Dixon Menswear Shop regularly buys shirts from Colt Company. Dixon purchased shirts from Colt on May 27, and received an invoice with a list price amount of $3,600 and payment terms of 2/10, n/30. Dixon uses the net method to record purchases. Dixon should record the purchase at a. $3,430 b. $3,500 c. $3,528 d. $3,600
Q: Doreen Woods owns a small variety store. The following transactions took place during March of the…
A: Solution : Under the perpetual inventory method each time there is a movement of inventories…
Q: On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Review the following situations and record any necessary journal entries for Mequon's Boutique. May…
A: Journal: Recording of a business transactions in a chronological order.
Q: On March 1, Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a…
A: Cash discount = $75,000*2% Cash discount = $1,500 Purchases recorded at net amount = $75,000 -…
Q: On February 28th, Gates Gems received merchandise they purchased on account from Diamonds Direct in…
A: Purchase return occurs when the buyer of merchandise, inventory or other goods send these goods back…
Q: Jones Co has the following transactions: 1 Payment of $400 to J Bloggs for a cash purchase 2…
A: In order to pass a journal entry, three golden rules of accounting needs to be followed a. For real…
Q: The Sears company had the following business transactions during December: Required: Match the…
A: Goods in any business can be sold or purchased either on cash or credit depending on the priorities…
Q: EA1. On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price…
A: Solution:- Preparation of journal entries as follows under:-
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: On March 1, Bates Board Shop sells 290 surfboards to a local lifeguard station at a sales price of…
A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in…
Q: plo owns a varlety store called stars Forever. The following are purchases of Inventory, returns,…
A: Part (i) Purchase Journal Date Invoice No. Purchased Accounts Payable Credit Mar-02 2177…
Q: Directions: Read and analyze the problem. Journalize and post the following transactions of u…
A: A journal entry is made to record the financial transaction in the books of accounts. As per the…
Q: A retailer received an invoice of RO 2500 with the terms 3/12, n/30 ROG on January 25th. The goods…
A: Given Invoice Amount = RO 2500 Term = 3/12, n/30
Q: Maple Woodworking accepts creditcards at its store. Maple’s credit card processor charges a fee of…
A: Credit sale: It can be defined as the sale of goods and services by the company to its customers on…
Q: Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on…
A: SOLUTION- A journal entry records a business transaction in the accounting system for an…
Q: Jaleh Mehr is the owner of the retall store 151 Jeans. She purchases jeans from a number of…
A: Journal is the book of original entry in which all the transactions of the business are recorded…
Q: Pass Journal Entries: Recording Cost of Goods Sold in a Perpetual System: • Daisy's sells a pair of…
A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…
Q: Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire…
A: The net method always assumes that the purchaser will take the discount advantage. So entry will be…
Q: Prepare journal entries that Sydney Retailing (buyer) records for these three transactions.Sydney…
A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…
Q: JOL JOutnaLs A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring…
A: Formula: Total purchases = Purchase feets x Per feet rate
Q: Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire…
A: Under the net method of purchases, purchases are recorded at net of discount. Term 2/10…
Q: Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of…
A: The transactions of the company will be recorded first in the company's books which is called as…
Q: Warwick's Co., a women's clothing store, purchased $75,000 of mechandise from a supplier on account,…
A:
Q: Hawk Company uses a single-column purchases journal, a cash payments journal, and a general journal…
A: Purchase Journal Date Particulars Inventory Dr. Accounts Payable Cr. 5-Oct H Company…
Q: Review the following situations and record any necessary journal entries for Mequon’s Boutique May…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: Journal Entry is the basic book of accounts that used to record the transactions immediately after…
Q: The following transactions occurred. Bigby (buyer) buys supplies from Super Coffee (seller). -…
A:
Q: Biloxi Gifts uses sales journal, purchases journal, cash receipts journal, cash payments journal,…
A: Given: Purchase of merchandise on credit = $ 2,600 Contribution to automobile = $ 17000 Sold…
Q: Happy Pictures had the following transactions during June. All amounts include GST where applicable.…
A: Journal entries are the primary recording makes in the books of account. All the transactions are…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: Discount = (Sales - sales return) x discount rate = (24500-1500) x 3% = $690
Q: Heelys-R-Us is a retailer and wholesaler of footwear for octagenarians. The following events…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15…
A: Journal is the first process of accounting where transaction is recorded in the books of accounts…
Q: On November 10 of the current year, Flores Mills sold carpet to a customer for $8,900 with credit…
A: Formula: Cash discount amount = Sales amount x discount rate
Q: Jaleh Mehr is the owner of the retail store 151 Jeans. She purchases jeans from a number of…
A: The inventory records can be usually maintained using two methods; Perpetual and periodic.
Q: Pass the journal entries for the following : Jan 27 - purchased goods on credit, $4000 less trade…
A: Journal: It is a method of recording monetary business transactions in chronological order. It…
Q: During the month of October 20--, The Pink Petal flower shop engaged in the following transactions:…
A: Journal Entries - Journal Entries are the four column format for recording debit and credit of the…
Q: Guardian Services Inc. had the following transactions during the month of April: Apr. 4. Purchased…
A: (a)Record the purchase transactions in the GS Incorporation during the month of April.
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11…
A: The financial transactions are initially recorded in the form of journal entry.
Q: Purchases Journal The following purchase transactions occurred during October for K-Town Inc.:…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: . Robin Suen shopped at Walbank Department Store during the end-of-summer sale. All luggage was…
A: Reducing the selling price of an item below its original price is known as Markdown. The mark down…
Q: On June 18, Stanton Electronics purchased, on credit, 1,700 TV sets for $525 each. Stanton plans to…
A: Inventory purchased = $525 * 1,700 = $892,500
Q: Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on…
A: Journal Entries:- A journal entries are used to record business transactions in the books of…
Q: A customer purchased P5,000 of goods on credit
A: The sale revenue is recognized when right to receive payment in respect of the sale is established.
Q: The following purchase transactions occurred during October for NonStop Inc.: Oct. 6. Purchased…
A: Journal: Recording of a business transactions in a chronological order. As posted multiple…
Q: Ainsley Emporium sells gift cards to customers. In December, customers purchased $10,000 of gift…
A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…
Q: Alison's dress shop buys dresses from McGuire Manufacturing. Alison purchased dresses from McGuire…
A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…
Q: Review the following transactions. A. On April 7, Tolbert Enterprises contracts with a supplier to…
A: In the given case, purchases from the supplier on credit = 330*14= $4620 . The payment terms is…
Dixon Menswear Shop regularly buys shirts from Colt Company. Dixon purchased shirts from Colt on May 27, and received an invoice with a list price amount of $3,600 and payment terms of 2/10, n/30. Dixon uses the net method to record purchases. Dixon should record the purchase at a. $3,430 b. $3,500 c. $3,528 d. $3,600
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 2 images
- Berrys Pet Store records purchase transactions in the general journal. The company is located in Boston, Massachusetts. In addition to a general ledger, Berrys Pet Store also uses an accounts payable ledger. Transactions for April related to the purchase of merchandise are as follows: Apr. 2Bought ten Carefree Pet Bedding bags from Blackburn Company, 399.90, invoice no. 4R48, dated April 1; terms net 30 days; FOB destination. 5Bought seven Marine Betta Kits from Herrera Company, 83.93, invoice no. 4851, dated April 3; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 15 (total 98.93). 6Bought 15 Two Door Deluxe Kennels from Barrett, Inc., 719.85, invoice no. 1845R, dated April 5; terms 1/10, n/30; FOB destination. 8Bought five Dome Top Bird Cages from Faulkner Company, 1,849.95, invoice no. 1485, dated April 7; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 76 (total 1,925.95). 13Received credit memo no. 415 from Faulkner Company for merchandise returned, 589.13. 23Bought three Five Tiered Cat Trees from Rhodes Manufacturing, 1,107, invoice no. 246J, dated April 21; terms net 60 days; FOB destination. 27Bought 30 Glitter Collection Leashes from Solomon Products Company, 299.70, invoice no. 2675, dated April 25; terms net 30 days; FOB destination. 30Received credit memo no. 861 from Solomon Products Company for merchandise returned, 76.25. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the April 1 balances, if any, as given: Barrett, Inc., 185.25; Blackburn Company, 254.64; Faulkner Company, 485.12; Herrera Company; Rhodes Manufacturing, 452.31; Solomon Products Company, 1,785.23. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using working papers, record the April 1 balances in the general ledger as given: Accounts Payable 212 controlling account, 3,162.55; Purchases 511, 559.06; Purchases Returns and Allowances 512, 123.50; Freight In 514, 15.20. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 115. 4. Post to the general ledger and the accounts payable ledger. 5. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 4 Bought fifty 10-speed bicycles from Nielsen Company, 4,775, invoice no. 26145, dated January 3; terms net 60 days; FOB Topeka. 7 Bought tires from Barton Tire Company, 792, invoice no. 9763, dated January 5; terms 2/10, n/30; FOB Topeka. 8 Bought bicycle lights and reflectors from Gross Products Company, 384, invoice no. 17317, dated January 6; terms net 30 days; FOB Topeka. 11 Bought hand brakes from Bray, Inc., 470, invoice no. 291GE, dated January 9; terms 1/10, n/30; FOB Kansas City, freight prepaid and added to the invoice, 36 (total 506). 19 Bought handle grips from Gross Products Company, 96.50, invoice no. 17520, dated January 17; terms net 30 days; FOB Topeka. 24 Bought thirty 5-speed bicycles from Nielsen Company, 1,487, invoice no. 26942, dated January 23; terms net 60 days; FOB Topeka. 29 Bought knapsacks from Davila Manufacturing Company, 304.80, invoice no. 762AC, dated January 26; terms 2/10, n/30; FOB Topeka. 31 Bought locks from Lamb Safety Net, 415.47, invoice no. 27712, dated January 26; terms 2/10, n/30; FOB Dodge City, freight prepaid and added to the invoice, 22 (total 437.47). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Barton Tire Company, 156; Bray, Inc.; Davila Manufacturing Company, 82.88; Gross Products Company; Lamb Safety Net, 184.20; Nielsen Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 423.08 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
- On June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10 per bucket. The cost to Lolita is $2 per bucket. The terms of the sale are 2/10, n/60, with an invoice date of June 1. Create the journal entries for Lupita to recognize the following transactions. A. the initial sale B. the subsequent customer payment on July 12On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- 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.Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.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?
- Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.Lowerys Pet Depot records purchase transactions in the general journal. The company is located in Cleveland, Ohio. In addition to a general ledger, Lowerys Pet Depot also uses an accounts payable ledger. Transactions for October related to the purchase of merchandise are as follows: Oct. 3Bought 12 Automatic Fish Feeders from Barrera Company, 959.88, invoice no. 5493, dated October 2; terms net 30 days; FOB shipping point, freight prepaid and added to the invoice, 79.45 (total 1,039.33). 4Bought two 18 x 18 Terrarium Stands from Hickman Company, 259.98, invoice no. 2JYX, dated October 2; terms 2/10, n/30; FOB destination. 7Bought four Chinchilla Bath Houses from Baldwin, Inc., 67.96, invoice no. 4183, dated October 6; terms 1/10, n/30; FOB destination. 10Received credit memo no. 123 from Baldwin, Inc., for merchandise returned, 13.94. Oct. 14Bought 20 Zoo Slider Hoods from Douglas, Inc., 2,599.80, invoice no. X431, dated October 12; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 140.50 (total 2,740.30). 15Bought four Hanging Bird Baths from Krause, Inc., 71.96, invoice no. A499, dated October 11; terms net 60 days; FOB destination. 24Bought eight Automatic Cat Litter Boxes from Villa Manufacturing, 2,399.92, invoice no. 4429, dated October 21; terms net 30 days; FOB destination. 27Received credit memo no. 452 from Villa Manufacturing for merchandise returned, 346.78. Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the October 1 balances, if any, as given: Baldwin, Inc., 46.57; Barrera Company, 743.15; Douglas, Inc., 615.20; Hickman Company; Krause, Inc., 23.45; Villa Manufacturing, 725.64. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, record the October 1 balances in the general ledger as given: Accounts Payable 212 controlling account, 2,154.01; Purchases 511, 2,485.12; Purchases Returns and Allowances 512, 287.52; Freight In 514, 48.57. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. Record the transactions in the general journal. If using Working Papers, begin on page 95. 4. Post to the general ledger and the accounts payable ledger. 5. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms Lamplight returns ten light fixtures (receiving a credit amount for the total purchase price per fixture of $20 each) on August 3. Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice date August 19, with no discount terms. Lamplight pays $100 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?