15th Edition

ISBN: 9781265564483

Author: Wild

Publisher: MCG

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Textbook Question

Chapter 5, Problem 6E

Exercise 5-6

Recording purchase returns and allowances PI

Refer to Exercise 5-5 and prepare the appropriate journal entries for Baker Co. to record the May 5 purchase and each of the three separate transactions a through c. Baker is a retailer that uses a perpetual inventory system and purchases these units for resale.

Exercise 5-5
Recording sales returns and allowances P2

Check (1) Dr. Merchandise Inventory $400

Allied Parts was organized on May 1, 2015, and made its first purchase of merchandise on May 3. The purchase was for 2,000 units at a price of S10 per unit. On May 5. Allied Parts sold 1.500 of the units for $14 per unit to Baker Co. Terms of the sale were 2/10, n/60. Prepare entries for Allied Parts to record the May 5 sale and each of the following separate transactions a through c using a perpetual inventory system.

On May 7, Baker returns 200 units because they did not fit the customer’s needs. Allied Parts restores the units to its inventory.
On May 8. Baker discovers that 300 units are damaged but are still of some use and. therefore, keeps the units. Allied Parts sends Baker a credit memorandum for $600 to compensate for the damage.
On May 15, Baker discovers that 100 units are the wrong color. Baker keeps 60 of these units because Allied Parts sends a $120 credit memorandum to compensate. Baker returns the remaining 40 units to Allied Parts. Allied Parts restores the 40 returned units to its inventory.

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Chapter 5, Problem 5E

Chapter 5, Problem 7E

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Exercise 5-3 Prepare journal entries to record the following transactions for a retail store. The company uses a perpet- ual inventory system and the gross method. Recording purchases, purchases retums, and Apr. 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice purchases allowances dated April 2, and FOB shipping point. 3 Paid S300 cash for shipping charges on the April 2 purehase. Returned to Lyon Company unacceptable merchandise that had an invoice price of S600. Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. P1 17 18 Purchased S8.500 of merchandise from Frisi Corp. with eredit terms of 1/10. n/30, invoice dated April 18, and FOB destination. After negotiations, received from Frist a S500 allowance toward the S8.500 owed on the April 18 purchase. Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount. 21 Check April28, C Cash, $7.920 28 CS Scanned…

Exercise 5-4 Recording journal entries for merchandise sales transactions-perpetual LO3 Journalize each of the following transactions assuming a perpetual inventory system. You are not required to identify the account number in your journal entries. April May 5 Sold merchandise to a customer for $6,400; terms 3/10, n/30 (cost of sales $3,680). 7 Made a cash sale of $4,700 of merchandise to a customer today (cost of sales $2,660). 8 Sold merchandise for $12,000; terms 3/10, n/30 (cost of sales $7,040). 15 4 Feb. Collected the amount owing from the credit customer of April 5. The customer of April 8 paid the balance owing. The company's chart of accounts include the following: 101 106 119 201 401 Sales 414 Sales returns and allowances 415 Sales discounts 500 Cost of goods sold Cash Accounts Receivable Merchandise inventory Accounts Payable Exercise 5-5 Recording journal entries for merchandise sales transactions-perpetual LO3 Journalize each of the following transactions assuming a…

QS 4-5 (Algo) Recording purchases, returns, and discounts taken LO P1 Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,250 units of product at a cost of $20 per unit. Terms of the sale are 5/10, n/60; the invoice is dated November 5. November 7 Returned 40 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7.

Chapter 5 Solutions

FUNDAMENTAL ACCT PRIN TEXT+CONNECT CODE

Ch. 5 - Prob. 1DQ Ch. 5 - 2. In comparing the accounts of a merchandising...Ch. 5 - Prob. 3DQ Ch. 5 - Prob. 4DQ Ch. 5 - Prob. 5DQ Ch. 5 - Prob. 6DQ Ch. 5 - Prob. 7DQ Ch. 5 - Prob. 8DQ Ch. 5 - Prob. 9DQ Ch. 5 - Prob. 10DQ

Ch. 5 - Prob. 11DQ Ch. 5 - Prob. 12DQ Ch. 5 - Prob. 13DQ Ch. 5 - Prob. 14DQ Ch. 5 - Prob. 15DQ Ch. 5 - Prob. 1QS Ch. 5 - Prob. 2QS Ch. 5 - Prob. 3QS Ch. 5 - Prob. 4QS Ch. 5 - Prob. 5QS Ch. 5 - Prob. 6QS Ch. 5 - Prob. 7QS Ch. 5 - Prob. 8QS Ch. 5 - Prob. 9QS Ch. 5 - Prob. 10QS Ch. 5 - Prob. 11QS Ch. 5 - Prob. 12QS Ch. 5 - Prob. 13QS Ch. 5 - Prob. 14QS Ch. 5 - Prob. 15QS Ch. 5 - Prob. 16QS Ch. 5 - Prob. 17QS Ch. 5 - Prob. 18QS Ch. 5 - Prob. 1E Ch. 5 - Prob. 2E Ch. 5 - Prob. 3E Ch. 5 - Prob. 4E Ch. 5 - Prob. 5E Ch. 5 - Exercise 5-6 Recording purchase returns and...Ch. 5 - Prob. 7E Ch. 5 - Prob. 8E Ch. 5 - Prob. 9E Ch. 5 - Prob. 10E Ch. 5 - Prob. 11E Ch. 5 - Prob. 12E Ch. 5 - Prob. 13E Ch. 5 - Prob. 14E Ch. 5 - Prob. 15E Ch. 5 - Prob. 16E Ch. 5 - Exercise 5-17A Recording purchases and...Ch. 5 - Prob. 18E Ch. 5 - Prob. 19E Ch. 5 - Prob. 20E Ch. 5 - Prepare journal entries to record the following...Ch. 5 - ( Problem 5-2A Preparing journal entries for...Ch. 5 - Prob. 3APSA Ch. 5 - Prob. 4APSA Ch. 5 - Prob. 5APSA Ch. 5 - Prob. 6APSA Ch. 5 - Prob. 1BPSB Ch. 5 - Prepare journal entries to record the following...Ch. 5 - Prob. 3BPSB Ch. 5 - Prob. 4BPSB Ch. 5 - Prob. 5BPSB Ch. 5 - Problem 5-6BE Refer to the data and information in...Ch. 5 - Prob. 5SP Ch. 5 - Prob. 1GLP Ch. 5 - Prepare journal entries to record the following...Ch. 5 - Based on Problem 5-5A Problem 5-5A Preparing...Ch. 5 - Prob. 1BTN Ch. 5 - Prob. 2BTN Ch. 5 - Prob. 3BTN Ch. 5 - Prob. 4BTN Ch. 5 - Prob. 5BTN Ch. 5 - Prob. 6BTN Ch. 5 - Prob. 7BTN Ch. 5 - Prob. 8BTN Ch. 5 - Prob. 9BTN

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