Prepare general journals using perpetual inventory system for the following: May 6 Purchased $1,600 of merchandise...
Homework Answers
Journal entries are as prepared below:
| Date | Particulars | L.F | Debit | Credit |
| May-06 | Merchandise Inventory | 1,600 | ||
| Accounts Payable | 1,600 | |||
| (For goods purchased on credit) | ||||
| May-07 | Freight Charges | 90 | ||
| Cash | 90 | |||
| (For freight charges paid) | ||||
| May-10 | Accounts Payable | 100 | ||
| Merchandise Inventory | 100 | |||
| (For goods returned) | ||||
| May-14 | Accounts Payable | 1,500 | ||
| Cash | 1,500 | |||
| (For paid for merchandise purchased) |
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Prepare general journals using perpetual inventory system for the
following:
May 6
Purchased $1,600 of merchandise...
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting...
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Petersen Book Store entered into the transactions listed below Prepare Petersen s necessary entries, assuming use...
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2. Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions...
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All paper. Good feed back. Thanks anticipated. Exercise 3. Serene Spa Sales uses the perpetual inventory...
All
paper. Good feed back. Thanks anticipated.
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. 3 Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had...
sales returns and allowances and sales discounts are EX5#13: Mack's Corporation, uses a perpetual inventory system,...
sales returns and allowances and sales discounts are
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John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: John’s purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash. John’s returned some of the merch
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May:John’s purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash.John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $650 and John’s account was credited by the supplier.Merchandise costing $2,850 was sold for $5,300 in cash. Required:Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select...
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Can somebody help me answer these? thanks!
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John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
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Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had a cost of $2,010. The returned items are...
Petersen Book Store entered into the transactions listed below Prepare Petersen s necessary entries, assuming use of the perpetual inventory system July 6 Purchased $1,600 of merchandise on credit terms N30 8 Returned $100 of the items purchased on July 6. 9 Paid freight charges of $90 on the items purchased July 6. 19 Sold merchandise on credit for $4.400 terms 1/10, 1/30. The merchandise had an inventory cost of $2,700. 22 of the merchandise sold on July 19, $300...
2. Neutron uses a periodic inventory system. Prepare general journal entries to record the following transactions for Neutron: (25%) Neutron purchased merchandise on credit from Proton for $9,000, terms 2/10, n/30, FOB shipping. 10 Paid freight $100 charges to bring merchandise in. 12 Neutron returned $600 of merchandise from the June 10 purchase. 19 Neutron paid Proton for the June 10 purchase. 20 Purchase inventory of $10,000 on account from Man appliance terms were n/45. 21 Received a $1,000 allowance...
All
paper. Good feed back. Thanks anticipated.
Exercise 3. Serene Spa Sales uses the perpetual inventory system and the gross method of accounting for purchases and sales and had the following transactions during August Aug 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500. 3 Purchased merchandise for cash, $2,720. Purchased merchandise on credit for $2,600, terms 1/20, n/30. Customer returns $3,000 of merchandise purchased July 20. The returned items had...
sales returns and allowances and sales discounts are
EX5#13: Mack's Corporation, uses a perpetual inventory system, it purchased on account $2,000 of merchandise on July 5. Credit terms are 2/10, n/30. It returned $400 of the merchandise on July 9. When Mack's pays its bill on August 5, the journal entry will require A. Debit to Accounts Payable for $2000. B. Credit to Accounts Payable for $1600. c. Credit to Cash for $1600. D. Credit to Cash for $1568. 20...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018 1. John's purchased merchandise on account for $5,300. Freight charges of $450 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $750 and John's account was credited by the supplier. 3. Merchandise costing $2,950 was sold for $5,500 in cash. Required: Prepare the necessary journal entries to record these...
4. Stratege Consulting LLC is a Retailer and it uses the Perpetual Inventory System to account for its inventories, please prepare the lournal entries for the transactions below: May 1. Purchased merchandise from Estridge on account for $50,000 and Freight is FOB Destination was paid $1,000 cash. The credit terms is 2/10, N/30. May 5 Stratege Consulting LLC Returned $10,000 of the merchandise to Estridge & received a credit. May 9 Stratege Consulting LLC Paid Estridge. May 15 Stratege Consulting...
Can somebody help me answer these? thanks!
Petersen Book Store entered into the transactions listed below. Prepare Petersen's necessary entries, assuming use of the perpetual inventory system July 6 Purchased $1.600 of merchandise on credit terms 1/30 Returned $100 of the items purchased on July 6 9 Paid freight charges of $90 on the items purchased July 6 19 Sold merchandise on credit for $4,400, terms 1/10, n/30. The merchandise had an inventory cost of $2,700 22 of the merchandise...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: 1. John's purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John's account was credited by the supplier. 3. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these...
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