Ammar Company, using perpetual inventory method, sold merchandise on account, Rs. 92,500 with terms 1/10, n/30. The cost of the merchandise sold was Rs. 55,500. Ammar Company received the payment within the discount period. Prepare all of the journal entries to record the a). sale, and b). payment

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A: a) Prepare the journal entries in the accounting records of GW to account this sales and the…

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Q: On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with…

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Q: An item of merchandise was sold for RO 800 cash by a Merchandise business. The cost of goods sold…

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Q: A company purchased $1800 of merchandise on July 5 with terms 2/10, n/30. on July 7, it returned…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: mpany using the periodic inventory system has the following account balances: Merchandise Inventory…

A: Solution: Cost of merchandise purchased is the cost of purchases which is computed as purchase cost…

Q: The Wheatland Company purchased merchandise on account from a supplier for $30,000, terms 1/10,…

A: a.Calculate the  requirement of cash to pay the merchandise purchased on account during the discount…

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…

Q: Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the…

A: Journal entries are used to record the financial transaction. It helps to prepare the ledger and…

Q: Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the…

A: Journal: Recording of a business transactions in a chronological order.

Q: Hell Ltd. sold merchandise for $20,000 on credit. The cost of merchandise sold was $11,900.  The…

A: Perpetual Inventory System: A perpetual inventory system is a form of inventory control that uses a…

Q: a. Sampson Co. sold merchandise to Batson Co. on account, $20,100, terms 2/15, net 45. b. The cost…

A: 1)Journal entries in the books of Sampson co. : Sl. No General journal L.F Debit Credit a)…

Q: Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the…

A: Solution: a) & b) Date Particulars Debit Credit   Account Receivable A/c 4,200       To…

Q: The transactions that follow took place under the perpetual inventory system. Record each…

A: Ledgers are the accounts prepared by a business to prepare the financial statements and contains as…

Q: Sampson Co. sold merchandise to Batson Co. on account, $22,900, terms 2/15, net 45. The cost of the…

A: Cash discount = $22,900*2% Cash discount = $458   Sales after cash discount = $22,900 - $458 Sales…

Q: Presented below are transactions related to Star Company. On June 4, Star Company sold OMR670,000 of…

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Q: Cathy's bakery purchased goods for $4,400 (including GST) on credit, terms 4/15, n/30. The entry in…

A: A perpetual inventory system is one in which inventory records are updated on a real time basis.…

Q: Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the…

A: Sales Discount = Net sales x discount rate = $80,000 x 2% = $1600

Q: The following selected transactions were completed by Lim Supply Co., during March of the current…

A: Journal is the primary book of accounts where transactions are originally recorded. Further, a…

Q: On April 15, Jones, Inc. purchased merchandise inventory at an invoice price of $350,000, with terms…

A: Discount on Payment = Invoice amount x rate of discount = $350,000 x 3% = $10,500

Q: a. Sampson Co. sold merchandise to Batson Co. on account, $36,000, terms 2/15, net 45. p. The cost…

A: The perpetual inventory system maintains the record for cost of goods sold with every sale…

Q: resented below are transactions related to Sunland Company. 1.   On December 3, Sunland Company…

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Q: Show Me How Purchase-Related T The Stationery Company purchased merchandise on account from a…

A: The terms of the discount are 2/10, n/30. 2/10 means that the buyer will get a discount of 2% if…

Q: Golf World sold merchandise to Mulligans for $10,000, offering terms of 1/15, n/30. Mulliganspaid…

A: Step 1 Journal entries are the part of bookkeeping.

Q: Landon Jewelers uses the perpetual inventory system. On April​ 2, Landon sold merchandise with a…

A: Introduction:: Journals: Recording of a business transactions in a chronological order. First step…

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Q: A Retail Merchandiser was using Perpetual inventory method. The business bought OMR 40,000 of…

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Q: A company purchased $3,000 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…

A: Under perpetual inventory system, inventory purchased is recorded as merchandise and freight expense…

Q: A Retailer purchased merchandise inventory with an invoice price of RO 80,000 and credit terms are…

A: The net cost of goods sold if payment made within discount period is 78,400 Net Cost of Goods…

Q: The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would…

A: Sale of goods on credit Accounts receivable a/c or debtors a/c debit $20,000  To sales a/c $20,000…

Q: Centex Sound Systems purchased merchandise inventory costing $8,000 from Flower Co. on account.…

A: Accounts Debit Credit Merchandise Inventory $8,000               Accounts Payable   $8,000 (To…

Q: On September 12, Vander Company sold merchandise in the amount of $9,200 to Jepson Company, with…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: a company purchased inventory for $2,200 on account, and recorded the following journal entry:…

A: Purchases: Purchases refer to the business act of procuring the merchandise inventory.   Purchase…

Q: McIntyre Company (Perpetual Inventory System) made a purchase of merchandise on credit from Marvin…

A: Under the perpetual inventory system, the inventory records are updated with each and every…

Q: On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5,…

A: Journal Entry: It is the method involved with making records of any exchanges either monetary or…

Q: On September 12, Vander Company sold merchandise in the amount of $2,600 to Jepson Company, with…

A: The first question has been answered. Discount given as payment is received within 10 days = $2,600…

Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…

A: Discount amount (if payment is made within discount period) = Sales x rate of discount

Q: On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Travis Company purchased merchandise on account from a supplier for $5,700, terms 2/10, net 30.…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: rnal entries to record the following merchandising transactions of Lowe's, which uses the perpetual…

A: Journal Entry The act of recording or keeping track of any financial or non-financial action is…

Q: Travis Company purchased merchandise on account from a supplier for $12,900, terms 2/10, net 30.…

A: Perpetual inventory system: It is a method of inventory management that records real time…

Q: Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45.  The cost of the…

A: The question is related to the Journal entry in the books of both the comapny.

Q: Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30.…

A: Net purchases = Purchases - purchase return = $13400 - 1700 = $11,700

Q: On December 22, Travis Company purchased merchandise on account from a supplier for $13,200, terms…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: correct journal entry to record the payment on july 12th is

A: Answer:   Debit account Pay 2400 credit merchandise inventory 72 credit cash 2,328