John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier. Merchandise costing $2,800 was sold for $5,200 in cash. Required: Prepare the necessary journal entries to record these transactions. Record the merchandise purchased on account for $5,000. Record the payment of freight charges for $300. Record the return of merchandise purchased on account costing $600. Record the sale of merchandise for $5,200 in cash. Record the cost of goods sold for $2,800.
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier. Merchandise costing $2,800 was sold for $5,200 in cash. Required: Prepare the necessary journal entries to record these transactions. Record the merchandise purchased on account for $5,000. Record the payment of freight charges for $300. Record the return of merchandise purchased on account costing $600. Record the sale of merchandise for $5,200 in cash. Record the cost of goods sold for $2,800.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 24EA: Post the following November transactions to T-accounts for Accounts Payable and Inventory,...
Related questions
Topic Video
Question
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May:
- John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.
- John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John’s account was credited by the supplier.
- Merchandise costing $2,800 was sold for $5,200 in cash.
Required:
Prepare the necessary
- Record the merchandise purchased on account for $5,000.
- Record the payment of freight charges for $300.
- Record the return of merchandise purchased on account costing $600.
- Record the sale of merchandise for $5,200 in cash.
-
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
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.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
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
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,