Question

In: Accounting

Problem 8-3 Some of the transactions of Splish Company during August are listed below. Splish uses...

Problem 8-3 Some of the transactions of Splish Company during August are listed below. Splish uses the periodic inventory method. August 10 Purchased merchandise on account, $11,900, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,300, and received credit on account. 15 Purchased merchandise on account, $16,100, terms 1/10, n/60. 25 Purchased merchandise on account, $20,500, terms 2/10, n/30. 28 Paid invoice of August 15 in full. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: Prepare general journal entries to record the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: Prepare general journal entries to enter the transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 28 SHOW LIST OF ACCOUNTS Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: Prepare the adjusting entry necessary on August 31 if financial statements are to be prepared at that time. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Aug. 31

Solutions

Expert Solution

Date General Journal Debit Credit
10-Aug Purchases          11,900
Accounts payable          11,900
13 Accounts payable            1,300
Purchase returns            1,300
15 Purchases          16,100
Accounts payable          16,100
25 Purchases          20,500
Accounts payable          20,500
28 Accounts payable          16,100
Purchase discount
16100*1%
               161
Cash          15,939

Related Solutions

Problem 8-3 Some of the transactions of Buffalo Company during August are listed below. Buffalo uses...
Problem 8-3 Some of the transactions of Buffalo Company during August are listed below. Buffalo uses the periodic inventory method. August 10 Purchased merchandise on account, $13,600, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,200, and received credit on account. 15 Purchased merchandise on account, $16,800, terms 1/10, n/60. 25 Purchased merchandise on account, $21,600, terms 2/10, n/30. 28 Paid invoice of August 15 in full. Assuming that purchases are recorded at gross amounts and...
Some of the transactions of Cullumber Company during August are listed below. Cullumber uses the periodic...
Some of the transactions of Cullumber Company during August are listed below. Cullumber uses the periodic inventory method. August 10 Purchased merchandise on account, $12,300, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,300, and received credit on account. 15 Purchased merchandise on account, $17,100, terms 1/10, n/60. 25 Purchased merchandise on account, $21,400, terms 2/10, n/30. 28 Paid invoice of August 15 in full. Question 1:Assuming that purchases are recorded at net amounts and that...
Some of the transactions of Torres Company during August are listed below. Torres uses the periodic...
Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account, $31,400, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,500, and received credit on account. 15 Purchased merchandise on account, $36,200, terms 1/10, n/60. 25 Purchased merchandise on account, $42,600, terms 2/10, n/30. 28 Paid invoice of August 15 in full. (a1) Assuming that purchases are recorded at gross amounts and that...
Some of the transactions of Torres Company during August are listed below. Torres uses the periodic...
Some of the transactions of Torres Company during August are listed below. Torres uses the periodic inventory method. August 10 Purchased merchandise on account, $12,000, terms 2/10, n/30. 13 Returned part of the purchase of August 10, $1,200, and received credit on account. 15 Purchased merchandise on account, $16,000, terms 1/10, n/60. 25 Purchased merchandise on account, $20,000, terms 2/10, n/30. 28 Paid invoice of August 15 in full. Instructions: 1) Assuming that purchases are recorded at gross amounts and...
Listed below are some transactions for Resistant Products Ltd., which uses a perpetual inventory system and...
Listed below are some transactions for Resistant Products Ltd., which uses a perpetual inventory system and reports under ASPE. May 2 Sold inventory on account to Jameson Inc., terms 2/10, n/30. Selling price $24,000; cost $9,600. 3 Received a portion of the inventory sold on the previous day because it was damaged inventory that could never be sold in the future. Selling price $1,800; cost $720. 5 Received a portion of the inventory sold on May 2 that was in...
A corporation uses a FIFO perpetual inventory system. During August, it had the following transactions: August...
A corporation uses a FIFO perpetual inventory system. During August, it had the following transactions: August 1, Beginning inventory of 8 units @ $11 per unit August 2, 25 units were purchased at $12 per unit. August 15, 12 units were sold at $25 per unit. August 18, 15 units were purchased at $14 per unit. August 20. 18 units were sold at $25 per unit August 28. 14 units were sold at $26 per unit What was the amount...
Before Splish Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among...
Before Splish Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per share). Paid-in Capital in Excess of Par—Common Stock Common Stock Retained Earnings $106,500 $259,500 $80,000 Record the treasury stock transactions (given below) under the cost method of handling treasury stock; use the FIFO method for purchase-sale purposes. (Credit account titles are automatically indented when amount is entered. Do not indent manually....
Prepare journal entries to record the December transactions listed below. The following transactions occurred during the...
Prepare journal entries to record the December transactions listed below. The following transactions occurred during the month of December 2019: Dec. 5 Paid accounts payable of $4,950. 6 Paid stadium rental of $8,500 in advance. 6 Purchased supplies, $720, on account. 7 Deposited $16,000 of admissions receipts. 9 Unearned admissions revenue is for gift certificates purchased for admission into future shows. $480 more of these gift certificates were sold to a local restaurant business, for cash. 10 Purchased $2,150 of...
Problem 14-6 Presented below are selected transactions on the books of Splish Corporation. May 1, 2017...
Problem 14-6 Presented below are selected transactions on the books of Splish Corporation. May 1, 2017 Bonds payable with a par value of $856,800, which are dated January 1, 2017, are sold at 105 plus accrued interest. They are coupon bonds, bear interest at 12% (payable annually at January 1), and mature January 1, 2027. (Use interest expense account for accrued interest.) Dec. 31 Adjusting entries are made to record the accrued interest on the bonds, and the amortization of...
The transactions listed below occurred at Murphy Company during 2016: Mar. 25 Exchanged a printer (Office...
The transactions listed below occurred at Murphy Company during 2016: Mar. 25 Exchanged a printer (Office Equipment) that had an original cost of $5,050 when purchased on January 4, 2014. The useful life of the old asset was originally estimated at four years and the salvage value at $250. The new printer had a price and market value of $10,400. Murphy gave up the old machine and paid $5,200 cash. The new printer is estimated to have a useful life...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT