130; Store Equipment, 150; Accounts Payable, 211): 2022 Mar. 2 Bought merchandise on account from Whalen Co., invoice No. 6092, dated March 2, terms 2/10, n/30, $1,832. 5 Bought store equipment from Mega Gifts Co., invoice No. 672, dated March 4, $2,355. 9 Bought merchandise on account from Kelsey Co., invoice No. 3710, dated March 8, terms 2/10, n/30, $1,289. 17 Bought store supplies on account from Whalen Co., invoice No. 6136, dated March 16, $1,645.

130; Store Equipment, 150; Accounts Payable, 211): 2022 Mar. 2 Bought merchandise on account from Whalen Co., invoice No. 6092, dated March 2, terms 2/10, n/30, $1,832. 5 Bought store equipment from Mega Gifts Co., invoice No. 672, dated March 4, $2,355. 9 Bought merchandise on account from Kelsey Co., invoice No. 3710, dated March 8, terms 2/10, n/30, $1,289. 17 Bought store supplies on account from Whalen Co., invoice No. 6136, dated March 16, $1,645.

Name: AP7-4A. Amy Burke recently opened a gift store in Shelburne. As thebo
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Description: AP7-4A. Amy Burke recently opened a gift store in Shelburne. As thebookkeeper of her shop, journalize, record, and post when appropriate thefollowing transactions (account numbers are Store Supplies, 124; Inventory,130; Store Equipment, 150; Account

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 6E: Record the following transactions in general journal form for Ford Education Outfitters and Romero...

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BE5-14 Prepare the journal entries to record these transactions on Shabani Company's books using a periodic inventory system. (a) On March 2, Shabani Company purchased $900,000 of merchandise from Ballas Com- pany, terms 2/10, n/30. (b) On March 6, Shabani Company returned $110,000 of the merchandise purchased on March 2. (c) On March 12, Shabani Company paid the balance due to Ballas Company.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Refer to RE6-8. On April 23, 2020, McKinncy Co. receives a check, from Mangold Corporation for 8,500. Prepare the journal entry for McKinncy to record the collection of the account previously written off.
Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.
LO4 Enter the following transaction in a purchases journal like the one illustrated in the chapter: Apr. 6 Purchased merchandise from Clever, 1,680. Invoice No. 131, dated April 6, terms n/30.
The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.
The following are selected transactions of Thomas, Inc.: 5/10 Sold & shipped on account to Ryder, Inc. merchandise for $29,750, terms 3/10, n/30. 5/16 Ryder, Inc. returned merchandise billed at $6,750 on May 10. 5/19 Received a check from Ryder, Inc. for full settlement of the May 10 transaction. Record the above transactions in general journal form as they would appear on the books of (a) Thomas, Inc. and (b) Ryder, Inc. Ryder, Inc. records purchases at invoice price. Both companies use the periodic inventory system. Omit explanations for the journal entries.
15-Ms. Bushra sold Merchandise inventory worth OMR 50,000 for credit. Which books of prime entry will record the above transaction? a. Purchase journal b. General journal c. Cash disbursement journal d. Sales journal
E5-20 Journalizing purchase transactions Howie Jewelers had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. Purchased inventory of $5,100 on account from Sanders Diamonds, a jewelry importer. Terms were 2/15, n/45, FOB shipping point. Paid freight charges, $400. Returned $600 of inventory to Silk. Paid Sanders Diamonds, less return. Purchased inventory of $3,500 on account from Sothboro Diamonds, a jewelry importer. Terms were 2/10, n/EOM, FOB destination. Received a $300 allowance from Southboro Diamonds for damaged but usable goods. Paid Sandra Diamonds, less allowance and discount.
On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $252,510, terms n/30. The cost of the merchandise sold is $141,390. On March 5, Showcase Co. issues a credit memo for $30,380 for merchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $18,740. Journalize Balboa Co.’s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSBalboa Co.General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 211 Accounts…