Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Paid account in full from the October 20 purchase. Oct. 30 If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

Question
Record journal entries for the following purchase transactions of Flower Company.
Oct. 13
Purchased 81 bushels of flowers with cash for $1,300.
Oct. 20
Purchased 220 bushels of flowers for $30 per bushel on
credit. Terms of the purchase are 5/10, n/30, invoice
dated October 20.
Paid account in full from the October 20 purchase.
Oct. 30
If an amount box does not require an entry, leave it blank. Assume the perpetual
inventory system is used.
Expand
Transcribed Image Text

Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Paid account in full from the October 20 purchase. Oct. 30 If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Final Accounts for Companies

Accounting For Decision Making

Final Accounts

Financial Accounting

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Please solve very soon completely How many shares of stock should your new corporation authorize? Ho...

A: Click to see the answer

Q: CVP analysis using activity-based costs will tend to shift some costs from fixed to variable classif...

A: CVP Analysis:   CVP analysis establishes the relation between cost, volume and profit of the compan...

Q: Explain what accounting documents you must supply to the auditors. What are the statutory audit requ...

A: The auditor is responsible for the identification of the fraud and errors present in the financial s...

Q: Ch. 3 MG Homework  Saved Help Save & Exit SubmitThe following four companies use a process cost...

A: Direct Materials refers to the raw materials used to manufacture a product. Normally all the direct ...

Q: Honesty purchased an item with a catalog price of P10,000. The invoice dated March 1 indicates a ter...

A: Net purchases = Purchases worth - Purchase discount = P10,000 - P10,000 x 20% = P8,000

Q: Hello, I need formulas explaining the answers, thank you.

A: Present value of the bond refers to the value of the bond is the total of the present value of the b...

Q: Record journal entries for the following sales transactions of Flower Company. Sold 23 bushels of fl...

A: Journal entries for the sales transactions of the flower company oct.12             Cash A/c        ...

Q: The 2014 comparative balance sheet and 2014 income statement of Simple Things Industries Ltd, have j...

A: As posted multiple independent questions we are answering only first question kindly repost the unan...

Q: Audio Zone Co. needs to prepare pro forma financial statements for the next fiscal year. To do so, t...

A: A high low method is used to separate the mixed cost into fixed cost and variable cost. In this meth...

Q: The 2014 comparative balance sheet and 2014 income statement of Byfield Co Ltd, have just been distr...

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business dur...

Q: Current Position Analysis The following data were taken from the balance sheet of Nilo Company at th...

A: Click to see the answer

Q: journalizing transactions and providing and ruling a journal

A: As you have posted multiple independent questions, we are answering the first question. Kindly repos...

Q: Hello question is attached, thanks

A: Master Budget: Sales = 225,000 unit x $9 per unit = $2025000 Variable costs = 225,000 units x $3.75 ...

Q: Hello question is attached, thanks.

A: Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is...

Q: On April 1, Year 1, Brandi Corporation issued $20,000,000 of 5-year, 9% bondsat a market interest ra...

A: Premium on Bonds Payable = Issue value of bonds - Face value of Bonds = $20,811,010 - $20,000,000 = ...

Q: Ralph’s Mini-Mart store in Alpine experienced the following events during the current year:   1. In...

A: Beginning Balance - Given in the problem Transfers In = Purchase + Direct Expenses Transferred Out =...

Q: Given the following income statement for OR company for 20X4:                 Sales (30,000 units)  ...

A: Break-even point = Fixed cost/Profit volume ratio Profit volume ratio = (Sales - Variable cost)/Sale...

Q: You have decided to throw a party next weekend for 19 friends. The friends are going to bring health...

A: Concept used : The planning to buy the bottles is depends upon the number of Total bottel required a...

Q: The Oviedo Company is considering the purchase of a new machine to replace an obsolete one. The mach...

A: Click to see the answer

Q: Lisa sells business property with an adjusted basis of $132,000 to her son, Alfred, for its fair mar...

A: Click to see the answer

Q: Mandy Co. adopted a standard cost system several years ago. The standard costs for the prime costs o...

A:  Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Labor eff...

Q: Property, plant and Equipment           I submitted a screen shot of the problem, I cannot get th...

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts fo...

Q: An alternative concept of fairness in cost allocation, absent the cause-and-effect basis, includes: ...

A: One of the key ways to answer an MCQ question is often elimination technique whereby we can eliminat...

Q: The income and expense accounts of Rosie Corp. for the year ended 2019 are listed below. Sales 1,150...

A: Statement of owner's equity gives information about the changes in the owner's capital account. Owne...

Q: Elaborate on the internal and external uses of financial statement analysis.

A: Financial Statement:   They are annual reports of an organization summarizing the financial activiti...

Q: I need help with this Cash flow

A: Statement of Cash Flow: Statement of cash flow is one of the main financial statement which reports ...

Q: Statement of Cash Flows The comparative balance sheet of Whitman Co. at December 31, 20Y2 and 20Y1, ...

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business dur...

Q: CPA Services - Profitability Analysis Hy and Lowe is a public accounting firm that offers two primar...

A: Solution: Traditional costing is the more simplest method which typically delivers less accuracy in ...

Q: Hello question is attached, thanks.

A: Profit variance analysis: It shows and determine the causes behind the changes in the profit of the ...

Q: Jase Manufacturing Co.'s static budget at 7,800 units of production includes $23,400 for direct labo...

A: The cost can be classified into two categories i.e fixed cost and variable cost. The  FIxed cost rem...

Q: Becton Labs, Inc., produces various chemical compounds for industrial use. One compound, called Flud...

A: In the above question we have given data related to Material, Labor and Manufacturing Overhead of Be...

Q: CVP analysis with multiple products assumes that sales will continue at the same mix of products, ex...

A: When there are multiple products, there is change in the product mix then the weighted average is be...

Q: Synergy Inc. produces plastic grocery bags. Synergy has developed a static budget for the month of J...

A: Flexible budgets: Flexible budgets are prepared for various levels of activities or outputs. This en...

Q: Question 2. Grippers sells its rock-climbing shoes worldwide. Grippers expects to sell 8,500 pairs o...

A: Budget is prepared by the management on the basis of past experience. On the basis of the budget, It...

Q: Scenario: The 2014 comparative balance sheet and 2014 income statement of Bradshaw and Fran Co Ltd, ...

A: As posted multiple independent questions we are answering only first question kindly repost the unan...

Q: 4. An equipment costs P8,000.00 has an economic life of 8 years and a salvage value of P400.00 at th...

A: Assets: Assets are the resources of an organization used for the purpose of business operations. The...

Q: Theta prepares its financial statements for the year to 30 April each year. The company pays rent fo...

A: Monthly rent until 30 June 2000 = Total yearly rent / 12 months = P84,000 / 12 months = P7,000 Month...

Q: The 2014 comparative balance sheet and 2014 income statement of Simple Things Industries Ltd, have j...

A: Statement of Cash Flow: Statement of cash flow is one of the main financial statement which reports ...

Q: Wallace Inc. collects 90% of its sales on account in the month of the sale and 10% in the month foll...

A: Cash collection from September sales = September sales on credit x 10% = $276,000 x 10% = $27,600

Q: An alternative concept of fairness in cost allocation, absent the cause-and-effect basis, includes?

A: A cause and effect allocation basis is the cost allocation method in which the allocation base is ve...

Q: [The following information applies to the questions displayedbelow.]We discuss how to prepare the di...

A: Particulars March Budgeted sales (units) 1000 Add: Desired Ending inventory (1000*10%) 100 Tot...

Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:   Begin...

A: Cost of goods sold is an expense account, which will be reported on the income statement. 

Q: rcise 9-10 On October 1, Whispering Winds Ltd. purchased 7% bonds with a face value of $1,000 for tr...

A: I am answering the first three requirements of the question as per company policy. A journal is a bo...

Q: Linda Ellis, division manager, is elevated and rewarded on the basis of budgetary performance. Linda...

A: Business ethics involves the identification, analysis and solution of the problems and dilemmas face...

Q: On March 1, Dillmore Corporation had office supplies on hand of $900. During the month, Dill-more pu...

A: This numerical has covered the concept of Adjusting Entries. The adjusting entry was passed at the e...

Q: Karsted Air Services is now in the final year of a project. The equipment originally cost $33 millio...

A: Click to see the answer