13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for invoice of October 4, less debit memo of October 6.19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/com.19. Paid freight of $400 on October 19 purchase from Veggie Co.20. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination,1/10, n/30.30. Paid Caesar Salad Co. for invoice of October 20.31. Paid UK Imports Co. for invoice of October 1.31. Paid Veggie Co. for invoice of October 19.InstructionsJournalize the entries to record the transactions of Capers Company for October.PR 6-2A Sales-related transactions using perpetual inventory systemOBJ. 2The following selected transactions were completed by Amsterdam Supply Co., which sellsoffice supplies primarily to wholesalers and occasionally to retail customers:Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination,1/10, n/30. The cost of the merchandise sold was $13,300.3. Sold merchandise for $11,350 plus 6% sales tax to retail cash customers.The cost of merchandise sold was $7,000.4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point,n/eom. The cost of merchandise sold was $33,200.5. Sold merchandise for $30,000 plus 6% sales tax to retail customersMasterCard. The cost of merchandise sold was $19,400.used12. Received check for amount due from Equinox Co. for sale on March 2.14. Sold merchandise to customers who used American Express cards, $13,700.The cost of merchandise sold was $8,350.01pri16. Sold merchandise on account to Targhee Co., $27,500, terms FOB shippingpoint, 1/10, n/30. The cost of merchandise sold was $16,000.18. Issued credit memo for $4,800 to Targhee Co. for merchandise returned fromsale on March 16. The cost of the merchandise returned was $2,900.19. Sold merchandise on account to Vista Co., $8,250, terms FOB shipping point,2/10, n/30. Added $75 to the invoice for prepaid freight. The cost of merchan-dise sold was $5,000.26. Received check for amount due from Targhee Co. for sale on March 16 lesscredit memo of March 18. bisqe(Continued) 310Chapter 6 Accounting for Merchandising Businesses DGeneral LedgerSHOWME HOWMar 40019Mar. 28. Received check for amount due from Vista Co. for sale of March 19.31. Received check for amount due from Empire Co. for sale of March 4.31. Paid Fleetwood Delivery Service $5,600 for merchandise delivered during Marchto customers under shipping terms of FOB destination.850Apr.3. Paid City Bank $940 for service fees for handling MasterCard and AmericanExpress sales during March.BOT at 8 15. Paid $6,544 to state sales tax division for taxes owed on sales.On InstructionsJournalize the entries to record the transactions of Amsterdam Supply Co.PR 6-3A Sales-related and purchase-related transactions using perpetualinventory systemOBJ. 2The following were selected from among the transactions completed by Babcock Companyduring November of the current year:Nov. 3. Purchased merchandise on account from Moonlight Co., list price $85,000, tradediscount 25%, terms FOB destination, 2/10, n/30.

Name: 13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for in
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Description: 13. Paid Hoagie Co. for invoice of October 3.14. Paid Taco Co. for invoice of October 4, less debit memo of October 6.19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/com.19. Paid freight of $400 on October 19 purchase

Journal entries are made to the books to record the financial transactions of a firm. It is one of…

Business

Accounting

actions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandico cold 300

actions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandico cold 300

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 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), 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.
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.
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado. Nov. 3Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, 2,482.51. The cost of the merchandise was 1,961.18. 5Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, 287.45. The cost of the merchandise was 227.09. 7Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, 3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, 135 (total 3,989.16). 9Bought merchandise on account from Lozano, Inc., invoice no. 8755, 426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, 67 (total 493.65). 12Received credit memo no. 542 to Lozano, Inc., for merchandise returned, 102.20. 17Sold merchandise on account to Jacks Golfing Shop, invoice no. 5421, 486.35. The cost of the merchandise was 432.85. 23Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, 2,465.99. The cost of the merchandise was 1,972.79. 28Bought merchandise on account from Fields, Inc., invoice no. 4599, 441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, 102 (total 543.29). Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.
Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $21,220. A. purchased merchandise inventory on account, $9,900 B. paid vendors for part of inventory purchased earlier in month, $6,500 C. purchased merchandise inventory for cash, $4,750
Post the following November transactions to T-accounts for Accounts Payable and Inventory, indicating the ending balance (assume no beginning balances in these accounts). A. purchased merchandise inventory on account, $22,000 B. paid vendors for part of inventory purchased earlier in month, $14,000 C. purchased merchandise inventory for cash, $6,500
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.