Question
In: Accounting
Prepare the following journal entries for Dice Company, which uses a perpetual inventory system. (a) On...
Prepare the following journal entries for Dice Company, which
uses a perpetual inventory system.
(a) On January 3, 2018, Dice Company sold $40,000 of goods on
account with terms 3/10, n/30. The goods cost $26,000.
(b) On January 5, 2018, the customer returned $2,000 of the
merchandise purchased in (a) above; the cost of the merchandise is
$550.
(c) On January 9, 2018, the customer paid for the goods
purchased in (a) above (net of the returned goods).
(d) On March 1, Dice Company loaned $25,000 to XYZ Company at
12% interest. XYZ Company signed a promissory note and will pay
back the principal plus interest in one year. Record the journal
entry for the loan.
(e) Prepare the journal entry to record the accrual of
interest on March 31.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Prepare the following journal entries for Dice Company, which uses a perpetual inventory system. (a) On...
Prepare the following journal entries for Dice Company, which uses
a perpetual inventory system.
(a) On January 3, 2018, Dice Company sold $40,000 of goods on
account with terms 3/10, n/30. The goods cost $26,000.
(b) On January 5, 2018, the customer returned $2,000 of the
merchandise purchased in (a) above; the cost of the merchandise is
$550.
(c) On January 9, 2018, the customer paid for the goods
purchased in (a) above (net of the returned goods).
(d) On...
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Prepare journal entries to record the following merchandising
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in Accounts Payable—Boden.)
July
1
Purchased merchandise from Boden Company for $6,100 under
credit terms of 2/15, n/30, FOB shipping point, invoice dated July
1.
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2/10, n/60, FOB shipping...
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receivable and payable; for example, record the purchase on August
1 in Accounts Payable—Aron.
Aug.
1
Purchased merchandise from Aron Company for $5,000 under credit
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5
Sold merchandise to Baird Corp. for $3,500 under credit terms
of 2/10, n/60, FOB destination,...
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.
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 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
1.
Jul.
2
Sold merchandise to Hall Co. for $3,800 under credit terms of
2/10, n/60, FOB...
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.
5
Sold merchandise
to Baird Corp. for $4,900 under credit terms of 2/10, n/60, FOB
destination,...
Prepare journal entries to record the following merchandising transactions of Gonzalez's, which uses the perpetual inventory...
Prepare journal entries to record the following merchandising
transactions of Gonzalez'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—King.) Jul. 1 Purchased merchandise from King
Company for $6,800 under credit terms of 1/15, n/30, FOB shipping
point, invoice dated July 1. Jul. 2 Sold merchandise to Wright Co.
for $1,300 under credit terms of 2/10, n/60, FOB...
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.
(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 $7,500 under credit terms of
1/10, n/30, FOB destination, invoice dated August 1.
Aug.
5
Sold
merchandise to Baird Corp. for $5,200 under credit terms of 2/10,
n/60, FOB destination, invoice dated August 5....
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 $8,000 under credit terms of
1/10, n/30, FOB destination, invoice dated August 1.
5
Sold merchandise
to Baird Corp. for $5,600 under credit terms of 2/10, n/60, FOB
destination,...
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