr. 2 Purchased $4,300 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $260 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $550. 17 Sent a check to Lyon Company for...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $300 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company for...
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