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Date | Account | Debit | Credit | |
Nov 2 | Merchandise Inventory ($850*2) | $ 1,700 | ||
Accounts Payable | $ 1,700 | |||
Nov 4 | Cash | $ 2,300 | ||
Sales Revenue | $ 2,300 | |||
Cost of Goods Sold | $ 1,400 | |||
Merchandise Inventory | $ 1,400 | |||
Nov 5 | Accounts Payable | $ 425 | ||
Merchandise Inventory | $ 425 | |||
Nov 7 | Sales Return and Allowance | $ 1,150 | ||
Cash | $ 1,150 | |||
Merchandise Inventory | $ 700 | |||
Cost of Goods Sold | $ 700 | |||
Nov 8 | Store Supplies | $ 150 | ||
Cash | $ 150 | |||
Nov 10 | Accounts Receivable | $ 3,100 | ||
Sales Revenue | $ 3,100 | |||
Cost of Goods Sold | $ 1,420 | |||
Merchandise Inventory | $ 1,420 | |||
Nov 10 | Accounts Payable | $ 1,700 | ||
Merchandise Inventory ($1,700*1%) | $ 17 | |||
Cash | $ 1,683 | |||
Nov 13 | Merchandise Inventory ($2,600*2) | $ 5,200 | ||
Accounts Payable | $ 5,200 | |||
Nov 16 | Accounts Payable | $ 2,600 | ||
Merchandise Inventory ($2,600*1) | $ 2,600 | |||
Nov 20 | Cash ($3,100*1%) | $ 3,069 | ||
Sales Discount | $ 31 | |||
Accounts Receivable | $ 3,100 | |||
Nov 22 | Accounts Payable | $ 2,600 | ||
Merchandise Inventory ($2,600*1%) | $ 26 | |||
Cash | $ 2,574 |
Mark's Music is a store that buys and sells musical instruments and uses a perpetual inventory...
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...
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...
Nov. 2Purchased two electric guitars from Fender Supply Limited, on account, at a cost of $900 each, terms 1/10, n/60.4Made a cash sale of two keyboards for a total invoice price of $2,300. The cost of each keyboard was $900.5Received 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.7One of the keyboards from the cash sale of Nov. 4...
E6–2 Elmo’s Music carries a large inventory of guitars and other musical instruments. The store uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of guitars that sell for $1,600 each: Date Item Quantity Unit Cost May 1 Balance 5 $900 6 Sale 3 8 Purchase 10 840 17 Sale 4 30 Purchase 5 840 Required Prepare a perpetual inventory record for the guitars. Then determine the amounts Elmo’s Music should...
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...
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May. 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions....
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...
Graded Homework Assignment i Saved Incredible Sounds is a wholesale business that sells musical instruments. Transactions involving sales and cash during April 2019 follow. The firm sells its merchandise for cash and on open account. During April, Incredible Sol following transactions: DATE TRANSACTIONS 2019 April 1 Sold merchandise for $4,500 to Alto Music Center issued Invoice 3912 with terms of 1/10, n/30. 3 Received a check for $1,980 from Music Supply Store in payment of Invoice 2718 of March 25...
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 $6,000. Freight charges of $800 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,100 and John’s account was credited by the supplier. Merchandise costing $3,300 was sold for $6,200 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry...