On June 1, Able Company sold merchandise in the amount of $6,000 to Maya's, with credit terms of 2/10, n/30. The cost of the items sold is $5,000. Able uses the perpetual inventory system. The journal entry or entries that Able will make on June 1 is:   June 9th entry when Maya pays for her merchandise   If June 9th never happened, and Maya paid on June 20th, What is the journal entry?   Fido Company had sales of $200,000, sales discounts of $5,000, and sales returns of $4,800. Fido Company's net sales equals

Q: On February 3, Smart Company sold merchandise in the amount of $4,800 to Truman Company, with credit…

A: Note: I have provide you the correct Journal entry, but I guess the correct option is not uploaded.…

Q: Glasgow Company uses the periodic inventory system. On February 1, the corporation purchased…

A: Introduction:- On February 1, the corporation purchased inventory on account for $16,000. The terms…

Q: On October 5, Blossom Company sells merchandise to Pina Company for $5,400, terms 2/10, n/30. The…

A: PERPETUAL INVENTORY SYSTEM:                                                           It is a method…

Q: On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: On February 3, Smart Company sold merchandise in the amount of $1,800 to Kennedy Company, with…

A: Under Gross Method, Sales are recorded at their Gross Value.    If the buyer makes payment within…

Q: Livingston Company sells merchandise on account for $6,000 to Briggs Inc. on April 10 with credit…

A: We have the following information: Livingston Company sells merchandise on account for $6,000 to…

Q: A company purchased $1800 of merchandise on July 5 with terms 2/10, n/30. on July 7, it returned…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Price Company is a merchandiser that started its operations on January 1, 2020. Price buys and sells…

A: 1. Goods returned on 7th January        = 2,420 * 5% = $121  2. Cost of goods sold on January 9 :…

Q: On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: On 12th January 2018, Megamart company grants an allowance to a Max traders, a customer of RO 2,600…

A: Sales allowance is reduction of price when customer keep the product but he is not satisfied with…

Q: On September 12, Vander Company sold merchandise in the amount of $5,900 to Jepson Company, with…

A: SOLUTION- PERIODIC INVENTORY METHOD- IT IS A INVENTORY VALUATION METHOD IN WHICH INVENTORY IS…

Q: On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit…

A: Given that, the company sold merchandise costing $4500  value of merchandise sold = $7800   sales…

Q: On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with…

A:

Q: Landon Jewelers uses the perpetual inventory system. On April 2, Landon sold merchandise with a cost…

A: Under a perpetual system, cost of goods sold is computed for each sale transaction. In this system,…

Q: Debby Ventures uses the perpetual inventory system and had the following sales transactions during…

A: Perpetual inventory system is that inventory system under which all purchase and sale of inventory…

Q: On September 12, Vander Company sold merchandise in the amount of $5,800 to Jepson Company, with…

A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…

Q: On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,700 on…

A: 2/10 net 30 means that if the amount due is paid within 10 days, the customer will enjoy a 2%…

Q: On March 15, Monroe Sales sells $9,525.00 on account to Garrison Brewer with terms of 1/10, n/30.…

A: Calculation of sale discounts =( Sale - Sales returns and allowances) * Rate  = $9,525-$125 =$9,400…

Q: On April 5, a customer returns 20 bicycles with a sales price of $280 per bike to Barrio Bikes. Each…

A: Perpetual inventory system: Under this inventory system, the records of inventory are continuously…

Q: Forever Jewelers uses the perpetual inventory system. On April​ 2, Forever sold merchandise with a…

A: Solution:- Preparation of the journal entries correctly records the sales​ revenue as follows::…

Q: On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required: Fill in the…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: On February 3, Smart Company sold merchandise in the amount of $5,800 to Kennedy Company, with…

A: Amount received = Invoice amount - Discount amount where, Discount amount = Invoice amount  x…

Q: Inamra Inc. is a clothing manufacturer. The firm uses a periodic inventory system. Inamra…

A: Whenever goods are sold, cash account is debited and sales a/c is to be credited. In case of sales…

Q: On January 6, Jacob Co. sells merchandise on account to Harley Inc. for $9,200,terms 1/10, n/30. On…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: On October 5, Pronghorn Corporation buys merchandise for resale on account from Culver Corporation.…

A: Perpetual Inventory System: It is an inventory estimation system where inventory gets continuously…

Q: On October 1, Reyenbeau Company sold inventory in the amount of $5,800 to Wiles. On October 3, Wiles…

A: UNDER PERPETUAL INVENTORY BOTH THE RETURNS AND ALLOWANCES REDUCE THE BUYER'S DEBT TO THE SELLER…

Q: Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 Sold…

A:

Q: On October 5, Pronghorn Corporation buys merchandise for resale on account from Culver Corporation.…

A: Pronghorn Corporation is the buyer and uses perpetual inventory system therefore both the entries…

Q: Small Musical Shop uses the perpetual inventory system. On April 2, Small Musical sold merchandise…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: er 1, Jerry's Lighting purchased merchandise with a list price of $4,100 with credit terms of 3/10,…

A: Solution: Amount of discount will be computed on the list price reduced by returns of merchandise if…

Q: Raymond Company and Geeslin Company both use a periodic inventory system. The following transactions…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: on february 3 smart company sold merchandise in the amount of 2000 to truman company with credit…

A: Perpetual inventory system: The perpetual inventory system involves tracking inventory after every,…

Q: On April 5, a customer returns 25 bicycles with a sales price of $300 per bike to Barrio Bikes. Each…

A: Perpetual Inventory System In perpetual inventory system whenever the firm took the decision of…

Q: Landon Jewelers uses the perpetual inventory system. On April​ 2, Landon sold merchandise with a…

A: Introduction:: Journals: Recording of a business transactions in a chronological order. First step…

Q: Orange Co. is a customer of Watermelon Co. On June 17, 2022 Orange Co. returned back the merchandise…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: A company purchased $3,000 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…

A: Under perpetual inventory system, inventory purchased is recorded as merchandise and freight expense…

Q: On September 12, Ryan Company sold merchandise in the amount of $8,000 to Johnson Company, with…

A: Ryan company is using net method of accounting. The entry at the time of receipt of payment will be:…

Q: On September 12, Vander Company sold merchandise in the amount of $8,400 to Jepson Company, with…

A: Journal entry Journal entry is a set of economic events which can be measured in financial terms.…

Q: Purchase price: $4.20 Selling price: $5.70 Purchase discount (paid in 10 days): 6% Sales discount…

A: Date  Account titles  Debit amount($) Credit amount($) 2nd July  Inventory A/c (300 units *$4.20)…

Q: Tool Retailer operates in a city where HST 11% is charged on all goods and services. During June…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold…

A: Funds refers to an amount of money which is set aside or saved by individuals, government,…

Q: Mathis Company and Reece Company use the perpetual inventory system. The following transactions…

A: The question is based on the concept of Financial Accounting.

Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anderson, with credit terms…

A: The credit terms are defined at the time when the sales are made on account. These are the terms…

Q: On April 5, a customer returns 22 bicycles with a sales price of $250 per bike to Barrio Bikes. Each…

A: Inventory: It refers to the items held by an organization which were in various forms like raw…

Q: Jeet Company and Reece Company use the perpetual inventory system. The following transactions…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: On April5, a customer returns 20 bicycles witha sales price of $250 per bike to Barrio Bikes.  Each…

A: Solution: A Perpetual Inventory system is a system which is automatically recorded and updated the…

Q: record any necessary journal entries for Mary’s Hat Shop April 10 Mary's Hat Shop purchases $2500…

A: Perpetual Inventory System: It is the inventory management system in which inventory or transaction…

Q: On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit…

A: Following are the calculation of sales discount: