Homework Answers
Journal Entries in the Books of Purchaser:
| Jun-10 | Merchandise Inventory | 7600 | |
| Accounts payable | 7600 | ||
| Jun-11 | Merchandise Inventory | 400 | |
| Cash | 400 | ||
| Jun-12 | Accounts payable | 300 | |
| Merchandise Inventory | 300 | ||
| Jun-19 | Accounts payable | 7300 | |
| Merchandise Inventory (7300 x 2%) | 146 | ||
| Cash | 7154 |
*Sufficient information is not available to prepare journal entries in the books of seller.
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On June 10, York Gifts purchased
Instructions Journalize the September transactions. VES.4 (LO 2, 3) On...
On June 10, Crane Company purchased $10,000 of merchandise on account from Blue Company, FOB shipping...
On June 10, Crane Company purchased $10,000 of merchandise on
account from Blue Company, FOB shipping point, terms 2/10, n/30.
Crane pays the freight costs of $610 on June 11. Damaged goods
totaling $350 are returned to Blue for credit on June 12. The fair
value of these goods is $75. On June 19, Crane pays Blue Company in
full, less the purchase discount. Both companies use a perpetual
inventory system.
Exercise 5-04 a-b (Part Level Submission) (Video) On June...
On June 10, Crane Company purchased $10,000 of merchandise on account from Blue Company, FOB shipping...
On June 10, Crane Company
purchased $10,000 of merchandise on account from Blue Company, FOB
shipping point, terms 2/10, n/30. Crane pays the freight costs of
$610 on June 11. Damaged goods totaling $350 are returned to Blue
for credit on June 12. The fair value of these goods is $75. On
June 19, Crane pays Blue Company in full, less the purchase
discount. Both companies use a perpetual inventory system.
Exercise 5-04 a-b (Part Level Submission) (Video) On June...
JUUillaL coupom E5-4 On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Com FOB...
JUUillaL coupom E5-4 On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Com FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair valu. of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries for each transaction on...
I need the solution please. E5-4 On June 10, Rebecca Company purchased $7,600 of merchandise from...
I need the solution please.
E5-4 On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. Rebecca pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Clinton for credit on June 12. The fair value of these goods is $70. On June 19, Rebecca pays Clinton Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries...
Journalize purchase transactions. E5.2 (LO 2) Information related to Kerber Co. is presented below. 1. On...
Journalize purchase transactions. E5.2 (LO 2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise on account from Wilkes Company for $23.000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 5. On April 15,...
Journalize purcha transactions. (LO 2) E5-2 Information related to Duffy Co., Ltd. is presented below. 1....
Journalize purcha transactions. (LO 2) E5-2 Information related to Duffy Co., Ltd. is presented below. 1. On April 5, purchased merchandise from Thomas Company, Ltd. for £25,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of £900 on merchandise purchased from Thomas 3. On April 7, purchased equipment on account for £26,000. 4. On April 8, returned damaged merchandise to Thomas and was granted a £2,600 credit for returned merchandise. 5. On April 15, paid...
Journalize the following transactions for Hannahs gift shop during June. June 3: Purchased 7000 of inventory...
Journalize the following transactions for Hannahs gift shop during June. June 3: Purchased 7000 of inventory under terms of 2/10, n30 and FOB shipping point. 7: returned 1500 of defective merchandise purchased on June 3. 9: Paid freight bill of 300 on June 3 purchase. 10: sold inventory for 3200(cost2500) Payment terms were 2/15 n30 12: Paid amount owed on credit purchase of June 3, less the discount and the return. 16: The customer from the June 10 sale returned...
On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB shipping...
On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB shipping point terms 2/10, 1/30. Wildhorse pays the freight costs of $570 on June 11. Damaged goods totaling $450 are returned to Swifty for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Swifty Company in fullless the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Swifty Company. The...
Problem 6-2 Journalize merchandise transactions on both buyer's and seller's books (LO. 1, 3, 4) Mars...
Problem 6-2 Journalize merchandise transactions on both buyer's and seller's books (LO. 1, 3, 4) Mars Musical Instrument Company and Tiger Company engaged in the following trans. actions with each other during July 2018: July 2 Mars Musical Instrument Company purchased merchandise on account with a list price of $54,000 from Tiger Company. The terms were 3/EOM, n/60, FOB shipping point, freight collect. Trade discounts of 15%, 10%, and 5% were granted by Tiger Company. 5 The buyer paid the...
CULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-4 On June 10, Tutun Company purchased 38,150...
CULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-4 On June 10, Tutun Company purchased 38,150 of merchandise from Epps Company FOB shipping point, terms 4/10, 1/30. Turun pays the freight costs of $590 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $220. On June 19, Turun pays Epps Company in full less the purchase discount, Both companies use perpetual inventory system. Prepare separate entries...
On June 10, Crane Company purchased $10,000 of merchandise on
account from Blue Company, FOB shipping point, terms 2/10, n/30.
Crane pays the freight costs of $610 on June 11. Damaged goods
totaling $350 are returned to Blue for credit on June 12. The fair
value of these goods is $75. On June 19, Crane pays Blue Company in
full, less the purchase discount. Both companies use a perpetual
inventory system.
Exercise 5-04 a-b (Part Level Submission) (Video) On June...
On June 10, Crane Company
purchased $10,000 of merchandise on account from Blue Company, FOB
shipping point, terms 2/10, n/30. Crane pays the freight costs of
$610 on June 11. Damaged goods totaling $350 are returned to Blue
for credit on June 12. The fair value of these goods is $75. On
June 19, Crane pays Blue Company in full, less the purchase
discount. Both companies use a perpetual inventory system.
Exercise 5-04 a-b (Part Level Submission) (Video) On June...
JUUillaL coupom E5-4 On June 10, Tuzun Company purchased $8,000 of merchandise from Epps Com FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June Damaged goods totaling $300 are returned to Epps for credit on June 12. The fair valu. of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries for each transaction on...
I need the solution please.
E5-4 On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. Rebecca pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Clinton for credit on June 12. The fair value of these goods is $70. On June 19, Rebecca pays Clinton Company in full, less the purchase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries...
Journalize purchase transactions. E5.2 (LO 2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise on account from Wilkes Company for $23.000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 5. On April 15,...
Journalize purcha transactions. (LO 2) E5-2 Information related to Duffy Co., Ltd. is presented below. 1. On April 5, purchased merchandise from Thomas Company, Ltd. for £25,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of £900 on merchandise purchased from Thomas 3. On April 7, purchased equipment on account for £26,000. 4. On April 8, returned damaged merchandise to Thomas and was granted a £2,600 credit for returned merchandise. 5. On April 15, paid...
On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB shipping point terms 2/10, 1/30. Wildhorse pays the freight costs of $570 on June 11. Damaged goods totaling $450 are returned to Swifty for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Swifty Company in fullless the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Swifty Company. The...
Problem 6-2 Journalize merchandise transactions on both buyer's and seller's books (LO. 1, 3, 4) Mars Musical Instrument Company and Tiger Company engaged in the following trans. actions with each other during July 2018: July 2 Mars Musical Instrument Company purchased merchandise on account with a list price of $54,000 from Tiger Company. The terms were 3/EOM, n/60, FOB shipping point, freight collect. Trade discounts of 15%, 10%, and 5% were granted by Tiger Company. 5 The buyer paid the...
CULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 5-4 On June 10, Tutun Company purchased 38,150 of merchandise from Epps Company FOB shipping point, terms 4/10, 1/30. Turun pays the freight costs of $590 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $220. On June 19, Turun pays Epps Company in full less the purchase discount, Both companies use perpetual inventory system. Prepare separate entries...
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