Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $900 each, terms 1/10, n/60. | ||
4 | Made a cash sale of two keyboards for a total invoice price of $2,300. The cost of each keyboard was $900. | |
5 | Received a credit from Western Acoustic Inc. for the return of an acoustic guitar which was defective. The original invoice price was $450 and the guitar had been purchased on account. | |
7 | One of the keyboards from the cash sale of Nov. 4 was returned to the store for a full cash refund because the customer was not satisfied with the instrument. | |
8 | Purchased store supplies from a stationery store. Paid $225 for supplies. | |
10 | Sold one Omega trumpet to the Toronto Regional Band, on account, for an invoice price of $2,700. Terms are 1/10, n/60. The trumpet had cost Mark’s Music $1,420. | |
10 | Made a payment on account for the amount owing to Fender Supply Limited for the purchase of Nov. 2. | |
13 | Purchased two saxophones from Yamaha Canada Inc. on account. The invoice price was $2,500 for each saxophone. Terms are 1/10, n/30. | |
16 | Returned to Yamaha Canada Inc. one of the saxophones purchased on Nov. 13, as it was the wrong model. Received a credit from Yamaha for the full purchase price. | |
20 | Received a cheque for the appropriate amount from Toronto Regional Band for the purchase of Nov. 10. | |
22 | Paid balance owing to Yamaha Canada Inc. |
Dear, please refer to the questions:
https://www.homeworklib.com/question/991443/marks-music-is-a-store-that-buys-and-sells
https://www.homeworklib.com/question/991435/marks-music-is-a-store-that-buys-and-sells
https://www.homeworklib.com/question/991436/marks-music-is-a-store-that-buys-and-sells
Mark’s Music is a store that buys and sells musical instruments and uses a perpetual inventory system. Transactions for the business are shown below
Mark’s Music is a store that buys and sells musical instruments and uses a perpetual inventory system. Transactions for the business are shown below: Nov. 2 Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $700 each, terms 1/10, n/60. 4 Made a cash sale of two keyboards for a total invoice price of $2,200. The cost of each keyboard was $700. 5 Received a credit from Western Acoustic Inc. for the return of an...
Mark’s Music is a store that buys and sells musical instruments and uses a perpetual inventory system. Transactions for the business are shown below: Nov. 2 Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $800 each, terms 1/10, n/60. 4 Made a cash sale of two keyboards for a total invoice price of $2,400. The cost of each keyboard was $750. 5 Received a credit from Western Acoustic Inc. for the return of an...
Mark's Music is a store that buys and sells musical instruments and uses a perpetual inventory system. Transactions for the business are shown below: Nov.2 Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $850 each, terms 1/10, n/60. 4 Made a cash sale of two keyboards for a total invoice price of $2,300. The cost of each keyboard was $700. 5 Received a credit from Western Acoustic Inc. for the return of an acoustic...
Mark's Music is a store that buys and sells musical instruments and uses a periodic inventory system. Transactions for the business are shown below: Nov.2 Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $950 each, terms 1/10,n/60. 4 Made a cash sale of two keyboards for a total invoice price of $2,700. The cost of each keyboard was $950. 5 Received a credit from Western Acoustic Inc. for the return of an acoustic guitar...
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prepare journal entries to record the following transactions for a retail store. the company uses perpetual inventory system and the gross method 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 $4,100 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....
Oct. 1Purchased merchandise on account from Micron Ltd. at a cost of $86,000, terms 1/15, n/30, FOB shipping point.1Freight charges of $1,400 were paid by the appropriate party on the October 1 purchase of merchandise.2Returned for credit $4,000 of damaged goods purchased from Micron on October 1.6Purchased supplies for $2,800 cash.8Sold the remaining merchandise purchased from Micron to Guidant Corp. for $140,000 on account, terms 2/10, n/30, FOB destination.9Freight charges of $2,300 were paid by the...
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 $6,800 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $310 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...