FINANCIAL & MANAGERIAL ACCOUNTING
9th Edition
ISBN: 9781266265549
Author: Wild
Publisher: MCG
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A buyer uses a perpetual inventory system, and it purchased. $4,000 of merchandise on credit terms of 2/10, n/30 on December 5.
Later, on December 15, the buyer pays the invoice in full.
Complete the buyer's journal entry for payment by selecting the account names from the drop-down menus and entering the dollar
amounts in the debit or credit columns.
No
1
Date
December 15
Sales
Accounts receivable
Answer is not complete.
General Journal
XX
Debit
4,000✔
Credit
APPLYING THE CONCEPTS: Purchases and sales in action
This is a list of purchases and sales transactions that occurred in the month of November. Correctlyjournalize these transactions below. Use Smart Entry when dropdowns are not available. Forcompound entries, if amount box does not require an entry, leave it blank. If required, round to the nearest cent.
November 1
Purchased inventory on account with credit terms 2/10, n/30, $4900.
November 2
Paid freight-in costs FOB shipping point, $200.
November 6
Returned part of inventory purchased on 11/1 for a credit, $980.
November 8
Sold inventory on credit, terms 2/10, n/30, $3600.
November 10
Paid one half of the amount due for the purchase on 11/1.
November 15
Accepted return of part of inventory sold on 11/8 for credit, $720.
November 16
Paid the remaining balance of the amount due for the purchase on 11/1.
November 17
Collected in full for the sale on 11/8.
The following information is about a
merchandise organization. Write journal
entries under perpetual inventory system.
July 1st Sold OMR 8,500 of merchandise on
credit (Cost OMR 4,500), with terms 3/10,
n/30.
July 13th the customer returned OMR 750
worth of slightly demanded merchandise to
the retailer and received a full refund. The
retailer returned the merchandise to its
inventory at a cost of OMR 150.
July 15th the customer discovered some
merchandise was the wrong color and
received an allowance from the retailer of
OMR 350
July 25th The customer paid the account in
full
Chapter 4 Solutions
FINANCIAL & MANAGERIAL ACCOUNTING
Ch. 4 - Prob. 1QSCh. 4 - Prob. 2QSCh. 4 - Merchandise accounts and computations C2 Use the...Ch. 4 - Computing net invoice amounts P1 Compute the...Ch. 4 - Recording purchases, returns, and discounts taken...Ch. 4 - Prob. 6QSCh. 4 - Prob. 7QSCh. 4 - Prob. 8QSCh. 4 - Prob. 9QSCh. 4 - Prob. 10QS
Ch. 4 - Prob. 11QSCh. 4 - Prob. 12QSCh. 4 - Prob. 13QSCh. 4 - Prob. 14QSCh. 4 - Prob. 15QSCh. 4 - Prob. 16QSCh. 4 - Prob. 17QSCh. 4 - Prob. 18QSCh. 4 - Prob. 19QSCh. 4 - Prob. 20QSCh. 4 - Prob. 21QSCh. 4 - Prob. 22QSCh. 4 - Prob. 23QSCh. 4 - Prob. 24QSCh. 4 - Prob. 25QSCh. 4 - Prob. 26QSCh. 4 - Prob. 27QSCh. 4 - Prob. 28QSCh. 4 - Prob. 29QSCh. 4 - Prob. 30QSCh. 4 - Prob. 31QSCh. 4 - Prob. 1ECh. 4 - Prob. 2ECh. 4 - Exercise 4-3 Recording purchase, purchase returns...Ch. 4 - Prob. 4ECh. 4 - Prob. 5ECh. 4 - Exercise 4-4 Recording sales, sales returns and...Ch. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 - Prob. 9ECh. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13ECh. 4 - Prob. 14ECh. 4 - Prob. 15ECh. 4 - Prob. 16ECh. 4 - Prob. 17ECh. 4 - Prob. 18ECh. 4 - Prob. 19ECh. 4 - Prob. 20ECh. 4 - Prob. 21ECh. 4 - Prob. 22ECh. 4 - Prob. 23ECh. 4 - Prob. 24ECh. 4 - Prob. 25ECh. 4 - Prob. 26ECh. 4 - Prob. 27ECh. 4 - Prob. 28ECh. 4 - Prob. 29ECh. 4 - Prob. 1PSACh. 4 - Prob. 2PSACh. 4 - Prob. 3PSACh. 4 - Prob. 4PSACh. 4 - Prob. 5PSACh. 4 - Prob. 1PSBCh. 4 - Prob. 2PSBCh. 4 - Prob. 3PSBCh. 4 - Prob. 4PSBCh. 4 - Prob. 5PSBCh. 4 - Prob. 4SPCh. 4 - Prob. 1GLPCh. 4 - The General Ledger tool in connect several of the...Ch. 4 - Prob. 3GLPCh. 4 - Prob. 1.1AACh. 4 - Prob. 1.2AACh. 4 - Prob. 1.3AACh. 4 - Prob. 1.4AACh. 4 - Prob. 2.1AACh. 4 - Prob. 2.2AACh. 4 - Prob. 2.3AACh. 4 - Prob. 3.1AACh. 4 - Prob. 3.2AACh. 4 - Prob. 3.3AACh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 1BTNCh. 4 - COMMUNICATING IN PRACTICE C2 P3 P5 BTN 4-4 You are...Ch. 4 - Prob. 4BTN
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