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The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado. Nov. 3 Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, $2,482.51. The cost of the merchandise was $1,961.18. 5 Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, $287.45. The cost of the merchandise was $227.09. 7 Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, $3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, $135 (total $3,989.16). 9 Bought merchandise on account from Lozano, Inc., invoice no. 8755, $426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, $67 (total $493.65). 12 Received credit memo no. 542 to Lozano, Inc., for merchandise returned, $102.20. 17 Sold merchandise on account to Jack’s Golfing Shop, invoice no. 5421, $486.35. The cost of the merchandise was $432.85. 23 Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, $2,465.99. The cost of the merchandise was $1,972.79. 28 Bought merchandise on account from Fields, Inc., invoice no. 4599, $441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, $102 (total $543.29). Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 9, Problem 4PB
Textbook Problem

The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado.

Nov. 3    Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, $2,482.51. The cost of the merchandise was $1,961.18.

5    Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, $287.45. The cost of the merchandise was $227.09.

7    Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, $3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, $135 (total $3,989.16).

9    Bought merchandise on account from Lozano, Inc., invoice no. 8755, $426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, $67 (total $493.65).

12    Received credit memo no. 542 to Lozano, Inc., for merchandise returned, $102.20.

17    Sold merchandise on account to Jack’s Golfing Shop, invoice no. 5421, $486.35. The cost of the merchandise was $432.85.

23    Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, $2,465.99. The cost of the merchandise was $1,972.79.

28    Bought merchandise on account from Fields, Inc., invoice no. 4599, $441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, $102 (total $543.29).

Required

Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.

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Chapter 9 Solutions

College Accounting (Book Only): A Career Approach
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Ch. 9 - What is the difference between a wholesale...Ch. 9 - For each of the following accounts, identify...Ch. 9 - What is the purpose of each of the following? a....Ch. 9 - Why is an accounts receivable ledger or an...Ch. 9 - Why is it a good practice to post daily to the...Ch. 9 - With regard to goods sold and purchased, explain...Ch. 9 - Explain the meaning and importance of the shipping...Ch. 9 - Describe the four procedures that most companies...Ch. 9 - Describe the posting procedures to the general...Ch. 9 - Describe the procedure for posting each of the...Ch. 9 - Who issues a credit memorandum and why?Ch. 9 - What is the difference between a periodic...Ch. 9 - Record the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Journalize the following transactions in general...Ch. 9 - Post the following entry to the general ledger and...Ch. 9 - Record the following transactions in general...Ch. 9 - Record the following transactions for a perpetual...Ch. 9 - Toby Company had the following sales transactions...Ch. 9 - Williams Corporation had the following purchases...Ch. 9 - Kelley Company has completed the following October...Ch. 9 - Bell Florists sells flowers on a retail basis....Ch. 9 - Berrys Pet Store records purchase transactions in...Ch. 9 - Shirleys Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Hawkins,...Ch. 9 - Gomez Company sells electrical supplies on a...Ch. 9 - Patterson Appliance uses a three-column purchases...Ch. 9 - Abbott Florists sells flowers on a retail basis....Ch. 9 - Lowerys Pet Depot records purchase transactions in...Ch. 9 - Mays Beauty Store records sales and purchase...Ch. 9 - The following transactions relate to Khan, Inc., a...Ch. 9 - R. J. Hinton Company sells electrical supplies on...Ch. 9 - West Bicycle Shop uses a three-column purchases...Ch. 9 - Jax Mercantile Co. has been northern Colorados...Ch. 9 - You are the bookkeeper at a small merchandising...Ch. 9 - Following is a trial balance prepared just before...Ch. 9 - Sales and Purchases Ms. Valli of All About You Spa...

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