Question
In: Accounting
Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases merchandise for $2,700...
Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases merchandise for $2,700 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $200 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $135 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $2,916 with terms n/30. The cost of the merchandise is $1,458. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $255 and cost $128; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $2,900...
Following are the merchandising transactions for Dollar
Store.
Nov.
1
Dollar Store purchases merchandise for $2,900 on terms of 2/5,
n/30, FOB shipping point, invoice dated November 1.
5
Dollar Store pays cash for the November 1 purchase.
7
Dollar Store discovers and returns $200 of defective
merchandise purchased on November 1, and paid for on November 5,
for a cash refund.
10
Dollar Store pays $145 cash for transportation costs for the
November 1 purchase.
13
Dollar Store sells...
6. Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for...
6. Following are the merchandising transactions for Dollar
Store.
Nov.
1
Dollar Store
purchases merchandise for $2,400 on terms of 2/5, n/30, FOB
shipping point, invoice dated November 1.
5
Dollar Store
pays cash for the November 1 purchase.
7
Dollar Store
discovers and returns $100 of defective merchandise purchased on
November 1, and paid for on November 5, for a cash refund.
10
Dollar Store
pays $120 cash for transportation costs for the November 1
purchase.
13
Dollar Store...
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,800...
Following are the merchandising transactions for Dollar
Store.
Nov. 1 Dollar Store purchases merchandise for $1,800 on terms of
2/5, n/30, FOB shipping point, invoice dated November 1.
5 Dollar Store pays cash for the November 1 purchase.
7 Dollar Store discovers and returns $200 of defective
merchandise purchased on November 1, and paid for on November 5,
for a cash refund.
10 Dollar Store pays $90 cash for transportation costs for the
November 1 purchase.
13 Dollar Store sells...
Bailer Company's record of transactions for the month of November was the following: Purchases: Nov 1....
Bailer Company's record of transactions for the month of
November was the following:
Purchases:
Nov 1.
525 @ $7.00
5
1400 @ $7.20
8
750 @ $7.35
14
1,250 @ $7.42
21
825 @ $7.55
29
610 @ $7.80
Total units sold : 5,360
Sales
Nov 6.
550 @ $10
9
1,320 @ $10
10
625 @ 12
22
1,100 @ 12
28
850 @ 13
#1 - Assume periodic inventory records are kept in units only.
Compute the inventory on...
Following are the merchandising transactions for STIU Co. Nov.11月 1 STIU Co. purchasesmerchandise for $2,100 on...
Following are the merchandising transactions for STIU
Co.
Nov.11月 1 STIU Co. purchasesmerchandise for $2,100 on termsof
2/5, n/30, FOB shipping point invoice dated November 1.
5 STIU Co. pays cashfor the November 1 purchase
7 STIU Co. discovers and returns 该公司发现并退回商品 $100 of defective
merchandise 瑕疵品于11月1日采购的 purchased on November 1, and paid for on
November 5已经在11月5日支付了现金, for a cash refund 今天退的瑕疵品得到现金.
10 STIU Co. pays $105 cash 用现金支付for transportation costs运输费
for the November 1 purchase 于11月1日采购招致的.
13 STIU Co...
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...
Question 1 (24 marks) On Nov 30, Omni Company (Omni) purchases merchandise for resale from Diablo...
Question 1 On Nov 30, Omni Company (Omni) purchases
merchandise for resale from Diablo Limited (Diablo) with an invoice
price of $9,700 and credit terms 3/10, n/45, FOB shipping point.
The goods cost Rain $4,500. On Nov 30, Omni pays shipping charges
of $330 on the purchase. On Dec 2, Omni returns unacceptable
merchandise to Diablo that has an invoice price of $800. The
retuned goods cost Diablo $350. On Dec 5, Omni discovers that $660
of goods are damaged...
Blossom Hardware Store completed the following merchandising transactions in the month of May. At the beginning...
Blossom Hardware Store completed the following merchandising
transactions in the month of May. At the beginning of May, the
ledger of Blossom showed Cash of $4,500 and Owner’s Capital of
$4,500.
May 1
Purchased merchandise on account from Braun's Wholesale Supply
$3,800, terms 2/10, n/30.
2
Sold merchandise on account $1,500, terms 1/10, n/30. The cost
of the merchandise sold was $1,000.
5
Received credit from Braun's Wholesale Supply for merchandise
returned $200.
9
Received collections in full, less discounts,...
Wildhorse Hardware Store completed the following merchandising transactions in the month of May. At the beginning...
Wildhorse Hardware Store completed the following merchandising
transactions in the month of May. At the beginning of May,
Wildhorses’ ledger showed Cash of $8,100 and Common Stock of
$8,100.
May 1
Purchased merchandise on account from Black Wholesale Supply
for $8,100, terms 1/10, n/30.
2
Sold merchandise on account for $4,500, terms 2/10, n/30. The
cost of the merchandise sold was $3,400.
5
Received credit from Black Wholesale Supply for merchandise
returned $200.
9
Received collections in full, less discounts,...
Blossom Hardware Store completed the following merchandising transactions in the month of May. At the beginning...
Blossom Hardware Store completed the following merchandising
transactions in the month of May. At the beginning of May,
Blossoms’ ledger showed Cash of $9,300 and Common Stock of
$9,300.
May 1
Purchased merchandise on account from Black Wholesale Supply
for $9,300, terms 1/10, n/30.
2
Sold merchandise on account for $5,700, terms 2/10, n/30. The
cost of the merchandise sold was $4,600.
5
Received credit from Black Wholesale Supply for merchandise
returned $200.
9
Received collections in full, less discounts,...
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