QUESTION 61. Review the following situations and record any necessary journal entries for Mequon's Boutique.May 10Mequon's Boutique purchases $2,400 worth of merchandise with cashfrom a manufacturer. Shipping charges are an extra $130 cash. Terms ofthe purchase are FOB Shipping Point.Mequon's Boutique sells $3,000 worth of merchandise to a customer whopays with cash. The merchandise has a cost to Mequon's of $1,750.Shipping charges are an extra $150 cash. Terms of the sale are FOBShipping Point.DMay 14For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).B IUS Paragraph v Arial二三三三 EES288+810ptX² X₂¶¶+8 8 3 <> † {}OClick Save and Submit to save and submit. Click Save All Answers to save all answers.[++E v>A<FS QUESTION 51. Record journal entries for the following sales transactions of Flower Company.Oct. 12Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale$700.Oct. 21Oct. 31For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).B IUS ParagraphArialHHpSold 40 bushels of flowers for $30 per bushel on credit. Terms of thesale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 toFlower Company.Received payment in full from the October 21 sale.8.8IE 三三 EE X² X₂田田日+88= a10pt&¶¶<Click Save and Submit to save and submit. Click Save All Answers to save all answers.aV<> † {} OMV-田く描く+]+Mg>A V¶ ""V Ix 26Ω eC₁KSave All

Journal Entry :— It is an act of recording transaction in books of account when transaction…

QUESTION 5 1. Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Oct. 21 Sold 40 bushels of flowers for $30 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 to Flower Company. Oct. 31 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I US Paragraph Arial H Received payment in full from the October 21 sale. == 三三 BAXE v X² X₂ 国王图 <> † } 10pt ¶ ¶< V - Ku 田く +₁ 1 v ay Av V ¶ "" Ω 7

QUESTION 5 1. Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Oct. 21 Sold 40 bushels of flowers for $30 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 to Flower Company. Oct. 31 For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I US Paragraph Arial H Received payment in full from the October 21 sale. == 三三 BAXE v X² X₂ 国王图 <> † } 10pt ¶ ¶< V - Ku 田く +₁ 1 v ay Av V ¶ "" Ω 7

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 16EA: Record journal entries for the following purchase transactions of Flower Company. A. On October 13,...

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Record journal entries for the following sales transactions of Flower Company Oct. 12 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Oct. 21 Sold 40 bushels of flowers for $30 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 to Flower Company. Oct. 31 Received payment in full from the October 21 sale.
cord journal entries for the following sales transactions of Flower Company. Transactions Oct. 12 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Oct. 21 Sold 40 bushels of flowers for $30 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 to Flower Company. Oct. 31 Received payment in full from the October 21 sale. Journal entries:
Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 27 bushels of flowers to a customer for $1,200 cash; cost of sale $630. Oct. 21 Sold 60 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company. Oct. 31 Received payment in full from the October 21 sale. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Record journal entries for the following purchase transactions of Flower Company. A. On October 13, Flower Company purchased 85 bushels of flowers with cash for $1,300. B. On October 20, Flower Company purchased 240 bushels of flowers for $20 per bushel on credit. Terms of the purchase were 5/10, n/30, invoice dated October 20. C. On October 30, Flower Company paid its account in full for the October 20 purchase.
Problem Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.
A flower shop buys roses with a list price of $1,500. If the wholesaler offers trade discounts of 30 / 21 / 10 3/4 , find the trade discount amount to the nearest penny. a. $1,200.01 b. $759.67 c. $912.25 d. $480.02
Problem Set A PA1. 6.1 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.
PA1. LO 6.1 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.
ook ne nces Supply Club, Incorporated, sells a variety of paper products, office supplies, and other products used by businesses and individual consumers. During July 2024, it started a loyalty program through which qualifying customers can accumulate points and redeem those points for discounts on future purchases, Redemption of a loyalty point reduces the price of one dollar of future purchases by 20% (equal to 20 cents) Customers do not earn additional loyalty points for purchases on which loyalty points are redeemed. Based on past experience, Supply Club estimates a 60% probability that any point issued will be redeemed for the discount. During July 2021, the company redeemed 12,400 points and sold additional product of $155,000, so it recorded $167,400 of revenue. The aggregate stand-alone selling price of the purchased products is $167,400. Eighty percent of sales were cash sales, and the remainder were credit sales Required: 1. & 2. Prepare Supply Club's journal entry to record…
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS 10) Order is delivered to customer .Customer closed the balance byissuing half check , half on account. .Cost of Goods Sold is 116.000 TL.11. 15.000 USD is paid by the customer for USD Merchandise Sale. Rateis 7.10 TL/USD12) Customer returned 26.000 TL + 10% VAT merchandise . Cost ofGoods Sold is 8.400 TL. Check is issued for returned merchandise and TL cash ispaid for VAT.13 ) At the end of the month USD Rate is 6,95 TL/ USD .14) Order is given to vendor , for purchasing 160.000 TL + %10 VAT .issued a check for 90.000 TL as an advance payment .15) Order is received and balance is on account. Freight in paid9.500 TL + %10 VAT .
4. Review the following sales transactions for Birdy Birdhouses and record any required journal entries. Aug. 10 Birdy Birdhouses sells 20 birdhouses to customer Julia Brand at a price of $70 each in exchange for cash. The cost to Birdy is $46 per birdhouse. Aug. 12 | Birdy Birdhouses sells 30 birdhouses to customer Julia Brand at a price of $68 each on credit. The cost of sale for Birdy is $44 per birdhouse. Terms of the sale are 2/10, n/30, invoice date August 12. Julia discovers 6 of the birdhouses are slightly damaged from the August 10 purchase and returns them to Birdy for a full refund. Julia also discovers that 10 of the birdhouses from the August 12 purchase are painted the wrong color but keeps them since Birdy granted an allowance of $24 per birdhouse. Julia Aug. 14 Aug. 20 pays her account in full from the August 12 purchase, less any returns, allowances, and/or discounts.
16.3 You are to enter up the sales, purchases, returns inwards and returns outwards day books from the following details, then to post the items to the relevant accounts in the sales and chase ledgers. The total of the day books are then to be transferred to the accounts in the General Ledger. 20X9 May 1 Credit sales: T Thompson f56; L Rodriguez £148; K Barton f145. 3 Credit purchases: P Potter £144; H Harris £25; B Spencer £76. 7 Credit sales: K Kelly £89; N Mendes £78; N Lee £257. 9 Credit purchases: B Perkins £24; H Harris £58; H Miles £123. 11 Goods returned by us to: P Potter £12; B 5pencer £22. 14 Goods returned to us by: T Thompson £5; K Barton £11; K Kelly £14. 17 Credit purchases: H Harris [54; B Perkins £65; L Nixon £75. Goods returned by us to B Spencer £14. 24 Credit sales: K Mohammed £57; K Kelly f65; O Green £112. Goods returned to us by N Mendes £24. 71 20 11 28 31 Credit sales: N Lee £55.