Home Decor - Journal entries | |||
Date | Account Title | Debit ($) | Credit ($) |
Oct. 4 | Merchandise inventory | 3500 | |
Accounts payable | 3500 | ||
Oct. 5 | Merchandise inventory | 100 | |
Cash | 100 | ||
Oct. 7 | Accounts payable | 500 | |
Merchandise inventory | 500 | ||
Oct. 9 | Accounts payable | 3000 | |
Merchandise inventory ( 3000 * 2 % ) | 60 | ||
Cash | 2940 | ||
1) On October 4, Home Décor brought $3500 in merchandise on credit from ABC Company to sell at a later dateat their sto...
July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $500. 3 Paid $125 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,300 for $1,700 cash. 9 Purchased merchandise from Leight Co. for $2,200 under...
Apr.
2
Purchased $3,900
of merchandise from Lyon Company with credit terms of 2/15, n/60,
invoice dated April 2, and FOB shipping point.
3
Paid $220 cash
for shipping charges on the April 2 purchase.
4
Returned to Lyon
Company unacceptable merchandise that had an invoice price of
$450.
17
Sent a check to
Lyon Company for the April 2 purchase, net of the discount and the
returned merchandise.
18
Purchased $7,100
of merchandise from Frist Corp. with credit terms...
TRANSACTIONS DATE 2019 Purchased merchandise on credit from O'Rourke Fabricators, Invoice 885, $3,000, terms 1/10, n/30; freight of $20 prepaid by O'Rourke Fabricators and added to the invoice (total invoice amount, $3,020) Paid amount due to 0'Rourke Fabricators for the purchase of April 1, less the 1 percent discount, Check 457 Purchased merchandise on credit from Kroll Company, Invoice 145, $1,250, terms 1/10, n/30; freight of $75 prepaid by Kroll and added to the invoice. Returned damaged merchandise purchased on...
July 1 Purchased merchandise from Boden Company for $6,600 under credit terms of 2/15, n/30, yon shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $950 under credit terms of 2/10, 1/60, POB shipping point, invoice dated July 2. The merchandise had cost $550. 3 Paid $135 cash for freight charges on the purchase of July 1. @ Bold merchandise that had coat $1,900 for $2,300 cash. Purchased merchandise from Light Co. for $2,900 under credit...
On October 15, 2018, Chandler's Department Store purchased 53,900 of inventory on account from one of its suppliers. The terms were 2/15. 1/45. FOB shipping point. On October 17, Chandler's Department Store paid freight charges of $140 related to the delivery of the goods purchased on October 15. Upon receiving the goods, Chandler's Department Store checked the order and found $1,100 of unsuitable merchandise, which was returned to the supplier on October 21. Then, on October 29, Chandler's Department Store...
Journal Entries for Sale, Return, and Remittance-Perpetual System On October 14, the Patrick Company sold merchandise with an invoice price of $1,600 (51,350 cost with terms of 2/10, 1/30, to the Baxter Company. On October 18 $300 of the merchandise (S210 cost was returned because it was the wrong size. On October 24, the Patrick Company received a check for the amount due from the Baxter Company Required Prepare the journal entries for the Patrick Company using the perpetual inventory...
July 1 Purchased merchandise from Boden Company for $6,500 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $542. 3 Paid $110 cash for freight charges on the purchase of July 1. 8 Sold merchandise that had cost $1,800 for $2,200 cash. 9 Purchased merchandise from Leight Co. for $3,000 under...
Fill Out All White Blanks Below Jul 4: Kinzer Fumishings purchased $7,300 of merchandise from K and B Fumiture Warehouse on account. Terms, 3/15, n/30,FOB shipping point. The goods cost K and B Fumiture Warehouse 52,700, Journal Entry Date Accounts Debit Credit More Info - X al Inventory Accounts payable Jul 7. Kinzer Fumishings paid a $125 freight bill for delivery of the goods purchased on July 4. Jul 4 Kinzer Furnishings purchased $7.300 of merchandise from K and B...
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...
The following selected transactions were completed by Capers Company during October of the current year: Oct. 1 Purchased merchandise from UK Imports Co., $13,031, terms FOB destination, n/30. 3 Purchased merchandise from Hoagie Co., $9,150, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 4 Purchased merchandise from Taco Co., $14,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Taco Co. for $4,600 of merchandise returned from purchase on October 4. 13...