Answered: MAKE THE JOURNAL ENTRIES USING PERIODIC…

Business

Accounting

MAKE THE JOURNAL ENTRIES USING PERIODIC SYSTEM

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1EA: On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of...

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REQUIRED: MAKE THE JOURNAL ENTRIES USING PERIODIC SYSTEM WITH LITTLE EXPLANATIONS Diana Villanueva owns and operates the Dada Meat Mart. She opened the business on January 1, 2005 selling beef, pork chicken, canned goods and dairy products. Journalize the following transactions. June 1 Purchased beef from Yssa’s farm, P 8,960. VAT included. Terms: 20% down, balance 2/10, n/30. 3 Purchased chicken and eggs from Josie’s Chicken House,P 6,000 list price. Terms: Cash less 5% trade discount plus VAT. 4 Issued a credit memo to Yssa’s farm for spoiled goods returned, P 540, VAT excluded. 11 Paid in full the account to Yssa’s farm. 12 Bought pork from Johnny’s Piggery, P10,640, VAT included. Terms: 50% down, balance 2/15, n/30. Freight of P150 was paid. FOB destination. 15 Paid Josie’s Chicken House in full of account. 16 Cash purchases, P11,200, VAT included. 20 Returned spoiled goods…
Diana Villanueva owns and operates the Dada Meat Mart. She opened the business on January 1, 2005 selling beef, pork chicken, canned goods and dairy products. Journalize the following transactions. June 1 Purchased beef from Yssa’s farm, P 8,960. VAT included. Terms: 20% down, balance 2/10, n/30. 3 Purchased chicken and eggs from Josie’s Chicken House,P 6,000 list price. Terms: Cash less 5% trade discount plus VAT. 4 Issued a credit memo to Yssa’s farm for spoiled goods returned, P 540, VAT excluded. 11 Paid in full the account to Yssa’s farm. 12 Bought pork from Johnny’s Piggery, P10,640, VAT included. Terms: 50% down, balance 2/15, n/30. Freight of P150 was paid. FOB destination. 15 Paid Josie’s Chicken House in full of account. 16 Cash purchases, P11,200, VAT included. 20 Returned spoiled goods to Johnny’s Piggery, P1,120, VAT included. 27 Paid in full the account with…
On 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 10
REQUIRED: make the journal entries using periodic inventory system without explanations. Diana Villanueva owns and operates the Dada Meat Mart. She opened the business on January 1, 2005 selling beef, pork chicken, canned goods and dairy products. Journalize the following transactions. June 1 Purchased beef from Yssa’s farm, P 8,960. VAT included. Terms: 20% down, balance 2/10, n/30. 3 Purchased chicken and eggs from Josie’s Chicken House,P 6,000 list price. Terms: Cash less 5% trade discount plus VAT. 4 Issued a credit memo to Yssa’s farm for spoiled goods returned, P 540, VAT excluded. 11 Paid in full the account to Yssa’s farm. 12 Bought pork from Johnny’s Piggery, P10,640, VAT included. Terms: 50% down, balance 2/15, n/30. Freight of P150 was paid. FOB destination. 15 Paid Josie’s Chicken House in full of account. 16 Cash purchases, P11,200, VAT included. 20 Returned spoiled…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began thelast quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000.The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition,One Stop paid $120 cash on each clock to have the inventory shipped fromthe vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of theseclocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, asthey were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of$498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of$7,400 each and these…
Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…
On March 1, Bates Board Shop sells 300 surfboards to 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 inital sale B. the subsequent customer pyament on March 10