Mar 2 sold merchandise on credit to Ryan Co Invoice number 854, for $27,600 (cost is 17,000) Mar 12 received payment from Ryan Co For the March 2 sale less the discount of $552 What is the journal entry
Q: PA1. Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15…
A: Date of Sale = August 3 Payment terms = 2/15, n/30 This means the discount of 2% is valid for 15…
Q: Record on page 11 of the journal 19 Sold merchandise on account to Vista Co., $8,250, terms FOB…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: May 24 Sold merchandise on account to Old Town Cafe $36,010. The cost of the goods sold was $22,050.…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: 2. Maeve's Store had the following transactions during December, the last month of the accounting…
A: The journal book keeps the record of business transactions on regular basis.
Q: April 2 Purchased $3,900 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice…
A: Business Translations: An economic event involving a third party that is documented in the…
Q: March 3 Bought merchandise on account from Todd Industries, invoice no. 1124, $5,560.30; terms 2/10,…
A: Under a perpetual inventory system transactions of purchases and sales are recorded through the use…
Q: Apr. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Scout Systems purchases merchandise for $4,600 on credit with terms of 1/10, n/30. 5 Scout Systems…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory…
A: Date Particulars Debit $ Credit $ 06-May Account receivables 68500…
Q: Grayson Co. sold merchandise to Chang Co. on account, $9,250, terms 2/15, n/30. The cost of…
A: The term 2/15, n/30 is used to state the discount policy and the credit period of sales. It means…
Q: Sales and notes receivable transactionsThe following were selected from among the transactions…
A: Journal Entry for Notes Receivable The purpose of using the Notes Receivable in the firm to…
Q: On May 10, ABC Company sold S35,000 of merchandise on credit, 3/10, n/30. On May 25, ABC received…
A: Solution: Journal Entry: Date Particulars Debit Credit May 10 Accounts Receivable 35,000…
Q: The following were selected from among the transactions completed by Babcock Company during November…
A: Journalizing a transaction means passing a journal entry in the books of accounts based on a…
Q: May 1. Sold merchandise on account to Taiwan Palace Co., $43,440. The cost of the merchandise sold…
A: Under allowance method of recording doubtful accounts, allowance needs to be made for estimated…
Q: 18/Sunlife mart sold goods on 6th August, 2018 of RO 88,000 on credit to a customer under the…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: uly 12 Sold merchandise to Customer R, who charged the $3,400 purchase on his Visa credit card. Visa…
A: Explanation: The Terms 3/10, n/30 mean if the payment is made within 10 days, a 3 % discount will be…
Q: July 2 Sold merchandise on account to Perry, Inc., invoice no. 1547, $2,125.75. Cost of inventory…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Apr. 2 Purchased merchandise on account from Luebke Supply Co. $8,700, terms 2/10, n/30. 4 Sold…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Issued Check Number 3410 to S&P Management Company in payment of the May rent for $3,850. Charge…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: gross method. Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60,…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases…
A: The question is based on the concept of Financial Accounting.
Q: Thinkwell Enterprises Co pays the amount of $ 200,000 of merchandise owed to Al Bhaja Trading…
A: Discount on payment = amount payable x discount rate = 200000 x 3% = $6000
Q: Prepare the journal entry Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30;…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: ales-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on…
A: When a company makes purchases from its supplier, it can generally choose between paying the…
Q: Refer to the following merchandising transactions for Scout Systems. Nov. 1 Scout Systems purchases…
A: Journal entry is the first recording of any transaction in the books of accounts based on a…
Q: On March 5, Zulu Company Sold $20,000 of Merchandise to a customer on Credit with Terms of 3/10,…
A: The journal entry for the above transaction is recorded below :
Q: Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases…
A: The journal entries are prepared to record day to day transactions of the business. Under perpetual…
Q: Apple Co sells merchandise on credit to Zea Co in the amount of 8,000. The invoice is dated on…
A: The term 1/15, net 45 means 1% discount till 15 days of date of invoice.
Q: On November 10 of the current year, Flores Mills sold carpet to a customer for $8,800 with credit…
A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…
Q: 1. Sold merchandise on account to Taiwan Palace Co., $36,000. The cost of the merchandise sold was…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Aug. 1 Purchased merchandise from Arotek Company for $6,000 under credit terms of 1/10, n/30, FOB…
A: Journal entry: It is prepared to record the financial and non financial transaction of the business…
Q: Jacob Co. sells merchandise on credit to Isaiah Co. for $10,400. The invoice is dated on May 1 with…
A: Discount: It refers to a percentage that is deducted from the normal selling price of a product.
Q: 2. On December 6th, your company Cups Unlimited sold $600 worth of merchandise to one customer on…
A: In an accounting system, journal entries are considered as the first step of recording relevant…
Q: 1. Dollar Store purchases merchandise for $2,200 on terms of 2/5, n/30, FOB shipping point, invoice…
A: Journal entries are the first step of the accounting process and record certain transactions for…
Q: June 18 Sold and shipped on account to Dante Company, $5,000 ($3,000 cost) of merchandise, with…
A: Journal entries (JF) refers to the entries which are being reported in the original books of…
Q: April 1 Purchased merchandise on credit from 0'Rourke Fabricators, Invoice 885, $1,600, terms 2/10,…
A: Purchase Journal Date Invoice no. Purchased from whom Dr. Ac Cr. Ac Apr-01 885…
Q: Caterpillar purchased merchandise from Alpha Technologies as follows: Invoice date: March 12th…
A: Given that, Invoice date = 12 March Invoice amount = $4000 Discount = 2%
Q: ross method. Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60,…
A: The practice of recording financial activity for the first time in the books of accounts is known as…
Q: Apr. 2 Purchased $14,300 of merchandise on credit from Noth Company, terms 2/10, n/60. 3 Sold…
A: Purchase Journal Date Account Date of Invoice Terms PR Account payable Purchases Office Supplies…
Q: Prepare journal entries. 1. A customer charges a $1,000 purchase on a Visa credit card. Visa charges…
A: Journal entry refers to the recording/ classifying the business transaction into books of accounts…
Q: Required: Record the following transactions of Fashion Park in a general journal. Fashion Park must…
A: Under the perpetual system, the transactions are to be chronicled in the books on regular basis.
Q: On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for…
A: Accounts Receivables:-It is the current assets that can be received within 12 months. It appears in…
Q: Nov. 1 Dollar Store purchases merchandise for $1,300 on terms of 2/5, n/30, FOB shipping point,…
A: Discount on November 1 Purchase = 1,300 x 2%…
Q: Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the…
A: Entries in the books of Sather Co.:
Q: On March 5 PV Inc purchased $3,300 worth of merchandise from Panther Supply with the terms 2/10,n/30…
A: Inventory: Inventory refers to the goods which are purchased or manufactured to sell in the future.…
Q: 1 Sold merchandise for $4,800, with credit terms n/30; invoice dated April 1. The cost of the…
A: Introduction: Journals: Another name for journals also called as book of prime entries. Recording of…
Q: Abdulla Co. purchased $2,600 of merchandise from Adel Co. on April 10 with terms 2/10, n/30. On…
A: Whenever merchandise or goods are purchased from some other party, then it may be in cash or on…
Mar 2
sold merchandise on credit to Ryan Co Invoice number 854, for $27,600 (cost is 17,000)
Mar 12
received payment from Ryan Co For the March 2 sale less the discount of $552
What is the
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: May 2Received 411.60 cash from N. Rojas in payment of April 23 invoice of 420, less cash discount. 5Received 2,085 cash in payment of 2,000 note receivable and interest of 85. 8Sold merchandise on account to G. Soto, invoice no. 862, 830. 9Received 11,838.40 cash from D. Maddox in payment of April 30 invoice of 12,080, less cash discount. 15Received cash from G. Soto in payment of invoice no. 862, less cash discount. 16Cash sales for first half of May, 3,259. 19Received 296 cash from R. O. Higgins in payment of April 14 invoice, no discount. 22Sold merchandise on account to N. T. Jennings, invoice no. 863, 753. 25Received 239 cash refund for return of defective equipment bought in April for cash. 28Sold merchandise on account to M. E. Mueller, invoice no. 864, 964. 31Cash sales for second half of May, 4,728. Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of the debit and credit totals.
- 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.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.Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.