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 and accounts payable ledger accounts, journalize and post the following transactions: July 7Returned merchandise to Starcraft Industries, 700. 15Returned merchandise to XYZ, Inc., 450. 27Returned merchandise to Datamagic, 900.

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: Account Increase Decrease Normal Balance Purchases debit (a) (b) Purchases Discounts credit (c) credit Purchases Returns and Allowances (d) (e) (f) Freight In debit (g) debit

Instructions: Using both periodic and perpetual inventory system, you are required to prepare the following:                        1.           Chart of Accounts     2.           Comparative Journal Entries

Under the periodic inventory system, the journal entry to record the purchase of merchandise inventory will include a debit to Oa. Merchandise Inventory Ob. Purchases Oc. Accounts Payable Od. Cost of Merchandise Purchased

The Inventory module window has journal icons for Select one: O a. inventory sales and inventory purchases b. item assembly and inventory adjustments O c. inventory sales and inventory adjustments O d. all of the above Show Transcribed Text You should use the adjustments journal to record - Select one: O a. adjustments to inventory purchase prices from the supplier as an allowance for damages O b. adjustments to inventory sale prices to customers as an allowance for damages c. adjustments to inventory in stock for damaged goods O d. all of the above

please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)     Every entry should have narration please     Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable—Boden. July 1 Purchased merchandise from Boden Company for $7,000 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Creek Company for $1,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $583. July 3 Paid $130 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $2,300 for $2,700 cash. July 9 Purchased…

Which of the following journal entries is appropiate when a credit sales is made under a perpetual inventory (a) Dr. Account receivable                           Cost of good sold      Cr. Sales                                                  Merchandise inventory (b) Dr. Account receivable                          Merchandise inventory      Cr. Sales                                                  Cost of good sold (c) Dr. Account receivable     Cr. Sales (d) Dr. Accounts receivable      Cr. Merchandise inventory

On a journal entry with a debit to Cost of Goods Sold you would expect a credit to _____________________   Question 7 options:   Accounts Receivable   Accounts Payable   Cash   Merchandise Inventory   Sales Revenue

Required information [The following information applies to the questions displayed below.] Nix'lt Company's ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix'lt uses the perpetual inventory system). Merchandise inventory т. Nix, Capital T. Nix, Withdrawals Sales Sales discounts $ 46,800 133,300 7,000 163,600 4,700 $ 4,700 110,400 12,100 41,500 5,000 Sales returns and allowances Cost of goods sold Depreciation expense Salaries expense Miscellaneous expenses A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $44,750.