Question
In: Accounting
Problem (1) Prepare journal entries to record each of the following purchases transactions of a merchandising...
Problem (1)
Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual and periodic inventory system.
Mar. 5 Purchased 500 units of product at a cost of $5 per unit. Terms of the sale are 2/10, n/60 the invoice is dated March 5.
Mar.7 Returned 50 defective units from the March 5 purchase and received full credit.
Mar 15 paid the amount due from the March 5 purchase less the return on March 7.
Problem (2)
Prepare journal entries to record each of the following sales transactions of a merchandising company.
Show supporting calculations and assume a perpetual inventory system.
April. 1 sold merchandise for $2000, granting the customer terms of 2/10, invoice dated April.1.The cost of the merchandise is $1400.
April.4 The customer in the April .1 sale returned merchandise and received credit for $500.The merchandise, which had cost $350 is returned to inventory.
April.11 Received payment for the amount due from the April.1 sale less the return on April.7.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales
transactions of a merchandising company. The company uses a
perpetual inventory system and the gross method. Apr. 1 Sold
merchandise for $7,000, with credit terms n/30; invoice dated April
1. The cost of the merchandise is $4,200. Apr. 4 The customer in
the April 1 sale returned $780 of merchandise for full credit. The
merchandise, which had cost $468, is returned to inventory. Apr. 8
Sold merchandise for $3,000, with...
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Prepare journal entries to record each of the following
PURCHASES transactions for Pink Pagoda Co. Please include the date
of the entry in your answer and indent any credits.
1. April 17- Pink Pagoda purchases 500 units of product at a
price of $15 per unit on an invoice dated April 17. Terms of the
purchase are 2%/10, n/60.
2. April 20- Pink Pagoda returns merchandise from the April
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3....
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Purchased merchandise from Boden Company for $6,100 under
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Purchased merchandise from Aron Company for $5,000 under credit
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Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising
transactions of Cabela’s, which uses the perpetual inventory system
and the gross method. Hint: It will help to identify each
receivable and payable; for example, record the purchase on July 1
in Accounts Payable—Boden.
July
1
Purchased merchandise from Boden Company for $6,500 under
credit terms of 2/15, n/30, FOB shipping point, invoice dated July
1.
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Sold merchandise to Creek Co. for $950 under credit terms of
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Prepare journal entries to record the following merchandising transactions of Zhang's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising
transactions of Zhang's, which uses the perpetual inventory system
and the gross method. (Hint: It will help to identify each
receivable and payable; for example, record the purchase on July 1
in Accounts Payable—Turner.)
Jul.
1
Purchased merchandise from Turner Company for $11,800 under
credit terms of 1/15, n/30, FOB shipping point, invoice dated July
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2
Sold merchandise to Hall Co. for $3,800 under credit terms of
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Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory...
Prepare journal
entries to record the following merchandising transactions of
Cabela’s, which uses the perpetual inventory system and the gross
method. Hint: It will help to identify each receivable and
payable; for example, record the purchase on July 1 in Accounts
Payable—Boden.
July
1
Purchased
merchandise from Boden Company for $6,800 under credit terms of
2/15, n/30, FOB shipping point, invoice dated July 1.
2
Sold merchandise
to Creek Co. for $950 under credit terms of 2/10, n/60, FOB
shipping...
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising
transactions of Lowe’s, which uses the perpetual inventory system
and the gross method. (Hint: It will help to identify each
receivable and payable; for example, record the purchase on August
1 in Accounts Payable—Aron.)
Aug.
1
Purchased
merchandise from Aron Company for $7,000 under credit terms of
1/10, n/30, FOB destination, invoice dated August 1.
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Sold merchandise
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July
1
Purchased merchandise from Osiris Company for $6,500 under
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3
Paid...
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