2Question No.2Following are the transactions of a Merchandise business.ProductPrice per UnitDesktop computerTablet computerLandline telephone4-in-1 desktop printer$4006060100DateTransactions2018California Business Solution purchases 10 electronic hardware packages at a cost of $620 eachApril 1by paying cashApril 7CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms aren/15 with an invoice date of April 7.April 17 CBS makes full payment on the amount due from the April 7 purchaseMay 1CBS purchases 67 tablet computers at a cost of $60 each on credit. The payment terms are5/10, n/30, and the invoice is dated May 1.May 10CBS pays their account in full.June 1CBS purchased 300 landline telephones with cash at a cost of $60 each. On June 3, CBSdiscovers that 25 of the phones are the wrong color and returns the phones to themanufacturer for a full refund.June 8CBS discovers that 60 more phones from the June 1 purchase are slightly damaged. CBS decidesto keep the phones but receives a purchase allowance from the manufacturer of $8 per phone.July 1CBS purchases 80 units of the 4-in-1 desktop printers at a cost of $100 each on credit. Terms ofthe purchase are 5/15, n/40, with an invoice date of July 1.July 6CBS discovers 15 of the printers are damaged and returns them to the manufacturer for a fullrefund.July 10CBS discovers that 4 more printers from the July 1 purchase are slightly damaged but decidesto keep them, with the manufacturer issuing an allowance of $30 per printer.July 15CBS pays their account in full, less purchase returns and allowances.RequiredPrepare journal entries by using perpetual inventory system(1.5 Marks)

Name: 2Question No.2Following are the transactions of a Merchandise busines
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Description: 2Question No.2Following are the transactions of a Merchandise business.ProductPrice per UnitDesktop computerTablet computerLandline telephone4-in-1 desktop printer$4006060100DateTransactions2018California Business Solution purchases 10 electronic ha

SOLUTION- JOURNAL ENTRIES DATE…

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2 Question No.2 Following are the transactions of a Merchandise business. Price per Unit $400 Product Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each April 1 by paying cash April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7.

2 Question No.2 Following are the transactions of a Merchandise business. Price per Unit $400 Product Desktop computer Tablet computer Landline telephone 4-in-1 desktop printer 60 60 100 Date Transactions 2018 California Business Solution purchases 10 electronic hardware packages at a cost of $620 each April 1 by paying cash April 7 CBS purchases 30 desktop computers on credit at a cost of $400 each. The credit terms are n/15 with an invoice date of April 7.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...

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Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
South Coast Boards Co. is a merchandising business. the account balances for south coast boards co. as of July 1, 2010 (unless otherwise indicated), are as follows:Check: 8. Net Income 693,800Click here for the SOLUTION110 Cash $63600112 A/R $153900115 Merchandise Inventory $602400116 Prepaid insurance $16800117 Store supplies $11400123 store equipment $469500124 Accum. Depr. --Store equip $56700210 A/P $96600211 Salaries payable $-310 capital stock $100000311 retained earnings, Aug 1 2009 $455300312 Dividends $135000313 Income summary $-410 Sales $3221100411 Sales return and allowances $92700412 Sales discounts $59400510 Cost of merchandise sold $1623000520 sales salaries expense $334800521 advertising expense $81000522 depreciation expense $-523 store supplies expense $-529 misc. selling expense $12600530 Office salaries expense $182100531 Rent Expense $83700532 insurance expense $-539 Misc. Administrative expense $7800During July, the last month of the fiscal year, the following…
PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. 7.The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped?
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Show the solution in good accounting form The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped?
1. Norfolk Sporting Goods purchases merchandise with a catalog list price of $30,000. The retailer receives a 30% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the Inventory account? A. $29,400 B. $20,580 C. $21,000 D. $30,000 2. Who is responsible for the freight cost when the terms are FOB destination? A. the seller B. the buyer C. either the buyer or the seller D. the ultimate customer 3. Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items? A. specific identification B. LIFO C. average D. FIFO
assume informotion similar to that inthe do it on the page 207 that is on septemper 5 de lahoya company buys merchandise on account from junot diaz company the selling price of the goods is $1500 and the cost to diaz compony was $800 0n september 8 de la hoya returns defective goods with a selling price of $200 and a scrab value of $80 record the transactions on the books of junot diaz compony