A | amount in $ | |||||
S.l No. | Date | Particulars | Debit | Credit | ||
1 | 2-Sep | Equipment A/c | 65000 | |||
To Vendor A/c | 65000 | |||||
Being Machinery Purchased | ||||||
2 | 3-Sep | No entry | ||||
Freight charges have been paid by the vendor so no entry in our books since our company has not incurred anything on freights | ||||||
3 | 4-Sep | Purchases A/c | 4000 | |||
To Cash A/c | 4000 | |||||
Being supplies purchased for cash | ||||||
4 | 6-Sep | Purchases A/c | 65000 | |||
To Hillary corp A/c | 65000 | |||||
Being inventory procured on credit | ||||||
5 | 7-Sep | No entry | ||||
Freight charges have been paid by the vendor so no entry in our books since our company has not incurred anything on freights | ||||||
6 | 8-Sep | Hillary corp A/c | 5000 | |||
To Purchase returns A/c | 5000 | |||||
Being purchase returns accounted | ||||||
7 | 9-Sep | Fischer A/c | 20000 | |||
To Sales A/c | 20000 | |||||
Being sales accounted | ||||||
8 | 10-Sep | No entry | ||||
Freight charges have been paid by the Customer so no entry in our books since our company has not incurred anything on freights | ||||||
9 | Cash A/c | 19600 | ||||
Sales discount (20000*2%) | 400 | |||||
To Fischer A/c | 20000 | |||||
Being cash received from customer | ||||||
Assumed that discount has been availed by paying with in 10 days | ||||||
10 | Hillary corp A/c | 60000 | ||||
To Cash A/c | 59400 | |||||
TO purchase discount (60000*1%) | 600 | |||||
Being amount paid to vendor | ||||||
11 | Purchases A/c | 6000 | ||||
To Cash A/c | 6000 | |||||
Being supplies purchased for cash | ||||||
12 | Kun Tai Inc A/c | 27000 | ||||
To Sales A/c | 27000 | |||||
Being sales accounted | ||||||
13 | No entry | |||||
Freight charges have been paid by the Customer so no entry in our books since our company has not incurred anything on freights | ||||||
14 | Sales returns A/c | 10000 | ||||
Kun Tai Inc A/c | 10000 | |||||
Being Sales returns accounted | ||||||
B | If the discount is not availed while paying to Hilary Corp the below entry is follows | |||||
Hillary corp A/c | 60000 | |||||
To Cash A/c | 60000 | |||||
Being amount paid to vendor | ||||||
The difference excess paid is 600 which could have availed as discount if we had payed on september 20 |
es P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan use...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
sales P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point Freight charges of...
Question 1: P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of...
Question 2: P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
P5-3A Presented here are selected transactions for Norlan Inc. during September of the current year. Norlan uses a perpetual inventory system. Sept. 2 Purchased equipment on account for $65,000, terms n/30, FOB destination. 3 Freight charges of $950 were paid by the appropriate party on the September 2 purchase of equipment. 4 Purchased supplies for $4,000 cash. 6 Purchased inventory on account from Hillary Corp. at a cost of $65,000, terms 1/15, n/30, FOB shipping point. 7 Freight charges of $1,600...
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...
Presented below are selected transactions for Bridgeport Company during September and October of the current year. Bridgeport uses a periodic inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $45,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,000 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased...