Ch 5 Notes (Ac221)

Current Attempt in Progress Bramble Ltd. had beginning inventory of 54 units that cost $105 each. During September, the company purchased 206 units on account at $105 each, returned 6 units for credit, and sold on account 153 units at $201 each. Prepare journal entries for the September transactions, assuming that Bramble uses a periodic inventory system. (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 o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit (To record purchase on account) (To record purchase return) Preparjalneries for the Sopomber tramming that perdicimentary titles are automatically indented whes the amount is entered De not indest manually. If ne entry is required, Entry for the account ctles and enter O for the amounts List el dret estr les defane crentes) Account Titles and…

On March 1, Bates Board Shop sells 290 surfboards to a local lifeguard station at a sales price of $420 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank. Mar. 1 Mar. 1 Mar. 10 Accounts Receivable Accounts Payable Cash Sales Discounts Sales II II III II II III

Prepare the appropriate journal entries for each transaction under a perpetual inventory system.

Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. Note: There are a total of 9 pages, including the cover page Page 4 of 9 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company.

Page 4 of 9 Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company. Required: Part A: Journalize the above transactions Part B: Calculate the balance of inventory at October 31, assuming the opening balance is $5,000 Part C: dentify one transaction that would be recorded…

User Rancho Furniture completed the following transactions relating to the purchase of merchandise during August, the first month of operation. It is the policy of the company to record all purchase invoices at the net amount and to pay invoices within the discount period. Aug.1 Purchased merchandise from Carolina Corporation, invoice price, $21,000; terms 2/10, n/30. Aug.8 Purchased merchandise from Thomas Company, $36,000; terms 2/10, n/30. Aug. 8 Merchandise with an invoice price of $3,000 purchased from Carolina Corporation on August 1 was found to be defective. It was returned to the supplier accompanied by debit memorandum no. 118. Aug. 18 Paid Thomas Company's invoice of August 8, less cash discount. Aug. 25 Purchased merchandise from Shenren Company, $22, 800; terms 2/10, n/30. Aug. 30 Paid Carolina Corporation's invoice of August 1, taking into consideration the return of defective goods on August 8. Assume that the inventory of merchandise on August 1 was $79, 400; on August…

Hello, Besides the first entry, I'm not sure how to record these transactions for a perpetual inventory system thanks

Journalize the following entries for purchases, sales, and returns. Friends Hardware store  made the following transactions during the month of March: DATE:   MARCH                       TRANSACTIONS 2 12,000 in inventory was purchased on credit with a 2/13 n/30 term and FOB shipping point. 4 Merchandise for $400 of the purchase made on March 2 was returned because it was defective. 6 Paid shipping for the inventory purchased on March 2. 11 Sold inventory on credit to a customer for $5,000 with a sales term of 2/10 n/30. 12 Paid the purchase due for the March 2 purchase. 15 An allowance was offered to the customer on the March 11 purchase. 20 The customer who made the purchase on March 11 paid in full with the appropriate discounts.

On October 1, 8A Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $200 each. During the month of October, the following transactions occurred. Oct 4. Purchased 30 bicycles at a cost of $200 each from 8B Bicycle Company, terms 2/10, n/30. Oct 6. Sold 18 bicycles to 8C Group for $300 each, terms 1/10, n/30. Oct 7. Returned 2 defective bicycles to 8B Bicycle Company for the Oct. 4 transaction. Oct 13. Agreed to 8C's request for $300 allowance of the Oct. 6 transaction due to inferior Oct 14. Paid 8B Bicycle Company in full, less discount. Oct 20. Received a payment from 8C for the balance of the Oct. 6 transaction. a. Journalize the April transactions using a perpetual inventory system. b. Journalize the April transactions using a periodic inventory system.

Executive Suites, Inc., uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 60 types of products the company keeps in stock. The following transactions show the purchases and sales of a particular desk chair (product code DC-7) during September. Sept. 1 Balance on hand. 50 units, cost $60 each........................$3,000 Sept. 4 Purchase, 20 units, cost $65 each........................................$1,300 Sept. 8 Sale, 35 units. sales price $100 each...................................$3,500 Sept. 9 Purchase, 40 units, cost $65 each........................................$2,600 Sept. 20 Sale, 60 units, sales price $100 each.................................$6,000 Sept. 25 Purchase, 40 units, cost $70 each.......................................$2,800 Sept. 30 Sale, 5 units, soles price $110 each.....................................$550a. Record the beginning inventory, the purchases, the cost of goods sold, and the running balance…

Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1   Inventory   114 units at $5 each 4   Sale   89 units at $8 each 11   Purchase   156 units at $7 each 13   Sale   126 units at $9 each 20   Purchase   158 units at $7 each 27   Sale   103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.

Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1   Inventory   114 units at $5 each 4   Sale   89 units at $8 each 11   Purchase   156 units at $7 each 13   Sale   126 units at $9 each 20   Purchase   158 units at $7 each 27   Sale   103 units at $11 each Bramble uses the FIFO cost flow assumption. All purchases and sales are on account.

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Cullumber Co. at a total cost of $1,750, on account, terms n/30. 9 Paid freight of $50 on calculators purchased from Cullumber Co. 10 Returned calculators to Cullumber Co. for $55 credit because they did not meet specifications. 12 Sold calculators costing $600 for $760 to Fryer Book Store, on account, terms n/30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $32. 20 Sold calculators costing $500 for $740 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record…

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6   Purchased calculators from Pharoah Co. at a total cost of $1,700, terms n/30. 9   Paid freight of $60 on calculators purchased from Pharoah Co. 10   Returned calculators to Pharoah Co. for $63 credit because they did not meet specifications. 12   Sold calculators costing $450 for $610 to Fryer Book Store, terms n/30. 14   Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $22. 20   Sold calculators costing $650 for $850 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries…

Selected transactions follow for Runner Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,145 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Runner $768. Andrew Noren returned for credit $141 of the merchandise purchased on February 2. The goods had cost Runner $84 and they were returned to inventory. Sold $767 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Runner $491. Sold $837 of merchandise to Michael Collins for cash. The goods had cost Runner $623. Sold $929 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Runner $685. Dong Corporation paid its account in full. Andrew Noren purchased an additional $693 of merchandise on account, terms n/30. The goods had cost Runner $410. Sold $1,737 of merchandise to Batstone Corporation, terms n/30. The goods had cost Runner $1,108. Andrew Noren paid $1,004 on…

Oahu Kiki tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each month, as if it uses a periodic inventory system. Assume Oahu Kiki's records show the following for the month of January. Sales totaled 260 units. Beginning Inventory Purchase Purchase Date January 1 January 15 January 24 Units 100 360 240 Unit Cost $ 75 95 115 Total Cost $ 7,500 34,200 27,600 Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO, and (c) weighted average cost methods.

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Dragoo Co. at a total cost of $1,600, on account, terms n/30 FOB shipping point. 9 Paid freight of $50 on calculators purchased from Dragoo Co. 10 Returned calculators to Dragoo Co. for $66 credit because they did not meet specifications. 12 Sold calculators costing $520 for $690 to Fryer Book Store, on account, terms n/30. 14 20 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $34. Sold calculators costing $570 for $760 to Heasley Card Shop, on account, terms n/30. Journalize the September transactions for Office Depot. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O…

Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $31 each.   Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost   QS 5-12 (Algo) Perpetual: Inventory costing with LIFO LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.

Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $31 each.   Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost   QS 5-14 (Algo) Perpetual: Inventory costing with specific identification LO P1 Of the units sold, eight are from the December 7 purchase and seven are from the December 14 purchase. Determine the costs assigned to ending inventory when costs are assigned based on specific identification.

Use the following information for the Quick Study below. (Algo) (11-14) Skip to question   [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $31 each.   Purchases on December 7 10 units @ $17.00 cost Purchases on December 14 20 units @ $23.00 cost Purchases on December 21 15 units @ $25.00 cost   QS 5-13 (Algo) Perpetual: Inventory costing with weighted average LO P1 Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method. (Round your per unit costs to 2 decimal places.)

Selected transactions follow for Pukalani Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,146 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Pukalani $765. 4 Andrew Noren returned for credit $140 of the merchandise purchased on February 2. The goods had cost Pukalani $84 and they were returned to inventory. 5 Sold $753 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Pukalani $495. 8 Sold $838 of merchandise to Michael Collins for cash. The goods had cost Pukalani $618. 10 Sold $922 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Pukalani $674. 22 Dong Corporation paid its account in full. 24 27 Andrew Noren purchased an additional $698 of merchandise on account, terms n/30. The goods had cost Pukalani $410. Sold $1,748 of merchandise to Batstone Corporation, terms n/30. The goods had cost Pukalani…

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6   Purchased calculators from Blossom Co. at a total cost of $1,600, terms n/30. 9   Paid freight of $40 on calculators purchased from Blossom Co. 10   Returned calculators to Blossom Co. for $50 credit because they did not meet specifications. 12   Sold calculators costing $450 for $600 to Fryer Book Store, terms n/30. 14   Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $25. 20   Sold calculators costing $500 for $650 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries…