Question
In: Accounting
Journal Entries. Record the following entries for November transactions that occurred between the Syracuse Co., as...
Journal Entries. Record the following entries for November transactions that occurred between the Syracuse Co., as the seller making the sales, and the Beecher Co., the buyer, making the purchases. Use the perpetual method. Make a journal entry for all date.
Nov. 2 Syracuse Co., sold merchandise on account to Beecher Co., $16,000, terms FOB shipping point, 2/10, n/30. Freight charges of $375 were paid by the Syracuse Co., and added to the invoice. The cost of the merchandise sold was $10,000.
Nov. 8 Syracuse Co., sold merchandise on account to Beecher Co., for $24,750, terms FOB destination, with credit terms of 1/15, n/eom. The cost of the merchandise sold was $14,850.
Nov. 8 Syracuse Co., paid freight of $640 for delivery of merchandise sold to Beecher So., on November 8.
Nov. 12 Beecher Co., returned $5,750 of merchandise purchased on account on November 8 from Syracuse Co. The cost of merchandise returned was $3,000.
Nov. 12 Beecher Co., paid Syracuse Co., for purchased of November 2, less discount.
Nov. 23 Beecher Co., paid Syracuse Co, for purchase of November 8, less discount and less return of November 12.
Nov. 24 Syracuse Co., sold Beecher Co., merchandise on account, $13,200 terms FOB shipping point n/eom. The cost of merchandise sold was $8,000.
Nov. 26 Beecher Co., paid freight of $290 on November 24 purchase from Syracuse Co.
Nov. 30 Beecher Co., paid Syracuse Co., on account for purchase of November 24
Solutions
Expert Solution
Journal Entries
In the books of Syracuse Co
| Date | Particulars | Debit | Credit |
| 2-Nov | Accounts receivable | 16,000 | |
| Sales | 16,000 | ||
| (To record sale of merchandise) | |||
| 2-Nov | Cost of goods sold | 10,000 | |
| Inventory | 10,000 | ||
| (To record reduction in inventory) | |||
| 2-Nov | Accounts receivable | 375 | |
| Cash | 375 | ||
| (To record payment of freight added to invoice) | |||
| 8-Nov | Accounts receivable | 24,750 | |
| Sales | 24,750 | ||
| (To record sale of merchandise) | |||
| 8-Nov | Cost of goods sold | 14,850 | |
| Inventory | 14,850 | ||
| (To record reduction in inventory) | |||
| 8-Nov | Freight | 640 | |
| Cash | 640 | ||
| (To record payment of freight) not added to invoice | |||
| 12-Nov | Sales return | 5,750 | |
| Accounts receivable | 5,750 | ||
| (To record return of goods sold) | |||
| 12-Nov | Inventory | 3,000 | |
| Cost of goods sold | 3,000 | ||
| (To record addition to inventory on return) | |||
| 12-Nov | Cash | 16,048 | |
| Discount allowed | 328 | ||
| Accounts receivable | 16,375 | ||
| (To record receipt of cash less discount of 2%) | |||
| 23-Nov | Cash | 18,810 | |
| Discount allowed | 190 | ||
| Accounts receivable | 19,000 | ||
| (To record receipt of cash less discount of 1%) | |||
| 24-Nov | Accounts receivable | 13,200 | |
| Sales | 13,200 | ||
| (To record sale of merchandise) | |||
| 24-Nov | Cost of goods sold | 8,000 | |
| Inventory | 8,000 | ||
| (To record reduction in inventory) | |||
| 30-Nov | Cash | 13,200 | |
| Accounts receivable | 13,200 | ||
| (To record receipt of cash) |
In the books of Beecher Co
| Date | Particulars | Debit | Credit |
| 2-Nov | Purchase / Inventory | 16,375 | |
| Accounts payable | 16,375 | ||
| (To record purchase of merchandise) | |||
| 8-Nov | Purchase / Inventory | 24,750 | |
| Accounts payable | 24,750 | ||
| (To record purchase of merchandise) | |||
| 12-Nov | Accounts payable | 5,750 | |
| Purchase return / Inventory | 5,750 | ||
| (To record return of goods purchased) | |||
| 12-Nov | Accounts payable | 16,375 | |
| Cash | 16,048 | ||
| Discount received | 328 | ||
| (To record payment of debt less discount of 2%) | |||
| 23-Nov | Accounts payable | 19,000 | |
| Cash | 18,810 | ||
| Discount received | 190 | ||
| (To record payment of debt less discount of 2%) | |||
| 24-Nov | Purchase / Inventory | 13,200 | |
| Accounts payable | 13,200 | ||
| (To record purchase of merchandise) | |||
| 26-Nov | Freight | 290 | |
| Cash | 290 | ||
| (To record payment of freight) not added to invoice | |||
| 30-Nov | Accounts payable | 13,200 |
 ekkarill92 answered 1 year agoRelated SolutionsPrepare journal entries to record the following transactions that occurred for this company in its second...Prepare journal entries to record the following transactions
that occurred for this company in its second year of operations. •
Year 2 sales on account: $5,700,000. • Year 2 collections of
accounts receivable: $5,900,000. • Year 2 write-offs: $44,000 •
Year 2 reinstatements and subsequent collections of reinstated
accounts: $29,000 • 12/31/Y2: Year-end adjustment to record
estimated uncollectible accounts at 4% of credit sales.
Directions: Prepare all journal entries, post to accounts, and
show the year-end balance sheet presentation of...
Problem 1 Record the journal entries for the following transactions that occurred during the month of...Problem 1
Record the journal entries for the following transactions that
occurred during the month of December for Magic Merchandisers, I.
nc using a perpetual inventory system.
Dec. 1st: Purchased merchandise on account from
Starlight Inc., list price $24,000, terms FOB destination 2/10,
n/30.
Dec. 3rd: Purchased merchandise on account from
Oriental Industries $18,500 terms 1/10, n/30, FOB shipping point.
$1,800 in freight cost was added to the invoice.
Dec. 5th: Returned $4,000 of merchandise to Starlight
Inc.
Dec. 11th:...
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...
Prepare journal entries to record the following transactions and events that occurred in Marilyn County during...Prepare journal entries to record the following transactions and
events that occurred in Marilyn County during calendar year
2019:
1. The legislature adopted the following budget: Estimated
revenues and other sources: Property taxes $1,740,000 Sales taxes
1,000,000 Use of fund balance 10,000 Total $2,750,000
Appropriations: General government—salaries $ 420,000 General
government—supplies 30,000 Parks department—salaries 2,000,000
Parks department—plants and supplies 300,000 Total $2,750,000
2. The Parks department placed PO 2019-1 for shrubbery in the
amount of $52,000 and PO 2019-2 for...
Prepare journal entries to record the following transactions related to long-term bonds of Whispering Co. On...Prepare journal entries to record the following transactions
related to long-term bonds of Whispering Co.
On April 1, 2019, Whispering issued $1,960,000, 9% bonds for
$2,108,439 including accrued interest. Interest is payable annually
on January 1, and the bonds mature on January 1, 2029.
(Credit account titles are automatically indented when
the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter 0 for
the amounts.)
On July 1,...
Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co. (a)...Prepare journal entries to record the following transactions
related to long-term bonds of Quirk Co. (a) On April 1, 2016, Quirk
issued $2,000,000, 9% bonds for $2,151,472 including accrued
interest. Interest is payable annually on January 1, and the bonds
mature on January 1, 2026. (b) On July 1, 2018 Quirk retired
$600,000 of the bonds at 102 plus accrued interest. Quirk uses
straight-line amortization.
Prepare journal entries to record the following transactions related to long-term bonds of Quirk Co. On...Prepare journal entries to record the following transactions
related to long-term bonds of Quirk Co.
On April 1, 2016, Quirk issued $2,000,000, 9% bonds for
$2,151,472 including accrued interest. Interest is payable annually
on January 1, and the bonds mature on January 1, 2026. (Credit
account titles are automatically indented when the amount is
entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles...
Write journal entries to record all of the following transactions. The following transactions pertain to the...
Write journal entries to record all of the following
transactions. The following transactions pertain to the Bongiorno
Corporation’s 20x4 fiscal year:
Jan 1
The business was established by Joe Bongiorno who invested
$100,000 cash in exchange for common shares.
Jan 2
Signed a two-year lease for office space. The monthly rent is
$3,000. The first month’s rent was paid on Jan 2. In addition, a
$5,000 security deposit was also paid to the landlord. This
security deposit will be refundable...
Prepare journal entries in general journal format to record the following transactions for the City of...Prepare journal entries in general journal format to record the
following transactions for the City of Dallas General Fund
(subsidiary detail may be omitted)
1. The budget prepared for the fiscal year included total
estimated revenues of $4,693,000, appropriations of $4,686,000 and
estimated other financing uses of $225,000.
2. Purchase orders in the amount of $451,000 were mailed to
vendors.
3. The current year’s tax levy of $4,005,000 was recorded;
uncollectible taxes were estimated to be 2% of the tax...
Prepare journal entries to record the following transactions involving the short-term securities investments of Krum Co.,...Prepare journal entries to record the following transactions
involving the short-term securities investments of Krum Co., all of
which occurred during year 2017.
On August 1, paid $76,000 cash to purchase Houtte's 12% debt
securities ($76,000 principal), dated July 30, 2017, and maturing
January 30, 2018 (categorized as available-for-sale
securities).
On October 30, received a check from Houtte for 90 days'
interest on the debt securities purchased in transaction
a. (Use 360 days in a year. Do not round your...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
ADVERTISEMENT
|