Using the five journals as named here:. Sales, Purchases, Cash Receipts, Cash Disbursements, and Generaland using the following as possible column header titles:• Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No. Ref. or Noneand using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system:| Accounts PayableMerchandise InventorySalesAccountsPurchasesSales DiscountsReceivableSales Returns andCashPurchase DiscountsAllowancesPurchase Returns andCost of Goods SoldSales Tax PayableAllowances. On Jul. 5, sold 20 thing-a-jigs to Miami Inc. for $2.150 cash and issued invoice #13, for inventory costing $945.. On Jul. 9, received payment from Palm Springs Inc., who bought 50 items for $4,000 on July 1 with terms of 2/10, n/30 on account number #312, for inventory costing $2,460• On Jul. 22, received payment from Smith Mfg. who bought 30 items for $5,000 on July 8 with terms 2/10 n/30 on account #178, for inventory costing $2.198.JOURNALPage 124DateDRDR(or other accounts)CR2019Jul. 5Jul. 9Jul.22

In periodic system of accounting, the cost of goods sold and inventory adjustment is done at the end…

Using the five journals as named here: . Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: . Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Sold Purchase Returns and Sales Tax Payable Allowances • On Jul. 5, sold 20 thing-a-jigs to Miami Inc. for $2.150 cash and issued invoice #13, for inventory costing $945. • On Jul. 9, received payment from Palm Springs Inc., who bought 50 items for $4,000 on July 1 with terms of 2/10, n/30 on account number #312, for inventory costing $2,460 • On Jul. 22, received payment from Smith Mfg, who bought 30 items for $5,000 on July 8 with terms 2/10 n/30 on account #178, for inventory costing $2,.198.

Using the five journals as named here: . Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: . Date, Account, Acct. No. Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the periodic inventory system: Accounts Payable Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Sold Purchase Returns and Sales Tax Payable Allowances • On Jul. 5, sold 20 thing-a-jigs to Miami Inc. for $2.150 cash and issued invoice #13, for inventory costing $945. • On Jul. 9, received payment from Palm Springs Inc., who bought 50 items for $4,000 on July 1 with terms of 2/10, n/30 on account number #312, for inventory costing $2,460 • On Jul. 22, received payment from Smith Mfg, who bought 30 items for $5,000 on July 8 with terms 2/10 n/30 on account #178, for inventory costing $2,.198.

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 6SEB: JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE...

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Which of the following accounts are used when recording a purchase using a periodic inventory system? A. cash, purchases B. accounts payable, sales C. accounts payable, accounts receivable D. cash, merchandise inventory
Rules of debit and credit for periodic inventory accounts Complete the following table by indicating for A through G whether the proper answer is debit or credit:
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3.
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3.
( Appendix 6A) Recording Purchase and Sales Transactions Refer to the information for Raymond Company in Brief Exercise 6-34 and assume that the company uses the periodic inventory system. Required: Prepare the journal entries to record these transactions on the books of Raymond Company.
Purchase-related transactions Based on the data presented in Exercise 5-16, journalize Balboa Co.s entries for (A) the purchase, (B) the return of the merchandise for credit, and (C) the payment of the invoice.
Assume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms on sales on account are 2/10, n/30, FOB shipping point. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payment journal as appropriate. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of debit and credit totals.
JOURNALIZING PURCHASES RETURNS AND ALLOWANCES AND POSTING TO GENERAL LEDGER AND ACCOUNTS PAYABLE LEDGER Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions: Mar. 5Returned merchandise to Tower Industries, 500. 11Returned merchandise to A D Arms, 625. 23Returned merchandise to Mighty Mansion, 275.
Perpetual and Periodic Inventory Systems Below is a list of inventory systems options. a. Perpetual inventory system b. Periodic inventory system c. Both perpetual and periodic inventory systems Required: Match each option with one of the following: 1. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period. 2. Cost of goods sold is determined as each sale is made. 3. Inventory purchases are recorded in an inventory account. 4. Inventory purchases are recorded in a purchases account. 5. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale. 6. Both revenue and cost of goods sold are recorded during the period as sales are made. 7. The inventory is verified by a physical count.
Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.