Use P6-1A Excel sheet Mitsui corporation is a major distributor of school portables. All sales have terms 1/10, n/15. during July, the following select transactions occurred. For each transaction, identify into which special journal it should be journal and GJ for general journal. Also indicate if the accounts receivables sub ledgers is affected Date Transaction July 1 sold merchandise on account July 2 Defective merchandise sold July 5 Received payment regrading the July 1 sale July 14 sold merchandise for cash Special journal Affects Sub-Ledger? 4 July 22 sold old equipment for cash July 31 Record accrued salaries for the month July 31 Accrued Utilities for the month of July Use P6-18 Excel The following transaction occurred for food on the go of Edmonton for the month of June 2022 ry was $600

Use P6-1A Excel sheet Mitsui corporation is a major distributor of school portables. All sales have terms 1/10, n/15. during July, the following select transactions occurred. For each transaction, identify into which special journal it should be journal and GJ for general journal. Also indicate if the accounts receivables sub ledgers is affected Date Transaction July 1 sold merchandise on account July 2 Defective merchandise sold July 5 Received payment regrading the July 1 sale July 14 sold merchandise for cash Special journal Affects Sub-Ledger? 4 July 22 sold old equipment for cash July 31 Record accrued salaries for the month July 31 Accrued Utilities for the month of July Use P6-18 Excel The following transaction occurred for food on the go of Edmonton for the month of June 2022 ry was $600

Name: ME-book-Pearson X← → CPearson Sign In XO Log In - TimeClo xeastwestco
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: ME-book-Pearson X← → CPearson Sign In XO Log In - TimeClo xeastwestcollege.brightspace.com/d21/le/content/8787/viewContent/64006/ViewUse P6-1A Excel sheetDateJuly 1 sold merchandise on accountJuly 2 Defective merchandise soldJuly 5 Received payment

Corporate Financial Accounting

15th Edition

ISBN:9781337398169

Author:Carl Warren, Jeff Jones

Publisher:Carl Warren, Jeff Jones

Chapter5: Accounting For Retailing Businesses

Section: Chapter Questions

Problem 5.9BPR

See similar textbooks

Similar questions

Journalize the following transactions in general journal form. a. Bought merchandise on account from Brewer, Inc., invoice no. B2997, 914; terms net 30 days; FOB destination. b. Received credit memo no. 96 from Brewer, Inc., for merchandise returned, 238.
Question Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394
Question Content Area Transactions for Buyer and Seller Ellis Co. sold merchandise to Angelleti Co. on account, $148,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $89,160. Ellis Co. paid freight of $2,100. Assume that all discounts are taken. Question Content Area Journalize Ellis Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. Question Content Area Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank.
Feb. 5 Bought merchandise on account from Nancy Corporation, invoice no. A552, $752; terms net 30 days; dated January 3; FOB destination. Feb. 21 Bought merchandise on account from Allen Company, invoice no. 8545, $1,524.41; n/30; dated February 19; FOB shipping point, freight prepaid and added to the invoice, $150 (total $1,674.41). If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. PURCHASES JOURNAL PAGE 65 DATE SUPPLIER'SNAME INVNO. INV.DATE TERMS POST.REF. ACCOUNTSPAYABLECR. FREIGHT INDR. PURCHASESDR. 20-- Feb. 5 Nancy Corp. A552 1/3 n/30 fill in the blank 1 fill in the blank 2 fill in the blank 3 Feb. 21 Allen Company 8545 2/19 n/30 fill in the blank 4 fill in the blank 5 fill in the blank 6 Feb. 28 Totals fill in the blank 7 fill in the blank 8 fill in the blank 9 (212) (514) (511) GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 212 BALANCE…
Q.No. Prepare general journal entries using periodic and perpetual inventory systems. Purchased merchandise on account of Rs 600,000 on account on Dec 03. Issued a cheque in payment of freight on the purchase of Rs. 5000 on Dec. 03. On Dec 4, returned to supplier merchandise purchased on Dec 3, of Rs 60,000. Sold merchandise on account of Rs 800,000 at 40 % gross profit on Dec 05. On Dec 07, merchandise sold on Dec 05 returned by the customer Rs. 50,000. On Dec 31st, merchandise physical count stands for amount Rs. 95,000
Sales-related and purchase-related transactions using perpetual OBJ. 2inventory system The following were selected from among the transactions completed by Babcock Company during November of the current year:Nov. 3. Purchased merchandise on account from Moonlight Co., list price $85,000, trade discount 25%, terms FOB destination, 2/10, n/30.4. Sold merchandise for cash, $37,680. The cost of the merchandise sold was $22,600.5. Purchased merchandise on account from Papoose Creek Co., $47,500, terms FOB shipping point, 2/10, n/30, with prepaid freight of $810 added to the invoice.6. Returned $13,500 ($18,000 list price less trade discount of 25%) of merchandise purchased on November 3 from Moonlight Co.8. Sold merchandise on account to Quinn Co., $15,600 with terms n/15. The cost of the merchandise sold was $9,400.13. Paid Moonlight Co. on account for purchase of November 3, less return of November 6.14. Sold merchandise on VISA, $236,000. The cost of the merchandise soldwas $140,000.15.…
Question Content Area An invoice received included the following information: merchandise price, $4,500; terms 1/10, n/eom; FOB shipping point with prepaid freight of $460. Assuming that a credit for merchandise returned of $900 is granted prior to payment and that the invoice is paid within the discount period, what amount of cash should be paid by the buyer? a. $4,910 b. $4,500 c. $4,024 d. $900
Practice Problem #4: Assume a perpetual inventory system. Journalize the following sales related transactions. a) Purchased merchandise on account from B Co., list price P20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of P650 added to the invoice. b) Purchased merchandise on account from C Co., P8,000, terms FOB destination, 1/10, n/30. c) Sold merchandise on account to D Co., P9,800, terms 2/10, n/30. The cost of the merchandise sold was P5,800. d) Returned P2,000 of merchandise purchased from C Co. (b) e) Paid B Co. on account for purchase in (a) less discount. f) Received merchandise returned by D Co. from sale in (c), P1,800. The cost of the merchandise returned was P1,080. g) Paid C Co. on account for purchase in (b) less return (d) and discount. h) Received cash on account from D Co. for sale in (c) less return (f) and discount. i) Perpetual inventory records indicate that P85,000 of merchandise should be on hand. The physical…