Homework Help is Here – Start Your Trial Now!
Business
Accounting
3. Accounting For Merchandise Business The Following transactions were completed by KarenMilen Company during June of the current year. This company uses perpetual inventory system. Date Transactions Purchased Merchandise on Account from Flower Co. $5,000. terms FOB Shiping point, 2/10n/30, with prepaid freight $180 added to the invoice. Puurchased merchandise on account form Carmen Co. $9.500 terms FOB destinations 1/10 n/30 6 Sold Merchandise on account to Howard Co. List Price $5,000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,500 Purchased office supplies for cash $ 350 Returned merchandise purchased from Carmen Co. $1,250 Paid Flower Co. on account for purchased on June 3, less discount Purchased merchandise for cash $10,500 June 3 5 10 13 14 15 Paid Carmen Co. on account for purchase of June 5. less return of June 10 and discount Received cash on account from sale of June 6 to Howard Co, less discount Sold merchandise on Visa credit cards $2,650 . The Cost of the merchandise sold was $980 Sold merchandise on account to Smart Co $3,550 terms 2/10 n/30. The cost of the merchandise sold was $1.800 Sold merchandise for cash $4,650. The cost of the merchandise sold was $ 1,750 Received merchandise returned by Smart Co from sale on June 22, $1,550. The cost of returned merchandise was $750 Paid a service processing fee of $250 for Visa sales 16 19 22 24 25 31 Instructions: a. Journalize the preceding transactions b. Journalize the adjusting entry for merchandisc inventory shrinkage $ 3,950.

3. Accounting For Merchandise Business The Following transactions were completed by KarenMilen Company during June of the current year. This company uses perpetual inventory system. Date Transactions Purchased Merchandise on Account from Flower Co. $5,000. terms FOB Shiping point, 2/10n/30, with prepaid freight $180 added to the invoice. Puurchased merchandise on account form Carmen Co. $9.500 terms FOB destinations 1/10 n/30 6 Sold Merchandise on account to Howard Co. List Price $5,000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,500 Purchased office supplies for cash $ 350 Returned merchandise purchased from Carmen Co. $1,250 Paid Flower Co. on account for purchased on June 3, less discount Purchased merchandise for cash $10,500 June 3 5 10 13 14 15 Paid Carmen Co. on account for purchase of June 5. less return of June 10 and discount Received cash on account from sale of June 6 to Howard Co, less discount Sold merchandise on Visa credit cards $2,650 . The Cost of the merchandise sold was $980 Sold merchandise on account to Smart Co $3,550 terms 2/10 n/30. The cost of the merchandise sold was $1.800 Sold merchandise for cash $4,650. The cost of the merchandise sold was $ 1,750 Received merchandise returned by Smart Co from sale on June 22, $1,550. The cost of returned merchandise was $750 Paid a service processing fee of $250 for Visa sales 16 19 22 24 25 31 Instructions: a. Journalize the preceding transactions b. Journalize the adjusting entry for merchandisc inventory shrinkage $ 3,950.

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.1P: Purchase-related transactions The following selected transactions were completed by Epic Co. during...
See similar textbooks
icon
Related questions
Question
100%
3. Accounting For Merchandise Business The Following transactions were completed by KarenMilen Company during June of the current year. This company uses perpetual inventory system. Date June 3 Purchased Merchandise on Account from Flower Co. $5,000. terms FOB Shiping point, 2/10n/30, with Transactions prepaid freight $180 added to the invoice. Puurchased merchandise on account form Carmen Co. $9,500 terms FOB destinations 1/10 n/30 5 6. Sold Merchandise on account to Howard Co. List Price $5,000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,500 Purchased office supplies for cash $ 350 Returned merchandise purchased from Carmen Co. $1,250 Paid Flower Co. on account for purchased on June 3, less discount Purchased merchandise for cash $10,500 Paid Carmen Co. on account for purchase of June 5. less return of June 10 and discount Received cash on account from sale of June 6 to Howard Co, less discount 19 8 10 13 14 15 16 Sold merchandise on Visa credit cards $2,650 . The Cost of the merchandise sold was $980 22 Sold merchandise on account to Smart Co $3,550 terms 2/10 n/30. The cost of the merchandise sold was $1.800 24 Sold merchandise for cash $4,650. The cost of the merchandise sold was $ 1,750 Received merchandise returned by Smart Co from sale on June 22, $1,550. The cost of returned merchandise was $750 31 25 Paid a service processing fee of $250 for Visa sales Instructions: a. Journalize the preceding transactions b. Journalize the adjusting entry for merchandise inventory shrinkage $ 3,950.
Transcribed Image Text:3. Accounting For Merchandise Business The Following transactions were completed by KarenMilen Company during June of the current year. This company uses perpetual inventory system. Date June 3 Purchased Merchandise on Account from Flower Co. $5,000. terms FOB Shiping point, 2/10n/30, with Transactions prepaid freight $180 added to the invoice. Puurchased merchandise on account form Carmen Co. $9,500 terms FOB destinations 1/10 n/30 5 6. Sold Merchandise on account to Howard Co. List Price $5,000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,500 Purchased office supplies for cash $ 350 Returned merchandise purchased from Carmen Co. $1,250 Paid Flower Co. on account for purchased on June 3, less discount Purchased merchandise for cash $10,500 Paid Carmen Co. on account for purchase of June 5. less return of June 10 and discount Received cash on account from sale of June 6 to Howard Co, less discount 19 8 10 13 14 15 16 Sold merchandise on Visa credit cards $2,650 . The Cost of the merchandise sold was $980 22 Sold merchandise on account to Smart Co $3,550 terms 2/10 n/30. The cost of the merchandise sold was $1.800 24 Sold merchandise for cash $4,650. The cost of the merchandise sold was $ 1,750 Received merchandise returned by Smart Co from sale on June 22, $1,550. The cost of returned merchandise was $750 31 25 Paid a service processing fee of $250 for Visa sales Instructions: a. Journalize the preceding transactions b. Journalize the adjusting entry for merchandise inventory shrinkage $ 3,950.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Corporate Financial Accounting
Corporate Financial Accounting
Accounting
ISBN:
9781305653535
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS