Prepare the following journal entries Assume that you purchases $5,000 TV for your house from Sears...
Prepare the following journal entries
Assume that you purchases $5,000 TV for your house from Sears using your American Express. American Express charges a service fee of 5%. Make the journal entry that Sears should made to record this transaction.
Homework Answers
Recording of journal entry by Sears is as follows:-
(In American express, payment is to be received at later date when invoices are raised to american express and then the entry for receipt of cash is made.)
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Prepare the following journal entries
Assume that you purchases $5,000 TV for your house from Sears...
Journal entries Prepare journal entries to record the following transactions of a nonprofit hospital: 1. The...
Journal entries Prepare journal entries to record the following transactions of a nonprofit hospital: 1. The hospital billed its uninsured patients for $250,000. Based on historical experience, it expects to collect 45 percent of that amount over time. 2. Nurses and doctors employed by the hospital were paid their salaries, $100,000. 3. The chief administrative officer was paid her salary of $10,000. 4. The hospital paid its utility bill, $5,000. (Transactions 5 - 8 immediately follow.) If a transaction does...
prepare all journal entries for each of the transactions described. Assume a perpetual inventory system. On...
prepare all journal entries for each of the
transactions described. Assume a perpetual inventory system.
On February 15, Bevex Corp. sold merchandise to cust $72,800). Merchandise costing $24,000 was sold to customers for $31,600 on February 15"% Sales totaling $228,000 (cost $148,200) were recorded on January 20 to customers using VISA, a credit card that charges a 2% banking fee. On Fe $144,000 (cost $93.600] 0.5% on all debit card transactions. Prepare journal entries for each of the transactions described....
Prepare journal entries to record the following transactions of a nonprofit hospital: 5. Depreciation on the...
Prepare journal entries to record the following transactions of a nonprofit hospital: 5. Depreciation on the equipment was $34,000. 6. Several adults donated their time (worth $5,000) selling merchandise in the hospital gift shop. 7. The hospital billed Medicare $100,000 for services provided at its established rates. The prospective billing arrangement gives Medicare a 40 percent discount from these rates. 8. An unrestricted donation of $4,000 was received. If a transaction does not require a journal entry, select No entry...
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to...
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. nts Apr. eBook 2 Purchased $5,700 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. 4 Returned to Lyon Company unacceptable merchandise that...
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to...
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. nts Apr. eBook 2 Purchased $5,700 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. 4 Returned to Lyon Company unacceptable merchandise that...
Prepare journal entries to record each of the following transactions. The company records purchases using the...
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Aug. 1 Purchased mercharidise with an invoice price of $108,000 and credit teres of 3/10, n/30. Aug. 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet < 1 2 Purchased merchandise with an Invoice price of $108,000 and credit terms of 3/10, n/30. 1. (2Pionts) A company's current assets...
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...
Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these t View...
Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these t View transaction list XE 1 Sydney accepts delivery of $36,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $24,455. 2 Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise. 3 Sydney returns $1,200 of the $36,500 of goods to Troy, who receives them the same day and...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $270 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $270 written off on August 31 was collected in full. View transaction list Journal entry...
Reg 2 Reg 1 3 and 4 Prepare the journal entries for American Food Services' purchase...
Reg 2 Reg 1 3 and 4 Prepare the journal entries for American Food Services' purchase of the machine on January 1, 2021, the first installment payment on December 31, 2021 and the third installment payment on December 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < 1 2 3 > Record the third installment payment...
Journal entries Prepare journal entries to record the following transactions of a nonprofit hospital: 1. The hospital billed its uninsured patients for $250,000. Based on historical experience, it expects to collect 45 percent of that amount over time. 2. Nurses and doctors employed by the hospital were paid their salaries, $100,000. 3. The chief administrative officer was paid her salary of $10,000. 4. The hospital paid its utility bill, $5,000. (Transactions 5 - 8 immediately follow.) If a transaction does...
prepare all journal entries for each of the
transactions described. Assume a perpetual inventory system.
On February 15, Bevex Corp. sold merchandise to cust $72,800). Merchandise costing $24,000 was sold to customers for $31,600 on February 15"% Sales totaling $228,000 (cost $148,200) were recorded on January 20 to customers using VISA, a credit card that charges a 2% banking fee. On Fe $144,000 (cost $93.600] 0.5% on all debit card transactions. Prepare journal entries for each of the transactions described....
Prepare journal entries to record the following transactions of a nonprofit hospital: 5. Depreciation on the equipment was $34,000. 6. Several adults donated their time (worth $5,000) selling merchandise in the hospital gift shop. 7. The hospital billed Medicare $100,000 for services provided at its established rates. The prospective billing arrangement gives Medicare a 40 percent discount from these rates. 8. An unrestricted donation of $4,000 was received. If a transaction does not require a journal entry, select No entry...
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. nts Apr. eBook 2 Purchased $5,700 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. 4 Returned to Lyon Company unacceptable merchandise that...
3 Exercise 4-3 Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. nts Apr. eBook 2 Purchased $5,700 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. 4 Returned to Lyon Company unacceptable merchandise that...
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. Aug. 1 Purchased mercharidise with an invoice price of $108,000 and credit teres of 3/10, n/30. Aug. 11 Paid supplier the amount owed from the August 1 purchase. View transaction list Journal entry worksheet < 1 2 Purchased merchandise with an Invoice price of $108,000 and credit terms of 3/10, n/30. 1. (2Pionts) A company's current assets...
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...
Required 1 Required 2 Prepare journal entries that Sydney Retailing (buyer) records for these t View transaction list XE 1 Sydney accepts delivery of $36,500 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $24,455. 2 Sydney pays $500 cash to Express Shipping for delivery charges on the merchandise. 3 Sydney returns $1,200 of the $36,500 of goods to Troy, who receives them the same day and...
Assume a company uses the allowance method of bad debt. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) a. On August 31, a customer balance for $270 from a prior year was determined to be uncollectible and was written off. b. On December 15, the customer balance for $270 written off on August 31 was collected in full. View transaction list Journal entry...
Reg 2 Reg 1 3 and 4 Prepare the journal entries for American Food Services' purchase of the machine on January 1, 2021, the first installment payment on December 31, 2021 and the third installment payment on December 31, 2023. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.) View transaction list Journal entry worksheet < 1 2 3 > Record the third installment payment...
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