Record the foliowing transactions as general Journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. Bought an $18,000 truck from Pllner Co., paying $3,000 down; balance on account. Purchased $2,611 of merchandise for cash from Pilliner and Co. Pald for the August 6 purchase of merchandise from Johnston Co. Purchased $1,743 of merchandise from Luls Co. Credit terms 2/10, n/30. 13 15 17 If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 Aug. 6 2 3 Aug. 8 4 4 5 6 Aug. 13 6 8 Aug. 15 8 10 10 11 11 Aug. 17 12 12 1. 2. 9.

Record the foliowing transactions as general Journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. Bought an $18,000 truck from Pllner Co., paying $3,000 down; balance on account. Purchased $2,611 of merchandise for cash from Pilliner and Co. Pald for the August 6 purchase of merchandise from Johnston Co. Purchased $1,743 of merchandise from Luls Co. Credit terms 2/10, n/30. 13 15 17 If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1 DOC. POST. DATE ACCOUNT TITLE DEBIT CREDIT NO. REF. 1 Aug. 6 2 3 Aug. 8 4 4 5 6 Aug. 13 6 8 Aug. 15 8 10 10 11 11 Aug. 17 12 12 1. 2. 9.

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Description: Main.do?invoker=&takeAssignmentsRecord the following transactons as general journal entries. Use the gross-price method.Aug. 6Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10,/30.Bought an $18,000 truck from Pillner Co.,

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 1CP

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Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
Calculate the cost of goods sold dollar value for B74 Company for the sale on November 20, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
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Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?