Instructions: Using the Excel General Journal Template prepare in good form the journal entries for the month of July for ABC Co. (providing explanations and calculations is optional) July 2 Purchased 1500 Gizmos from T Co. @ $3 ea for cash July 5 Purchased 2000 Gizmos from Z Co @ $3 ea (1/10,n/30) FOB Shipping Point $500 July 7 Received merchandise from Z Co. Paid $500 freight July 9 Returned 250 Gizmos to T Co. Refund to be received in two weeks July 11 Sold 1000 Gizmos to H Co. @ $6 ea (2/10,n/30) (cost $3 ea) FOB Destination $300 July 12 Paid freight on sale to H Co. $300 July 15 Paid Z Co. for purchase of July 5 within the discount period July 17 Received return of 100 widgets from sale to H Co. (sold @ $6 ea, cost @ $3 ea) July 19 Purchased 500 Gizmos @ $3 ea from B Co, (2/10,n/30) July 20 Purchased $400 of supplies for cash July 21 Collect from H Co. within the discount period (less return on July 17) July 23 Returned 150 Gizmos to B Co. purchase on July 19 (cost $3 ea) July 25 Received refund from T Co. for merchandise returned on July 9 July 29 Paid B Co. within the discount period (less return on July 23)

Instructions: Using the Excel General Journal Template prepare in good form the journal entries for the month of July for ABC Co. (providing explanations and calculations is optional) July 2 Purchased 1500 Gizmos from T Co. @ $3 ea for cash July 5 Purchased 2000 Gizmos from Z Co @ $3 ea (1/10,n/30) FOB Shipping Point $500 July 7 Received merchandise from Z Co. Paid $500 freight July 9 Returned 250 Gizmos to T Co. Refund to be received in two weeks July 11 Sold 1000 Gizmos to H Co. @ $6 ea (2/10,n/30) (cost $3 ea) FOB Destination $300 July 12 Paid freight on sale to H Co. $300 July 15 Paid Z Co. for purchase of July 5 within the discount period July 17 Received return of 100 widgets from sale to H Co. (sold @ $6 ea, cost @ $3 ea) July 19 Purchased 500 Gizmos @ $3 ea from B Co, (2/10,n/30) July 20 Purchased $400 of supplies for cash July 21 Collect from H Co. within the discount period (less return on July 17) July 23 Returned 150 Gizmos to B Co. purchase on July 19 (cost $3 ea) July 25 Received refund from T Co. for merchandise returned on July 9 July 29 Paid B Co. within the discount period (less return on July 23)

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5.6EX

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Recording Sale and Purchase Transactions Jordan Footwear sells athletic shoes and uses the perpetual inventory system. During June, Jordan engaged in the following transactions its first month of operations: a. On June1, Jordan purchased, on credit, 100 pairs of basketball shoes and 210 pairs of running shoes with credit terms of 2/10, n/30. The basketball shoes were purchased at a cost of $85 per pair, and the running shoes were purchased at a cost of $60 per pair. Jordan paid Mole Trucking $310 cash to transport the shoes from the manufacturer to Jordans warehouse, shipping terms were F.O.B. shipping point, and the items were shipped on June 1 and arrived on June 4. b. On June 2, Jordan purchased 88 pairs of cross-training shoes for cash. The shoes cost Jordan $65 per pair. c. On June 6, Jordan purchased 125 pairs of tennis shoes on credit. Credit terms were 2/10, n/25. The shoes were purchased at a cost of $45 per pair. d. On June 10, Jordan paid for the purchase of the basketball shoes and the running shoes in Transaction a. e. On June 12, Jordan determined that $585 of the tennis shoes were defective. Jordan returned the defective merchandise to the manufacturer. f. On June 18, Jordan sold 50 pairs of basketball shoes at $116 per pair, 92 pairs of running shoes for S85 per pair, 21 pairs of cross-training shoes for $100 per pair, and 48 pairs of tennis shoes for $68 per pair. All sales were for cash. The cost of the merchandise sold was $13,295. No sales returns are expected. g. On June 21, customers returned 10 pairs of the basketball shoes purchased on June 18. The cost of the merchandise returned was $850. h. On June 23, Jordan sold another 20 pairs of basketball shoes, on credit, for $116 per pair and 15 pairs of cross-training shoes for $100 cash per pair. The cost of the merchandise sold was $2,675. i. On June 30, Jordan paid for the June 6 purchase of tennis shoes minus the return on June 12. j. On June 30, Jordan purchased 60 pairs of basketball shoes, on credit, for S85 each. The shoes were shipped F.O.B. destination and arrived at Jordan on July 3. Required: 1. Prepare the journal entries to record the sale and purchase transactions for Jordan during June 2019. 2. Assuming operating expenses of $5,300 and income taxes of $365, prepare Jordans income statement for June 2019.
( Appendix 5A) Sales Discounts Ramsden Inc. provided consulting services with a gross price of $25,000 and terms of 2/10, n/30. Required: 1. Prepare the necessary journal entries to record the sale under the gross method. 2. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays within 10 days. 3. Prepare the necessary journal entries to record collection of the receivable, assuming the customer pays after 10 days.
Appendix 1 Discount taken in next fiscal year Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4, account receivable of 1,500 on July 6, 20Y4, and takes a 2% sales discount. Journalize the entry to record the payment on account from Mark Bishop.
Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.
Communication Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and sales for the year are as follows: Purchases: Sales: The president of the company, Connie Kilmer, has asked for your advice on which inventory cost flow method should be used for the 32,000-unit physical inventory that was taken on December 31. The company plans to expand its product line in the future and uses the periodic inventory system. Write a brief memo to Ms. Kilmer comparing and contrasting the LIFO and FIFO inventory cost flow methods and their potential impacts on the companys financial statements.
Journalize the transactions in a merchandising business in general journal - purchase and sale. Write your answer on a columnar sheet.On January 15, Aeron Trading purchased from Victoria Merchandising goods amounting to ₱30,000 on term 50% down, balance 2/10, n/30. The next day, Aeron Trading issued a ₱2,000 debit memorandum to Victoria Merchandising for the return of defective merchandise bought. On January 20, Aeron Trading paid ₱10,000 as partial payment. Aeron Trading settled in full the outstanding account with Victoria Merchandising on January 25.1. Journalize the above transactions using periodic inventory system and generaljournal of:A. Aeron TradingB. Victoria Merchandising
Week 2 Date Transaction description 8 Purchased 13 boxes of Sprearmint Gum from Gillard Wholesalers for $208 each, terms net 30. 10 Paid the full amount owing to Hershel's, Check No. 405. Payment fell outside discount period. 11 Sold 17 boxes of Hazelnut Toffee to Central Candy for $376 each, Invoice No. 870. 11 Paid sales staff wages of $2,031 for the week up to and including yesterday, Check No. 406. 12 Made cash sale of 30 boxes of Organic Chocolate for $992 each. 13 Paid the full amount owing to Restlay, Check No. 407. 13 Paid the full amount owing to Brennan Imports Group, Check No. 408. 13 Candy Man paid the full amount owing on their account. Since Candy Man has been a loyal customer from the day the business commenced, a 10% discount was given for this early repayment. SALES JOURNAL Date Account InvoiceNo. PostRef. Accounts Receivable Cost of Goods Sold Jun (select) Jun (select) Jun (select) Jun (select)…
23 please quickly thanks! calculations See the transactions in the picture presented. a. Record the journal entries of the transactions on Nov 6th. (Assuming the purchase is on credit) b. How much is the merchandise sold using perpetual LIFO method? (Show the calculations) C. How much is the gross profit in November? Nov 1 Inventory 140units at $25 Nov 6 Credit Sales 60 units at $30 (Selling price) Nov 14 Purchase 100 units at $22 Nov 19 Credit Sales 80 units at $30 (Selling price) Nov 25 Credit Sales 60 units at $30 (Selling price) Nov 30 Purchase 70 units at $20
Journalize the transactions in a merchandising business in general journal - purchase and sales. See the template below for general journal, purchase journal, and sales journal. (This is the correct template please be guided)Write your answer on a columnar sheet. On January 15, Aeron Trading purchased from Victoria Merchandising goods amounting to ₱30,000on term 50% down, balance 2/10, n/30. The next day, Aeron Trading issued a ₱2,000 debitmemorandum to Victoria Merchandising for the return of defective merchandise bought. On January20, Aeron Trading paid ₱10,000 as partial payment. Aeron Trading settled in full the outstandingaccount with Victoria Merchandising on January 25.1. Journalize the above transactions using periodic inventory system and generaljournal of:A. Aeron TradingB. Victoria Merchandising
Jan Feb March Purchases on account $260,000 $293,000 $330,000 The vendors have required the following terms of payment: Month of purchase 30% First month after the purchase 35% Second month after the purchase 35% Calculate the total payment on account for the month of March.
Journal entry transactions-double entry system 9) Customer returned 14.000 TL + %10 VAT merchandise . Cost of Goods Sold is 8.400 TL. Check is issued for Refund to ,returned merchandise andTL cash is paid for VAT. At the end of the month USD is : 7.10TL/ USD .
H3. A retailer purchases some merchandise with an invoice price of $19,100 and terms of sale of 5/15, n/45. What is the net amount due (in $) on the order if a partial payment of $10,800 is made on the 15th day? (Round your answer to the nearest cent.) Please show proper step by step calculation with details