Recording the following transactions with double entry system. - 1. A kitchen appliances retailer purchases merchandise for their store from a manufacturer on September 1 in the amount of $1,600. Credit terms are 2/10, n/30 from the invoice date of September 1. The retailer makes payment on September 5. Write the journal entry when the retailer makes payment.« 2. A shoe store sells 150 pairs of athletic cleats to a local baseball league for $1,500 (cost of $900). The league may pay with cash. Write the journal entry for the shoe store. 3. A company pays $2,000 for equipment that is supposed to last four years. The company wants to depreciate the asset over those four years equally. This means the asset will lose $500 in value each year. Please record the depreciation for the first year.

Recording the following transactions with double entry system. - 1. A kitchen appliances retailer purchases merchandise for their store from a manufacturer on September 1 in the amount of $1,600. Credit terms are 2/10, n/30 from the invoice date of September 1. The retailer makes payment on September 5. Write the journal entry when the retailer makes payment.« 2. A shoe store sells 150 pairs of athletic cleats to a local baseball league for $1,500 (cost of $900). The league may pay with cash. Write the journal entry for the shoe store. 3. A company pays $2,000 for equipment that is supposed to last four years. The company wants to depreciate the asset over those four years equally. This means the asset will lose $500 in value each year. Please record the depreciation for the first year.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5PA: Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow...

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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.
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