Answered: Q1: This information relates to… | bartleby

Q1: This information relates to Martinez Co. 1. On Sep 3 purchased merchandise from D. Norlan Company for $30,.000, terms 3/10, net/30, FOB shipping point, 2. On Sep 6 paid freight costs of $1500 on merchandise purchased from D. Norlan Company. 3. On Sep 8 returned some of Sep 3 merchandise, which cost $5,000 to D. Norlan Company. 4. On Sep 13 paid the amount due to D. Norian Company in full. Instructions: Prepare the journal entries to record these transactions on the books of Martinez Co. usinEaperiodic inventery system.

College Accounting (Book Only): A Career Approach

College Accounting (Book Only): A Career Approach

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Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

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Q1: This information relates to Martinez Co.
1. On Sep 3 purchased merchandise from D. Norlan Company for $30,000,
terms 3/10, net/30, FOB shipping point.
2. On Sep 6 paid freight costs of $1500 on merchandise purchased from D.
Norlan Company.
3. On Sep 8 returned some of Sep 3 merchandise, which cost $5,000 to D.
Norlan Company.
4. On Sep 13 paid the amount due to D. Norlan Company in full.
Instructions:
Prepare the journal entries to record these transactions on the books of
Martinez Co. using a periodic inventory System.
2-
4-
Q2: Presented below are transactions related to Wheeler Company.
1. On Sep 6, Wheeler Company sold $100,000 of merchandise to
Hashmi Co., terms 3/10, n/30, FOB Destination.
2. On Sep 7, paid freight costs of $500 on merchandise sold for Hashmi
Company.
3. 2. On Sep 8, Hashmi Co. was granted an allowance of $30,000 for
merchandise purchased on Sep 6.
4. On Sep 16, Wheeler Company received the balance due from Hashmi

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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.
Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?

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