Homework Answers
| 1-Apr | Accounts receivable-Mathis | 3038 | |||||
| Sales | 3038 | ||||||
| 1-Apr | Cost of goods sold | 2,450 | |||||
| Merchandise inventory | 2,450 | ||||||
| 8-Apr | Sales return and allowance | 990 | |||||
| Accounts receivable-Mathis | 990 | ||||||
| 8-Apr | Merchandise inventory | 700 | |||||
| Cost of goods sold | 700 | ||||||
| 10-Apr | Cash | 2048 | |||||
| Accounts receivableMathis | 2,048 | ||||||
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Chapter 6 Homework Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:
Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April:a. On April 1, Mathis purchased merchandise on account from Reece with credit terms of 2/10, n/30. The selling price of the merchandise was $3,100, and the cost of the merchandise sold was $2,225. (cost to Mathis)b. On April 1, Mathis paid freight charges of $250 cash to have the goods delivered to its warehouse.c. On April 8, Mathis returned $800 of the merchandise. The...
Cornerstone Exercise 6-29 (Algorithmic) Recording Purchase Transactions (Appendix 6A) For Rigoletto Corp. and Villanuevo, Inc., the...
Cornerstone Exercise 6-29 (Algorithmic) Recording Purchase Transactions (Appendix 6A) For Rigoletto Corp. and Villanuevo, Inc., the following transactions occurred during the month of April: a. On April 1, Rigoletto Corp. purchased merchandise on account from Villanuevo, Inc. with credit terms of 2/10, 1/30. The selling price of the merchandise was $3,900 and the cost of the merchandise sold was $2,450. b. On April 1, Rigoletto paid delivery charges of $100 cash to have the goods delivered to its store. c....
Recording Purchase transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions...
Recording Purchase transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April. a. On April 1, Jeet Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $4,100, and the cost of the merchandise sold was $2,450. b. On April 1, Jeet paid freight charges of $100 cash to have the goods delivered to its warehouse. c. On April...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 8 10 30 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was...
Chapter 6 Homework Problems Show Me How Calculator eBook Print ltem 1. PR.06-01.ALGO Sales-Related and Purchase-Related...
Chapter 6 Homework Problems Show Me How Calculator eBook Print ltem 1. PR.06-01.ALGO Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Babcock Company during November of the current year 2. PR.06-03.ALG Nov. 3, Purchased merchandise on account from Moonlight Co., list price $91,000, trade discount 20%, terms FOB destination, 2/10, n/30. 3. PR.06-05 ALGO 4. Sold merchandise for cash, $36,310. The cost of the goods sold was $22,050, 5. Purchased...
Exercise 7.4 Recording sales made for cash and on account, with 8 percent sales tax, and...
Exercise 7.4 Recording sales made for cash and on account, with 8 percent sales tax, and sales returns. LO 7-1 Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. DATE TRANSACTIONS 2019 April 2 Sold merchandise for cash, $1,800 plus sales tax. 3 The customer purchasing merchandise for cash on April 2 returned $150 of the merchandise; provided a cash refund to the customer. 4 Sold merchandise...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
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 $3,000, with credit teras/30; Invoice dated April 1. The cost of the merchandise is $1,800 Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory Apr. 8 Sold merchandise for $1,000, with credit...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
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 $3,000, with credit teras/30; Invoice dated April 1. The cost of the merchandise is $1,800 Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory Apr. 8 Sold merchandise for $1,000, with credit...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Cornerstone Exercise 6-21 (Algorithmic) Recording Sales Transactions Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April: a. On April 1, Mathis Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $3,500, and the cost of the merchandise sold was $2,450. b. On April 1, Mathis paid freight charges of $100 cash to have the goods delivered to its...
Cornerstone Exercise 6-29 (Algorithmic) Recording Purchase Transactions (Appendix 6A) For Rigoletto Corp. and Villanuevo, Inc., the following transactions occurred during the month of April: a. On April 1, Rigoletto Corp. purchased merchandise on account from Villanuevo, Inc. with credit terms of 2/10, 1/30. The selling price of the merchandise was $3,900 and the cost of the merchandise sold was $2,450. b. On April 1, Rigoletto paid delivery charges of $100 cash to have the goods delivered to its store. c....
Recording Purchase transactions Jeet Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of April. a. On April 1, Jeet Company purchased merchandise on account from Reece Company with credit terms of 2/10, n/30. The selling price of the merchandise was $4,100, and the cost of the merchandise sold was $2,450. b. On April 1, Jeet paid freight charges of $100 cash to have the goods delivered to its warehouse. c. On April...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 8 10 30 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was...
Chapter 6 Homework Problems Show Me How Calculator eBook Print ltem 1. PR.06-01.ALGO Sales-Related and Purchase-Related Transactions Using Perpetual Inventory System The following were selected from among the transactions completed by Babcock Company during November of the current year 2. PR.06-03.ALG Nov. 3, Purchased merchandise on account from Moonlight Co., list price $91,000, trade discount 20%, terms FOB destination, 2/10, n/30. 3. PR.06-05 ALGO 4. Sold merchandise for cash, $36,310. The cost of the goods sold was $22,050, 5. Purchased...
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 $3,000, with credit teras/30; Invoice dated April 1. The cost of the merchandise is $1,800 Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory Apr. 8 Sold merchandise for $1,000, with credit...
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 $3,000, with credit teras/30; Invoice dated April 1. The cost of the merchandise is $1,800 Apr. 4 The customer in the April 1 sale returned $300 of merchandise for full credit. The merchandise, which had cost $180, is returned to inventory Apr. 8 Sold merchandise for $1,000, with credit...
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