Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. 1 Sold merchandise for $6,000, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $3,600. 4 The customer in the April 1 sale returned $680 of merchandise for full credit. The merchandise, which had cost $408, is returned to inventory. 8 Sold merchandise for $2,500, with credit terms of 1/10, n/30; invoice dated April 8. Cost of the merchandise is $1,750. Apr. Apr. Apr. Apr. 11 Received payment for the amount due from the April 1 sale less the return on April 4.
Q: Prepare the journal entries to record the following transactions on Markowitz Company's books using…
A: SOLUTION- JOURNAL BOOK IS ALSO KNOWN AS ORIGINAL ENTRY BOOK IN WHICH BUSINESS TRANSACTIONS ARE…
Q: Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual…
A: Journal entry is prepared to record the day-to-day transactions of an organization. It includes…
Q: Record the following transactions of Poo ChoTrading for the month of November using the periodic…
A: Solution: Introduction: Journal entry is an accounting entry to record every transaction takes place…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: Perpetual Inventory System: It is an inventory system wherein the accounts related to inventory are…
Q: Prepare Journal entries to record each of the following sales transactions of a merchandising…
A: Increase in assets should be debited and decrease in assets should be credited. Increase in…
Q: Can someone please help me regarding this. Direction: Prepare the journal entries of Wah Lei for…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: Journal entry is the first step of bookkeeping . All transactions incurred during the period are…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: Journal is the book of original entry in which all the financial transactions of the business are…
Q: Using the perpetual inventory system, journalize the entries for the following selected…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
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: John’s Specialty Store uses a perpetual inventory system. The following are some inventory…
A: As per this system (Perpetual inventory), the transactions made in May are recorded and inventory is…
Q: The related data: The following transactions of Marian Company for the month of June are as follows:…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: For FOB shipping, Buyer will be paid the freight costs.
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A:
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: Under the gross method, purchases are recorded with the gross amount without considering the trade…
Q: Prepare journal entries to record the following transactions for a retail store. The company uses a…
A: Computation of Purchase Discount Purchase discount for goods purchased on April 2 = ( $4,600 - $750…
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A: Under the gross method, purchases are recorded at the gross amount without considering a discount.…
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A: Inventory: It refers to the items held by an organization which were in various forms like raw…
Q: John's Specialty Store uses a periodic inventory system. The following are some inventory…
A: Solution: Under periodic inventory system, inventory records are not updated for each and every…
Q: Prepare journal entries to record the following transactions for a retail store, The company uses a…
A: solution: concept credit terms 2/15 ,n/60 means if the payment is made within 15 days discount of 2…
Q: Prepare journal entries to record the following merchandising transactions of Zhang's, which uses…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A: Journal entry is the first step in recording financial transactions in the books of company. It must…
Q: journal entries to record each of the following sales
A: The following journal entries that shall be recorded is shown below :
Q: Prepare journal entries for the following merchandising transactions of Dollar Store assuming it…
A: Gross Method: Under this method, all the purchases are recorded in the books of account without…
Q: On December 22, Travis Company purchased merchandise on account from a supplier for $13,200, terms…
A: Calculation of Discount Received on Purchases: Merchandise purchased = $ 13200. Discount = 2% =…
Q: Using the perpetual inventory system, journalize the entries for the following selected…
A: Required journal entries are given below:
Q: On September 12, Ryan Company sold merchandise in the amount of $6,400 to Johnson Company, with…
A: The periodic inventory system is a system in which the updates to the inventory and cost of goods…
Q: Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller)…
A: Perpetual Inventory System: Perpetual Inventory System refers to the inventory system that maintains…
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: Journalisation is done according to the rules of debit and credit. Below are all the Journal…
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A: Date General Journal Debit Credit Nov'5 Inventory (1,500 units X $ 40 per unit) $ 60,000…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: Journal entries are records of financial transactions that take place both within and outside of…
Q: Prepare journal entries to record each of the following transactions of a merchandising company. The…
A: Total purchase value on November 5 = 450 units ×$10 =$4500
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: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Prepare journal entries to record each of the following transactions. The company records purchases…
A: The perpetual inventory method is a method of accounting for inventory that records the movement of…
Q: Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: John’s Specialty Store uses a periodic inventory system. The following are some inventory…
A: Journal entries in the business are based on rules of debit and credit. Rules of debit and credit…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: The journal entries are prepared to keep the record of day to day transactions of the business.…
Q: Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses…
A: Solution:- Preparation of journal entries to record the following merchandising transactions of…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: Perpetual inventory system records inventory after each single transaction of purchase and sales and…
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: Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If…
A: The perpetual inventory system is updated and shows balances after each transection. So merchandise…
Q: John's Specialty Store uses a perpetual inventory system. The following are some inventory…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: erchandise on account of 200,000 with freight of 20,000 of goods to supplier. 150,000 to various…
A: Journal entry is the practice of recording commercial transactions for the first time in the books…
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:
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 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.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 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.
- Bay Book and Software has two sales departments: Book and Software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the adjusted trial balance (shown on the next page) at the end of the fiscal year. Merchandise inventories at the beginning of the year were as follows: Book Department, 53,410; Software Department, 23,839. The bases (and sources of figures) for apportioning expenses to the two departments are as follows (rounded to the nearest dollar): Sales Salary Expense (payroll register): Book Department, 45,559; Software Department, 35,629 Advertising Expense (newspaper column inches): Book Department, 550 inches; Software Department, 450 inches Depreciation Expense, Store Equipment (property and equipment ledger): Book Department, 7,851; Software Department, 2,682 Store Supplies Expense (requisitions): Book Department, 205; Software Department, 199 Miscellaneous Selling Expense (volume of gross sales): Book Department, 240; Software Department, 110 Rent Expense and Utilities Expense (floor space): Book Department, 9,000 square feet; Software Department, 7,000 square feet Bad Debts Expense (volume of gross sales): Book Department, 1,029; Software Department, 441 Miscellaneous General Expense (volume of gross sales): Book Department, 364; Software Department, 156 Required Prepare an income statement by department to show income from operations, as well as a nondepartmentalized income statement (using the Total columns) to show net income for the entire company.Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.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.
- Preston 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: 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 and prove the equality of the 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.Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
- 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.West Bicycle Shop uses a three-column purchases journal. The company is located in Topeka, Kansas. In addition to a general ledger, the company also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 4 Bought fifty 10-speed bicycles from Nielsen Company, 4,775, invoice no. 26145, dated January 3; terms net 60 days; FOB Topeka. 7 Bought tires from Barton Tire Company, 792, invoice no. 9763, dated January 5; terms 2/10, n/30; FOB Topeka. 8 Bought bicycle lights and reflectors from Gross Products Company, 384, invoice no. 17317, dated January 6; terms net 30 days; FOB Topeka. 11 Bought hand brakes from Bray, Inc., 470, invoice no. 291GE, dated January 9; terms 1/10, n/30; FOB Kansas City, freight prepaid and added to the invoice, 36 (total 506). 19 Bought handle grips from Gross Products Company, 96.50, invoice no. 17520, dated January 17; terms net 30 days; FOB Topeka. 24 Bought thirty 5-speed bicycles from Nielsen Company, 1,487, invoice no. 26942, dated January 23; terms net 60 days; FOB Topeka. 29 Bought knapsacks from Davila Manufacturing Company, 304.80, invoice no. 762AC, dated January 26; terms 2/10, n/30; FOB Topeka. 31 Bought locks from Lamb Safety Net, 415.47, invoice no. 27712, dated January 26; terms 2/10, n/30; FOB Dodge City, freight prepaid and added to the invoice, 22 (total 437.47). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Barton Tire Company, 156; Bray, Inc.; Davila Manufacturing Company, 82.88; Gross Products Company; Lamb Safety Net, 184.20; Nielsen Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 423.08 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable, and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.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.