The trial balance for Terry’s Auto Shop as of January 1, Year 2, follows:
The following events affected the company during the Year 2 accounting period:
Purchased merchandise on account that cost $4,170.
The goods in Event 1 were purchased FOB shipping point with freight cost of $210 cash.
Returned $410 of damaged merchandise for credit on account.
Agreed to keep other damaged merchandise for which the company received an $255 allowance.
Sold merchandise that cost $2,660 for $13,000 cash.
Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $145 cash.
Paid $2,900 on the merchandise purchased in Event 1.
Paid $8,790 cash for operating expenses.
a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Homework Answers
Request Answer!
We need at least 9 more requests to produce the answer.
1 / 10 have requested this problem solution
The more requests, the faster the answer.
Add Answer to:
The trial balance for Terry’s Auto Shop as of January 1, Year 2, follows:
The beginning account balances for Terry’s Auto Shop as of January 1, Year 2, follows: Account...
The beginning account balances for Terry’s Auto Shop as of January 1, Year 2, follows: Account Titles Beginning Balances Cash $ 6,010 Inventory 3,140 Common Stock 7,320 Retained Earnings 1,830 The following events affected the company during the Year 2 accounting period: Purchased merchandise on account that cost $4,160. The goods in Event 1 were purchased FOB shipping point with freight cost of $270 cash. Returned $470 of damaged merchandise for credit on account. Agreed to keep other damaged merchandise...
The beginning account balances for Terry’s Auto Shop as of January 1, Year 2, follows: Account...
The beginning account balances for Terry’s Auto Shop as of January 1, Year 2, follows: Account Titles Beginning Balances Cash $ 6,140 Inventory 3,020 Common Stock 7,350 Retained Earnings 1,810 The following events affected the company during the Year 2 accounting period: Purchased merchandise on account that cost $4,150. The goods in Event 1 were purchased FOB shipping point with freight cost of $250 cash. Returned $420 of damaged merchandise for credit on account. Agreed to keep other damaged merchandise...
The beginning account balances for Terry’s Auto Shop as of January 1, 2018, follows: Account Titles...
The beginning account balances for Terry’s Auto Shop as of January 1, 2018, follows: Account Titles Beginning Balances Cash $ 6,170 Inventory 3,050 Common Stock 7,360 Retained Earnings 1,860 The following events affected the company during the 2018 accounting period: Purchased merchandise on account that cost $4,260. The goods in Event 1 were purchased FOB shipping point with freight cost of $245 cash. Returned $465 of damaged merchandise for credit on account. Agreed to keep other damaged merchandise for which...
The beginning account balances for Terry’s Auto Shop as of January 1, 2018, follows: Account Titles...
The beginning account balances for Terry’s Auto Shop as of January 1, 2018, follows: Account Titles Beginning Balances Cash $ 6,170 Inventory 3,050 Common Stock 7,360 Retained Earnings 1,860 The following events affected the company during the 2018 accounting period: Purchased merchandise on account that cost $4,260. The goods in Event 1 were purchased FOB shipping point with freight cost of $245 cash. Returned $465 of damaged merchandise for credit on account. Agreed to keep other damaged merchandise for which...
Saved The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow:...
Saved The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow: Account Titles Beginning Balances Cash $6,010 Inventory 3,190 Common Stock 7,490 Retained Earnings 1,710 3 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4.100. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $270 cash. 3. Returned $430 of damaged merchandise for credit on account. 4. Agreed...
E3 question-groupIEZAS PuuXlYyOcabiam cuve Saved The beginning account balances for Terry's Auto Shop as of January...
E3 question-groupIEZAS PuuXlYyOcabiam cuve Saved The beginning account balances for Terry's Auto Shop as of January 1 Year 2 follow 6 Ant Tiles Cash eventory Con Stock Metained ning beginning Balances $6,010 3,190 7.490 1,710 Pantoa The following events affected the company during the Year 2 accounting period 3 1. Purchased merchandise on account that cost $4100 2. The goods in Event I were purchased FOB shipping point with freight cost of $270 cash 3. Returned $430 of damaged merchandise...
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal,...
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2, 4-4. 4-6 [The following information applies to the questions displayed below) The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit $16,000 Inventory 8,000 Common Stock $20,000 Retained Earnings Total Cash 4,000 $24,000 $24,000 The following events affected the company during the Year 2 accounting period: 1. Purchased...
! of 3 Required information [The following information applies to the questions displayed below.) The beginning...
! of 3 Required information [The following information applies to the questions displayed below.) The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow. Account Titles Beginning Balances Inventory 3,190 7,490 Retained Earnings 1,710 Cash $6,010 Common Stock The following events affected the company during the Year 2 accounting period eBook Print 1. Purchased merchandise on account that cost $4,100 2. The goods in Event 1 were purchased FOB shipping point with freight cost of...
Cash Inventory Land Common stock Retained earnings $13,800 6,000 3.300 11.000 12,100 During Year 2, the...
Cash Inventory Land Common stock Retained earnings $13,800 6,000 3.300 11.000 12,100 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $12,500 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $930 were paid in cash. 2. Returned $600 of the inventory it had purchased from Ross Company because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3....
[The following information applies to the questions displayed below.] The beginning account balances for Terry’s Auto...
[The following information applies to the questions displayed
below.] The beginning account balances for Terry’s Auto Shop as of
January 1, Year 2, follows:
Required Information [The following Information applies to the questions displayed below.) The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Cash Inventory Common Stock Retained Earnings Beginning Balances $16,800 8,000 20,eee 4,880 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on...
Saved The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow: Account Titles Beginning Balances Cash $6,010 Inventory 3,190 Common Stock 7,490 Retained Earnings 1,710 3 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4.100. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $270 cash. 3. Returned $430 of damaged merchandise for credit on account. 4. Agreed...
E3 question-groupIEZAS PuuXlYyOcabiam cuve Saved The beginning account balances for Terry's Auto Shop as of January 1 Year 2 follow 6 Ant Tiles Cash eventory Con Stock Metained ning beginning Balances $6,010 3,190 7.490 1,710 Pantoa The following events affected the company during the Year 2 accounting period 3 1. Purchased merchandise on account that cost $4100 2. The goods in Event I were purchased FOB shipping point with freight cost of $270 cash 3. Returned $430 of damaged merchandise...
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2, 4-4. 4-6 [The following information applies to the questions displayed below) The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit $16,000 Inventory 8,000 Common Stock $20,000 Retained Earnings Total Cash 4,000 $24,000 $24,000 The following events affected the company during the Year 2 accounting period: 1. Purchased...
! of 3 Required information [The following information applies to the questions displayed below.) The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow. Account Titles Beginning Balances Inventory 3,190 7,490 Retained Earnings 1,710 Cash $6,010 Common Stock The following events affected the company during the Year 2 accounting period eBook Print 1. Purchased merchandise on account that cost $4,100 2. The goods in Event 1 were purchased FOB shipping point with freight cost of...
Cash Inventory Land Common stock Retained earnings $13,800 6,000 3.300 11.000 12,100 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $12,500 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $930 were paid in cash. 2. Returned $600 of the inventory it had purchased from Ross Company because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3....
[The following information applies to the questions displayed
below.] The beginning account balances for Terry’s Auto Shop as of
January 1, Year 2, follows:
Required Information [The following Information applies to the questions displayed below.) The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Cash Inventory Common Stock Retained Earnings Beginning Balances $16,800 8,000 20,eee 4,880 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on...
Most questions answered within 3 hours.
-
Do not neglect the old for the new. The existing business must
not lose priority simply...
asked 1 hour ago -
Kylie is a single mom with two dependent children,
Tanner, age 7 and Olivia, age 11....
asked 2 hours ago -
Phosphorous + bromine = phosphorous tribromide. If 35.0 g of
bromine are reacted and 27.9 grams...
asked 4 hours ago -
Derive the long wavelength limit of the Planck energy density
distribution
asked 4 hours ago -
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 7 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 7 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 7 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 8 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 8 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 8 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 8 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 8 hours ago