Homework Answers
| Date | Account Titles and explanation | Debit | Credit |
| Mar. 12 | Merchandise inventory | 22000 | |
| Accounts payable | 22000 | ||
| Mar. 13 | Merchandise inventory | 245 | |
| Cash | 245 | ||
| Mar. 15 | Accounts payable | 3600 | |
| Merchandise inventory | 3600 | ||
| Mar. 21 | Accounts payable (22000-3600) | 18400 | |
| Cash | 18032 | ||
| Discount (18400*2%) | 368 | ||
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Question 18 View Policies Current Attempt in Progress Prepare the journal entries to record the following...
View Policies Current Attempt in Progress Prepare journal entries to record the following sales transactions in...
View Policies Current Attempt in Progress Prepare journal entries to record the following sales transactions in Wildhorse Company's books. Wildhorse uses a perpetual inventory system Jan. 2 4 Wildhorse sold $14,000 of merchandise to Xiaoyan Company, terms 1/30, FOB shipping point. The cost of the merchandise sold was $5.530 The correct company paid freight costs of $245. Xiaoyan returned $1.400 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was 5550,...
Weekly View Policies Current Attempt in Progress Prepare the journal entries to record the following purchase...
Weekly View Policies Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Ivanhoe Company's books. Ivanhoe uses a perpetual inventory system ces tions Jan. 2 Ivanhoe purchased $20,800 of merchandise from Feng Company, terms 1/30. FOB shipping point. 4 The correct company paid freight costs of $265 6 Ivanhoe returned $2.200 of the merchandise purchased on January 2 because it was not needed. Feb. 1 Ivanhoe paid the balance owing to Feng JS Support...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the following transactions on McLeena Company's books under a perpetual inventory system. (a) Your answer is partially correct. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Pharoah Company purchased merchandise from DeVito Company for $12,300, terms 2/10, 1/30,FOB shipping point. DeVito had paid $8,500 for the merchandise. 6 The correct company paid freight costs of $270. 8 Pharoah Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $2.000. DeVito determined the merchandise could...
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...
Question 1 View Policies Current Attempt in Progress This information relates to Skysong Co. 1. On...
Question 1 View Policies Current Attempt in Progress This information relates to Skysong Co. 1. On April 5, purchased merchandise from Sheridan Company for $27,600, terms 3/10,n/30. 2. On April 6, paid freight costs of $770 on merchandise purchased from Sheridan. 3. On April 7, purchased equipment on account for $34,300. 4. On April 8, returned $5,300 of April 5 merchandise to Sheridan Company. 5. On April 15, paid the amount due to Sheridan Company in full. (a) Prepare the...
Brief Exercise 5-4 Prepare the journal entries to record the following purchase transactions in Oriole Company's...
Brief Exercise 5-4 Prepare the journal entries to record the following purchase transactions in Oriole Company's books. Oriole uses a perpetual inventory system. Jan. 2 4 6 Feb. 1 Oriole purchased $20,300 of merchandise from Feng Company, terms n/30, FOB shipping point. The correct company paid freight costs of $295. Oriole returned $2,100 of the merchandise purchased on January 2 because it was not needed. Oriole paid the balance owing to Feng. (Credit account titles are automatically indented when the...
Question 3 View Policies Current Attempt in Progress Prepare journal entries to record the following transactions...
Question 3 View Policies Current Attempt in Progress Prepare journal entries to record the following transactions entered into by the Valente Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 2017 1 Received a $10,000, 12 % , 1-yearnote from Andrea Foley as full payment on her account. June Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30. Nov. 5 Patton, Inc. returned merchandise worth $500 Nov. 9...
Question 2 View Policies Current Attempt in Progress At the beginning of the current season on...
Question 2 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Crane Pro Shop showed Cash $2,910; Inventory $3.500, and Common Stock $6,410. The following transactions were completed during April 2022 Apr.5 Purchased golf bags, clubs, and balls on account from Arnie Co $1,900, terms 3/10, 1/60 7 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co. for merchandise returned $500. 10 Sold merchandise on account to...
Question 10 iew Policies urrent Attempt in Progress Presented here are selected transactions for Alpine Tours...
Question 10 iew Policies urrent Attempt in Progress Presented here are selected transactions for Alpine Tours Inc. during September of the current year. Alpine Tours uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $61,900, terms n/30, FOB destination. 3 Freight charges of $970 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $3,800 cash. 6 Purchased inventory on account from Winterholt Cortipany at a cost of $63,800, terms...
View Policies Current Attempt in Progress Prepare journal entries to record the following sales transactions in Wildhorse Company's books. Wildhorse uses a perpetual inventory system Jan. 2 4 Wildhorse sold $14,000 of merchandise to Xiaoyan Company, terms 1/30, FOB shipping point. The cost of the merchandise sold was $5.530 The correct company paid freight costs of $245. Xiaoyan returned $1.400 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was 5550,...
Weekly View Policies Current Attempt in Progress Prepare the journal entries to record the following purchase transactions in Ivanhoe Company's books. Ivanhoe uses a perpetual inventory system ces tions Jan. 2 Ivanhoe purchased $20,800 of merchandise from Feng Company, terms 1/30. FOB shipping point. 4 The correct company paid freight costs of $265 6 Ivanhoe returned $2.200 of the merchandise purchased on January 2 because it was not needed. Feb. 1 Ivanhoe paid the balance owing to Feng JS Support...
View Policies Show Attempt History Current Attempt in Progress Prepare the journal entries to record the following transactions on McLeena Company's books under a perpetual inventory system. (a) Your answer is partially correct. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10,n/30. The cost of the merchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for...
Send to Gradebook Question 1 View Policies Current Attempt in Progress The following transactions occurred in April and May. Both companies use a perpetual inventory system. Apr. 5 Pharoah Company purchased merchandise from DeVito Company for $12,300, terms 2/10, 1/30,FOB shipping point. DeVito had paid $8,500 for the merchandise. 6 The correct company paid freight costs of $270. 8 Pharoah Company returned damaged merchandise to DeVito Company and was given a purchase allowance of $2.000. DeVito determined the merchandise could...
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...
Question 1 View Policies Current Attempt in Progress This information relates to Skysong Co. 1. On April 5, purchased merchandise from Sheridan Company for $27,600, terms 3/10,n/30. 2. On April 6, paid freight costs of $770 on merchandise purchased from Sheridan. 3. On April 7, purchased equipment on account for $34,300. 4. On April 8, returned $5,300 of April 5 merchandise to Sheridan Company. 5. On April 15, paid the amount due to Sheridan Company in full. (a) Prepare the...
Brief Exercise 5-4 Prepare the journal entries to record the following purchase transactions in Oriole Company's books. Oriole uses a perpetual inventory system. Jan. 2 4 6 Feb. 1 Oriole purchased $20,300 of merchandise from Feng Company, terms n/30, FOB shipping point. The correct company paid freight costs of $295. Oriole returned $2,100 of the merchandise purchased on January 2 because it was not needed. Oriole paid the balance owing to Feng. (Credit account titles are automatically indented when the...
Question 3 View Policies Current Attempt in Progress Prepare journal entries to record the following transactions entered into by the Valente Company: (Credit account titles are automatically indented when the amount is entered. Do not indent manually) 2017 1 Received a $10,000, 12 % , 1-yearnote from Andrea Foley as full payment on her account. June Nov. 1 Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30. Nov. 5 Patton, Inc. returned merchandise worth $500 Nov. 9...
Question 2 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Crane Pro Shop showed Cash $2,910; Inventory $3.500, and Common Stock $6,410. The following transactions were completed during April 2022 Apr.5 Purchased golf bags, clubs, and balls on account from Arnie Co $1,900, terms 3/10, 1/60 7 Paid freight on Arnie purchase $80. 9 Received credit from Arnie Co. for merchandise returned $500. 10 Sold merchandise on account to...
Question 10 iew Policies urrent Attempt in Progress Presented here are selected transactions for Alpine Tours Inc. during September of the current year. Alpine Tours uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $61,900, terms n/30, FOB destination. 3 Freight charges of $970 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $3,800 cash. 6 Purchased inventory on account from Winterholt Cortipany at a cost of $63,800, terms...
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