Question

In: Accounting

Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the...

Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.

Mar. 1 Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30.
  9 Paid the amount owed on the invoice within the discount period.
  11 Discovered that $18,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $17,640 [$18,000 ? ($18,000 × 2%)].
  18 Purchased $10,000 of merchandise from Wright Co. on account, terms n/30.
  20 Received a refund from Wright Co. for return on Mar. 11 less the purchase on Mar. 18.

Solutions

Expert Solution

Date General Journal Debit Credit
Mar. 1 Merchandise Inventory $88,200
Accounts Payable-Wright Co. $88,200
Mar. 9 Accounts Payable-Wright Co. $88,200
Cash $88,200
Mar. 11 Accounts Payable-Wright Co. $17,640
Merchandise Inventory $17,640
Mar. 18 Merchandise Inventory $10,000
Accounts Payable-Wright Co. $10,000
Mar. 20 Cash $7,640
Accounts Payable-Wright Co. $7,640

Related Solutions

Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the...
Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Purchased $55,100 of merchandise from Wright Co. on account, terms 2/10, n/30. 9 Paid the amount owed on the invoice within the discount period. 11 Discovered that $7,200 of the merchandise purchases on Mar. 1 was defective and returned items, receiving credit. 18 Purchased $6,200 of merchandise from Wright Co. on account, terms...
Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the...
Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. Mar. 1 Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30. 9 Paid the amount owed on the invoice within the discount period. 11 Discovered that $18,000 of the merchandise purchased on March 1 was defective and returned items, receiving credit for $17,640 [$18,000 − ($18,000 × 2%)]. 18 Purchased $10,000 of...
Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a....
Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a. Purchased $25,000 of merchandise from Wright Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $5,000 of the merchandise purchased in (a) was defective and returned items, receiving credit. d. Purchased $3,700 of merchandise from Wright Co. on account, terms n/30. e. Received a refund from Wright Co. for return in (c)...
Journalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the...
Journalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. A. Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased $5,000 of merchandise from Schell Co. on account, terms n/30. E....
Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: a....
Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: a. Purchased $25,000 of merchandise from Schell Co. on account, terms 2/10, n/30. b. Paid the amount owed on the invoice within the discount period. c. Discovered that $5,000 before purchases discount of the merchandise was defective and returned items, receiving credit. d. Purchased $3,900 of merchandise from Schell Co. on account, terms n/30. e. Received a check for the balance owed from the return...
Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased...
Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased $23,000 of merchandise from Schell Co. on account, terms 1/10, n/30. Paid the amount owed on the The bill that the seller sends to the buyer.invoice within the discount period. Discovered that $4,600 before purchases discount of the merchandise was defective and returned items, receiving credit. Purchased $3,800 of merchandise from Schell Co. on account, terms n/30. Received a check for the balance owed...
Journalize entries for the following related transactions of Lilly Heating & Air Company using the net...
Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. A. Purchased $51,300 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice. C. Discovered that merchandise with an invoice amount of $7,300 purchased in (a) was defective and returned items, receiving credit. D. Purchased $6,200 of merchandise...
Journalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system
Purchase-Related TransactionsJournalize entries for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. (If an amount box does not require an entry, leave it blank.)a. Purchased $43,000 of merchandise from Schell Co. on account, terms 1/10, n/30.  b. Paid the amount owed on the invoice.  c. Discovered that merchandise with an invoice amount of $8,600 purchased in (a) was defective and returned items, receiving credit.  d. Purchased $7,100 of merchandise from Schell Co....
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording...
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers.) A. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500.B. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800.C. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost...
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording...
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) A. Sold merchandise for cash, $27,700. The cost of the goods sold was $14,681. B. Sold merchandise on account, $250,000. The cost of the merchandise sold was $132,500. C. Sold merchandise to customers who used MasterCard and VISA,...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT