On March 1, Warwick’s Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. On March 5, Warwick’s returned $9,900 of the merchandise, receiving a credit memo, and then paid the amount due on March 9, within the discount period.
Q: Jones Company, a customer, has been authorized to return $1,000 of goods purchased on account. The…
A: Sales returns means when customer returns some goods to the business due to some issue or defect or…
Q: On March 1, Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a…
A: Cash discount = $75,000*2% Cash discount = $1,500 Purchases recorded at net amount = $75,000 -…
Q: Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory…
A:
Q: The following were selected from among the transactions completed by Essex Company during March of…
A: Under the gross method of recording, sales discount the sales are recorded at full value, and the…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $55,000, terms…
A: Journal: It is the systematic record of a financial transactions of a business recorded in a…
Q: The following transactions occurred during the month of November in the operation of Wonderful Buy,…
A: Journal Entry The basic process of accounting work is to record the required transaction into…
Q: On June 3, Pearl Company sold to Chester Company merchandise having a sale price of $5,500 with…
A: Gross Method: Under the gross method, the sales transaction is recorded at a gross price i.e.,…
Q: Stylon Co., a women’s clothing store, purchased $77,000 of merchandise from a supplier on account,…
A: Date Account title and explanation Debit$ Credit$ a) Inventory 77000…
Q: The Sears company had the following business transactions during December: Required: Match the…
A: Goods in any business can be sold or purchased either on cash or credit depending on the priorities…
Q: The following transactions were selected from among those completed by Hailey Retailers in the…
A: Journal entries are entries recorded in the books of accounts. Journal entries are recorded from the…
Q: plo owns a varlety store called stars Forever. The following are purchases of Inventory, returns,…
A: Part (i) Purchase Journal Date Invoice No. Purchased Accounts Payable Credit Mar-02 2177…
Q: Fashion Jewelers uses the perpetual inventory system. On April 2, Fashion sold goods with a cost of…
A: The Term 4/15 means customer is eligible for 4% discount if payment made within 15 days. The amount…
Q: h from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. July 10: Furniture…
A: Date Particulars Debit Amount Credit Amount Jul-05 Supplies (150 x 30) $4,500 To…
Q: The following were selected from among the transactions completed by Essex Company during March of…
A: Journal entries are passed following the golden rules of accounting Debit all assets and expenses…
Q: Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on…
A: SOLUTION- A journal entry records a business transaction in the accounting system for an…
Q: Second Best Buy is a retailer of electronics. Record these transactions which occurred during the…
A: The accounting equation is the fundamental equation of the double-entry bookkeeping system.…
Q: Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: The Sears company had the following business transactions during December: Reguired: Match the…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The following are credit purchase transactions of Geuel Enterprises for the month of July: Geuel…
A: In the context of the given question, we are required to prepare the journal entries. Journal…
Q: Beckett Company made the following sales to credit card customers for the month of June. Visa…
A: Journal - A journal is a thorough account that documents all of a company's financial activities. It…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $56,900, terms…
A: Req-a Transaction General Journal Debit Credit (1) Accounts Receivable $56,900…
Q: Warwick's Co., a women's clothing store, purchased $75,000 of mechandise from a supplier on account,…
A:
Q: The following were selected from among the transactions completed by Strong Retail Group dur ing…
A: Since we only answer up to 3 subparts, we will answer the first 3. Please resubmit the question and…
Q: Maeve's Store had the following transactions during December, the last month of the accounting…
A: Solution:- Preparation of journal entries using perpetual inventory as follows under:-
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: n December 1, Macy Company sold merchandise with a selling price of $9,000 on account to Mrs…
A: The answer for the multiple choice question and relevant working are presented hereunder :…
Q: On March 15th, Gates Gems received merchandise they purchased on account from Jewelry Wholesalers in…
A: Reduction in price offered by the seller should be treated as return and allowances and recorded…
Q: The following transactions occurred during the month of November in the operation of Wonderful Buy,…
A: The balance sheet shows the financial position of the company including the assets, liabilities, and…
Q: On December 1, Macy Company sold merchandise with a selling price of $8,000 on account to Mrs…
A: Account receivable means the debtor from whom we have to collect the payment for sale of the product…
Q: On June 3, Marigold Company sold to Chester Company merchandise having a sale price of $4,600 with…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Blossom Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: On September 1, Jerry's Lighting purchased merchandise with a list price of $12,500 with credit…
A: Total amount paid = Net Purchase - discount amount where, Net Purchase = list price - purchase…
Q: On December 1, Macy Company sold merchandise with a selling price of $10,000 on account to Mrs.…
A: Gross Method :— Under this method, sales and purchases are recorded at gross price or full price…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Pass a journal entry to record sale of inventory on account.
Q: nn Benton, owner of Benton's Galleria, made the following purchases of merchandise on account during…
A: A purchase journal refers to a specialized form of accounting journal which is a prime entry…
Q: During the month of October 20--, The Pink Petal flower shop engaged in the following transactions:…
A: Journal Entries - Journal Entries are the four column format for recording debit and credit of the…
Q: ABC Company is a merchandising firm. On June 3, the company sells, on account, merchandise for…
A: The sales made on credit will increase the accounts receivable on the one side and sales revenue on…
Q: Flounder Warehouse distributes hardback books to retail stores and extends credit to all of its…
A: Prepetual Inventory System : Perpetual inventory system is a method of inventory management that…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $25,300, terms…
A:
Q: Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on…
A: Journal Entries:- A journal entries are used to record business transactions in the books of…
Q: Blossom’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of…
A: Journal: Recording of a business transactions in a chronological order.
Q: The Sears company had the following business transactions during December: Required: Match the…
A: Sales and purchases can be made either on credit or cash depending on the company's cash or credit…
Q: The following were selected from among the transactions completed by Essex Company during March of…
A: Discount on payment received from Parsley Co. = Amount receivables x discount rate = $32,000 x 1% =…
Q: Crane Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30…
A: Journalize the transactions for the month of June for Crane Warehouse, using a perpetual inventory…
Q: XYZ Company was established in Decemberof the current year. Its sales of merchandise on account,…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: On March 1, Warwick’s Co., a women’s clothing store, purchased $73,000 of merchandise from a…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
On March 1, Warwick’s Co., a women’s clothing store, purchased $73,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. On March 5, Warwick’s returned $9,900 of the merchandise, receiving a credit memo, and then paid the amount due on March 9, within the discount period.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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.Guardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?The following transactions relate to Hawkins, Inc., an office store wholesaler, during June of this year. Terms of sale are 2/10, n/30. The company is located in Los Angeles, California. June 1Sold merchandise on account to Hendrix Office Store, invoice no. 1001, 451.20. The cost of the merchandise was 397.06. 3Bought merchandise on account from Krueger, Inc., invoice no. 845A, 485.15; terms 1/10, n/30; dated June 1; FOB San Diego, freight prepaid and added to the invoice, 15 (total 500.15). 10Sold merchandise on account to Ballard Stores, invoice no. 1002, 2,483.65. The cost of the merchandise was 2,235.29. 13Bought merchandise on account from Kennedy, Inc., invoice no. 4833, 2,450.13; terms 2/10, n/30; dated June 11; FOB San Francisco, freight prepaid and added to the invoice, 123 (total 2,573.13). 18Sold merchandise on account to Lawson Office Store, invoice no. 1003, 754.99. The cost of the merchandise was 671.94. 20Issued credit memo no. 33 to Lawson Office Store for merchandise returned, 103.25. The cost of the merchandise was 91.89. 25Bought merchandise on account from Villarreal, Inc., invoice no. 4R32, 1,552.30; terms net 30; dated June 18; FOB Santa Rosa, freight prepaid and added to the invoice, 84 (total 1,636.30). 30Received credit memo no. 44 for merchandise returned to Villarreal, Inc., for 224.50. Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 25 and 26.
- 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.On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalReview the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
- The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado. Nov. 3Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, 2,482.51. The cost of the merchandise was 1,961.18. 5Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, 287.45. The cost of the merchandise was 227.09. 7Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, 3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, 135 (total 3,989.16). 9Bought merchandise on account from Lozano, Inc., invoice no. 8755, 426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, 67 (total 493.65). 12Received credit memo no. 542 to Lozano, Inc., for merchandise returned, 102.20. 17Sold merchandise on account to Jacks Golfing Shop, invoice no. 5421, 486.35. The cost of the merchandise was 432.85. 23Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, 2,465.99. The cost of the merchandise was 1,972.79. 28Bought merchandise on account from Fields, Inc., invoice no. 4599, 441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, 102 (total 543.29). Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
- Mays Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Mays Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 2Bought nine Matte Nail Color Kits from Mejia, Inc., 450, invoice no. 4521, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 87.50 (total 537.50). 5Bought 30 Perfume Cocktail Rings from Braun, Inc., 1,200, invoice no. 37A, dated January 3; terms 2/10, n/30; FOB destination. 8Sold two Matte Nail Color Kits on account to J. Herbert, sales slip no. 113, 110, plus sales tax of 8.80, total 118.80. 11Received credit memo no. 455 from Braun, Inc., for merchandise returned, 315.25. 18Bought 15 Eye Palettes from Vargas, Inc., 660, invoice no. 910, dated January 14; terms net 30; FOB destination. 23Sold four Eye Palettes on account to T. Cantrell, sales slip no. 114, 200, plus sales tax of 16, total 216. 26Issued credit memo no. 12 to T. Cantrell for merchandise returned, 50 plus 4 sales tax, total 54. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: T. Cantrell, 86.99; J. Hebert, 63.47. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Braun, Inc., 513.20; Mejia, Inc., 113.40; Vargas, Inc., 67.15. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 150.46; Accounts Payable 212 controlling account, 693.75; Sales Tax Payable 214, 237.89. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 17. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Shirleys Beauty Store records sales and purchase transactions in the general journal. In addition to a general ledger, Shirleys Beauty Store also uses an accounts receivable ledger and an accounts payable ledger. Transactions for January related to the sales and purchase of merchandise are as follows: Jan. 3Bought 30 Mango Bath and Shower Gels from Madden, Inc., 660, invoice no. 3487, dated January 1; terms 2/10, n/30; FOB shipping point, freight prepaid and added to the invoice, 125.43 (total 785.43). 4Bought ten Beauty Candle Travel Sets from Calhoun Candles, Inc., 420, invoice no. 4513, dated January 1; terms net 45; FOB destination. 12Sold four Mango Bath and Shower Gels on account to R. Kielman, sales slip no. 1456, 120, plus sales tax of 9.60, total 129.60. 13Received credit memo no. 8715 from Calhoun Candles, Inc., for merchandise returned, 84. 21Bought five Winter Skin Essentials Kits from Whitney and Waters, 197.50, invoice no. A875, dated January 18; terms 2/15, n/45; FOB destination. 25Sold three Winter Skin Essentials on account to A. Benner, sales slip no. 1457, 135.75, plus sales tax of 10.86, total 146.61. 27Issued credit memo no. 33 to A. Benner for merchandise returned, 45.25 plus 3.62 sales tax, total 48.87. Required 1. If using Working Papers, open the following accounts in the accounts receivable ledger and record the balances as of January 1: A. Benner, 45.77; R. Kielman, 175.39. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 2. If using Working Papers, open the following accounts in the accounts payable ledger and record the balances as of January 1: Calhoun Candles, Inc., 355.23; Madden, Inc., 573.15; Whitney and Waters, 50.25. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 3. If using Working Papers, record the January 1 balances in the general ledger as given: Accounts Receivable 113 controlling account, 221.16; Accounts Payable 212 controlling account, 978.63; Sales Tax Payable 214, 128.45. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow. 4. Record the transactions in the general journal. If using Working Papers, begin on page 25. 5. Post the entries to the general ledger and accounts receivable ledger or accounts payable ledger as appropriate. 6. Prepare a schedule of accounts receivable. 7. Prepare a schedule of accounts payable. 8. Compare the totals of the schedules with the balances of the controlling accounts.
