FINANCIAL AND MANAGERIAL ACC VOL 2 W/CON
9th Edition
ISBN: 9781266907838
Author: Wild
Publisher: MCG/CREATE
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Question
Chapter 4, Problem 22E
To determine
Introduction:
To prepare: The journal entries using the periodic inventory system and gross method.
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Merchandising Operations: Prepare the journal entries for the following transactions using the periodic inventory method
Required:
Prepare Merchandising Journal Entries using Perpetual and Periodic Inventory System.
Instructions
In this assignment you will record eight transactions related to the sale and purchase of merchandise.
You will record each transaction according to the procedures of a periodic inventory system.
You will record each transaction according to the procedures of a perpetual inventory system.
Include the date for each transaction.
Include a brief explanation for each entry similar to the sample entry example.
Please skip a line between each transaction entry.
You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them.
Transactions to Record
Sample
Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace.
Mar 1
Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…
Chapter 4 Solutions
FINANCIAL AND MANAGERIAL ACC VOL 2 W/CON
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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Similar questions
- Prepare journal entries to record the following transactions, assuming periodic inventory updating and first-in, first-out (FIFO) cost allocation.arrow_forwardRules 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:arrow_forwardUnder the periodic inventory system, the ending inventory is entered by debiting Merchandise Inventory and crediting Income Summary.arrow_forward
- 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 inventoryarrow_forwardCostume Warehouse sells costumes and accessories. Review the following transactions and prepare the journal entry or entries if Costume Warehouse uses: A. the perpetual inventory system B. the periodic inventory systemarrow_forwardUsing the partial work sheet provided below, prepare the adjusting entries for merchandise inventory.arrow_forward
- Instructions: Using both periodic and perpetual inventory system, you are required to prepare the following: 1. Chart of Accounts 2. Comparative Journal Entriesarrow_forwardMerchandising Operations: Prepare the journal entries for the following transactions using the perpetual inventory methodarrow_forwardUnder a periodic inventory system, closing entries will include Oa. debits to Sales, Purchases Returns and Allowances, and Purchases Discounts Ob. adjustments to Merchandise Inventory to match physical inventory Oc. credits to Purchases and Sales Discounts Od. All of these choices are correct.arrow_forward
- The periodic total of purchases return journal is posted to :(i) Purchase account(ii) Profit and loss account(iii) Purchase returns account(iv) Furniture accountarrow_forwardThe journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit Accounts Payable. Purchase Returns and Allowances. Sales Revenue. Inventory.arrow_forwardThe journal entry for the purchase of inventory on account using the periodic inventory system isarrow_forward
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