Journalizing Purchases Transactions Enter the following transactions in a purchases journal. May 3 Purchased merchandise from Climen, $7,200. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Misho, $3,100. Invoice No. 614, dated May 8, terms 2/10, n/30. Purchased merchandise from Alelu Distributors, $4,700. Invoice No. 180, dated May 15, terms 1/15, n/30 18 23 Purchased merchandise from Saltex, $5,900. Invoice No. 913, dated May 22, terms 1/10, n/30 Page: PURCHASES DEBIT POST FROM WHOM PURCHASED INVOICE DATE ACCTS. PAY. NO. REF. CREDIT М.d 1 1 М.d 2 2 М.d 3 М.d 4 4

Journalizing Purchases Transactions Enter the following transactions in a purchases journal. May 3 Purchased merchandise from Climen, $7,200. Invoice No. 321, dated May 1, terms n/30. 9 Purchased merchandise from Misho, $3,100. Invoice No. 614, dated May 8, terms 2/10, n/30. Purchased merchandise from Alelu Distributors, $4,700. Invoice No. 180, dated May 15, terms 1/15, n/30 18 23 Purchased merchandise from Saltex, $5,900. Invoice No. 913, dated May 22, terms 1/10, n/30 Page: PURCHASES DEBIT POST FROM WHOM PURCHASED INVOICE DATE ACCTS. PAY. NO. REF. CREDIT М.d 1 1 М.d 2 2 М.d 3 М.d 4 4

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.6E: Purchase Discounts For each of the following transactions of Buckeye Corporation, prepare the...

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PURCHASES TRANSACTIONS Ann Benton, owner of Bentons Galleria, made the following purchases of merchandise on account during the month of October: Oct. 2Purchase Invoice No. 321, 1,950, from Boggs Distributors. 7Purchase Invoice No. 152, 2,915, from Wolfs Wholesaler. 10Purchase Invoice No. 634, 3,565, from Komuro Co. 16Purchase Invoice No. 349, 2,845, from Fritz McCord, Inc. 24Purchase Invoice No. 587, 3,370, from Boggs Distributors. 26Purchase Invoice No. 764, 2,240, from Sanderson Company. 31Purchase Invoice No. 672, 1,630, from Wolfs Wholesaler. Required 1. Record the transactions starting with page 16 of a general journal. 2. Post from the general journal to the general ledger accounts and to the accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.
PURCHASES TRANSACTIONS J. B. Speck, owner of Specks Galleria, made the following purchases of merchandise on account during the month of September: Sept. 3Purchase Invoice No. 415, 2,650, from Smith Distributors. 8Purchase Invoice No. 132, 3,830, from Michaels Wholesaler. 11Purchase Invoice No. 614, 3,140, from J. B. Sanders Co. 18Purchase Invoice No. 329, 2,250, from Bateman Jones, Inc. Sept. 23Purchase Invoice No. 767, 4,160, from Smith Distributors. 27Purchase Invoice No. 744, 1,980, from Anderson Company. 30Purchase Invoice No. 652, 2,780, from Michaels Wholesaler. Required 1. Record the transactions starting with page 16 of a general journal. 2. Post from the general journal to the general ledger accounts and to the accounts payable ledger accounts. Use general ledger account numbers as shown in the chapter.
JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger and accounts payable ledger accounts, journalize and post the following transactions: July 7Returned merchandise to Starcraft Industries, 700. 15Returned merchandise to XYZ, Inc., 450. 27Returned merchandise to Datamagic, 900.
JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5Returned merchandise to Tower Industries, 500. 11Returned merchandise to A D Arms, 625. 23Returned merchandise to Mighty Mansion, 275.
PURCHASES JOURNAL J. B. Speck, owner of Specks Galleria, made the following purchases of merchandise on account during the month of September: Sept. 3Purchase Invoice No. 415, 2,650, from Smith Distributors. 8Purchase Invoice No. 132, 3,830, from Michaels Wholesaler. 11Purchase Invoice No. 614, 3,140, from J. B. Sanders Co. 18Purchase Invoice No. 329, 2,250, from Bateman Jones, Inc. 23Purchase Invoice No. 867, 4,160, from Smith Distributors. 27Purchase Invoice No. 744, 1,980, from Anderson Company. 30Purchase Invoice No. 652, 2,780, from Michaels Wholesaler. Required 1. Record the transactions in the purchases journal. Total and rule the journal. 2. Post from the purchases journal to the general ledger and accounts payable ledger accounts. Use account numbers as shown in the chapter.
PURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE METHODS Romeros Heating and Cooling had the following transactions during April: Apr. 2Purchased merchandise on account from Alanon Valve for 1,000, terms 2/10, n/30. 5Purchased merchandise on account from Leons Garage for 1,400, terms 1/10, n/30. 11Paid the amount due to Alanon Valve for the purchase on April 2. 25Paid the amount due to Leons Garage for the purchase on April 5. 1. Prepare general journal entries for these transactions using the gross-price method. 2. Prepare general journal entries for these transactions using the net-price method.
PURCHASES TRANSACTIONSGROS-PRICE AND NET-PRICE METHODS Glorias Repair Shop had the following transactions during May: May 2Purchased merchandise on account from Delgados Supply for 900, terms 2/10, n/30. 6Purchased merchandise on account from Goros Auto Care for 1,200, terms 1/10, n/30. 11Paid the amount due to Delgados Supply for the purchase on May 2. 27Paid the amount due to Goros Auto Care for the purchase on May 6. 1. Prepare general journal entries for these transactions using the gross-price method. 2. Prepare general journal entries for these transactions using the net-price method.
JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.
PURCHASES JOURNAL Ann Benton, owner of Bentons Galleria, made the following purchases of merchandise on account during the month of October: REQUIRED 1. Record the transactions in the purchases journal. Total and rule the journal. 2. Post from the purchases journal to the general ledger and accounts payable ledger accounts. Use account numbers as shown in the chapter.
Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
Purchase Discounts For each of the following transactions of Buckeye Corporation, prepare the appropriate journal entry. (All purchases on credit are made with terms of 1/10, n/30, and Buckeye uses the periodic system of inventory.) July 3: Purchased merchandise on credit from Wildcat Corp. for $3,500. July 12: Paid amount owed to Wildcat Corp.
Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000