Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. 88 c. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. 88 c. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...

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JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.
( Appendix 6B) Refer to the information for Morgan Inc. above. If Morgan uses a periodic inventory system, what is the cost of goods sold under FIFO at April 30? a. $32,800 b. $38,400 c. $63,600 d. $69,200
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Q2) Masader Co. purchased merchandise on March 4, 2018, at a price of OR30,000, subject to credit terms of 2/10, n30. Meteor uses the net method for recording purchases and uses a periodic inventory system.Required:1. Prepare the journal entry to record the purchase.2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on March 11, 2018.3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on April 2, 2018.
Net Soltions reported the followng 0ctober purchases and sales data for one of merchandise it deals. The company uses a perpetal imventory system. l) Prepare thecompany's imventory record usimg FIFO. 2) ldentify cost of goods sold for the month and the profit of the month. 3) Journalize the transactions on 0ctober 16 and 24. please quickly thanks !
https://www.bartleby.com/questions-and-answers/solve-the-following-ledger-please-1.-we-buy-goods-on-credit-for-dollar30000.00-we-pay-50percent-in-c/e657ebb4-e960-4a2c-81d5-b4ef23d6ba48 Solve the following ledger please 1. We buy goods on credit for $30,000.00, we pay 50% in cash, and the rest on credit. 2. We buy goods on credit for $150,000.00, we pay 50% in cash, 30% on credit and for the rest we sign a document. 3. On March 1, 2005, we bought merchandise for $65,000.00 and signed a document, for which they will charge us 1% per month. we paid on May 31, 2005. 4. On February 1, 2005, we took a loan from BBVA for the amount of $230,000.00, signing a promissory note at 17% per year for 60 days. the document was paid on March 31, its expiration date. (document with interest and document with discounted interest). 5. On June 1, 2004, we requested a loan from Mr. Adolfo López in the amount of $320,000.00, and we signed a promissory note at 15% per annum for 6 months. (both methods). 6. On…
Practice Problem #1: Assume a perpetual inventory system. Journalize the following purchase related transactions: a. M Co. purchased P4,000 worth of merchandise on account, terms 2/10, n/30, FOB shipping point. Prepaid transportation charges of P200 were added to the invoice. b. Returned P500 of merchandise purchased in (a). c. Paid on account for purchases in (a), less return (b) and discount. What is the Balance of your Merchandise inventory account?
KINDLY CHECK IF THE ENTRIES IS CORRECT ON THIS ONEPLEASE USE PERIODIC INVENTORY SYSTEM GENERAL JOURNAL Page 1 Particulars Debit Credit 2015 01-Dec Cash 230,000 Merchandise inventory 75,000 HC Capital 305,000 03-Dec Accounts payable 2,500 Cash 2,500 04-Dec Cash 30,240 Sales revenue 27,000 Output Tax 3,240 05-Dec Accounts receivable 20,720 Sales revenue 18,500 Output Tax 2,220 06-Dec Sales returns and allowances 1,850 Output Tax 222 Accounts receivable 2,072 07-Dec Purchases 25,000 Input Tax 3,000 Accounts payable 28,000 09-Dec Merchandise inventory 1,300 Input VAT 156 Cash 1,456 10-Dec Cash 20,350 Sales discount 370 Accounts receivable 20,720…
Practice Problem #2: Assume a perpetual inventory system. Journalize the following sales related transactions. a) Sold merchandise on account to LPT Co., P5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was P3,000. Paid transportation charges of P200, which were added to the invoice. b) Sold merchandise on account to MMM Co., P10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was P6,000. c) Paid transportation charges of P400 for delivery of merchandise sold to MMM Co. d) Issued credit memorandum for P2,000 to MMM Co. for merchandise returned from sale in (b). The cost of the merchandise was P1,200. e) Received amount due from LPT Co. within the discount period. f) Received amount due, less return and discount from MMM Co. g) Sold merchandise on account to LPT Co., P5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was P3,000. Paid transportation charges of P200, which were added to the invoice. h) Sold…
Practice Problem #2: Assume a perpetual inventory system. Journalize the following sales related transactions. a) Sold merchandise on account to LPT Co., P5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was P3,000. Paid transportation charges of P200, which were added to the invoice. b) Sold merchandise on account to MMM Co., P10,000, terms FOB Destination, 1/10, n/30. The cost of the merchandise was P6,000. c) Paid transportation charges of P400 for delivery of merchandise sold to MMM Co. d) Issued credit memorandum for P2,000 to MMM Co. for merchandise returned from sale in (b). The cost of the merchandise was P1,200. e) Received amount due from LPT Co. within the discount period. f) Received amount due, less return and discount from MMM Co. g) Sold merchandise on account to LPT Co., P5,000, terms FOB Shipping Point, 2/10, n/30. The cost of the merchandise sold was P3,000. Paid transportation charges of P200, which were added to the invoice. h) Sold…
10points eBook Print References Check my workCheck My Work button is now enabled Item 2 Journalize each of the following transactions assuming a perpetual inventory system and PST at 8% along with 5% GST. 5 Sold $2,700 of merchandise for $3,100; terms n/15. Journal entry worksheet Record the cost of sale.