Question

Question about perpetual inventory: A company had the following transactions: April 5: Sold $4000 of inventory...

Question about perpetual inventory:

A company had the following transactions:

April 5: Sold $4000 of inventory on account. Inventory costs $100. 2/10, n/30

April 9: Inventory returned and a $50 credit was sent back to the customer's account. The inventory that was returned cost $35.

April 14: Received payment for amount owed.

Create journal entries for these transactions.

Dates Account Titles Debits Credits
4/5
4/9
4/14
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Pronghorn Corp. uses a perpetual inventory system. The company had the following inventory transactions in April:...
Pronghorn Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from DeVito Ltd. for $25,700, terms 1/10, n/30, FOB shipping point. 6 The appropriate company paid freight costs of $700 on the merchandise purchased on April 3. 7 Purchased supplies on account for $5,450. 8 Returned damaged merchandise to DeVito and was given a purchase allowance of $3,400. The merchandise was repaired by DeVito and returned to inventory for future...
This information relates to Blossom Co.. 1. On April 5, purchased merchandise from Sunland Company for...
This information relates to Blossom Co.. 1. On April 5, purchased merchandise from Sunland Company for $28,800, terms 4/10, n/30. 2. On April 6, paid freight costs of $620 on merchandise purchased from Sunland Company. 3. On April 7, purchased equipment on account for $34,200. 4. On April 8, returned $3,500 of April 5 merchandise to Sunland Company. 5. On April 15, paid the amount due to Sunland Company in full. Prepare the journal entries to record the transactions listed...
This information relates to Blossom Co.. 1. On April 5, purchased merchandise from Sunland Company for...
This information relates to Blossom Co.. 1. On April 5, purchased merchandise from Sunland Company for $28,800, terms 4/10, n/30. 2. On April 6, paid freight costs of $620 on merchandise purchased from Sunland Company. 3. On April 7, purchased equipment on account for $34,200. 4. On April 8, returned $3,500 of April 5 merchandise to Sunland Company. 5. On April 15, paid the amount due to Sunland Company in full. (a) Prepare the journal entries to record the transactions...
At the beginning of the current tennis season, on April 1, 2021, Kicked-Back Tennis Shop's inventory...
At the beginning of the current tennis season, on April 1, 2021, Kicked-Back Tennis Shop's inventory consisted of 50 tennis racquets at a cost of $40 each. Kicked-Back uses a perpetual inventory system and the earnings approach. The following transactions occurred in April: Apr. 2 Purchased 160 additional racquets from Roberts Inc. for $6,400, terms n/30. 4 Determined that five of the racquets purchased on April 2 were damaged and returned them to Roberts Inc. Roberts Inc. credited Kicked-Back’s account....
Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during...
Abe's Printing Supply Company uses a perpetual inventory system. The company had the following transactions during August 2019 Aug. 5: Purchased $2,900 Of merchandise on account: Freight and credit terms were FOB shipping point, 3/15, n/60. Aug. 9: Paid transportation costs of $440 for t}us Aug. 5 purchase. Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5. Aug. 15: Paid for the merchandise purchased on Aug. 5. Prepare journal entries for August 10 and 15....
Journalize the following transactions for the Evans Company.  Assume the company uses a perpetual inventory system. (17.5...
Journalize the following transactions for the Evans Company.  Assume the company uses a perpetual inventory system. (17.5 pts) 11/17    Sold merchandise for $645.  The cost of merchandise sold was $375. 11/18    Sold merchandise for $432 and accepted VISA as the form of payment.  The cost of merchandise    sold was $195. 11/19    Sold merchandise on account for $670.  The cost of merchandise sold was $438. 11/30    Paid credit card fees for the month of $85. Date Account Titles Debits Credits
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.    Apr. 2 Purchased $5,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $370 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $650. 17 Sent a check to Lyon Company...
Prepare journal entries to record the following transactions for a retail store. The company uses a...
Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.    Apr. 2 Purchased $4,100 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. 3 Paid $210 cash for shipping charges on the April 2 purchase. 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. 17 Sent a check to Lyon Company...
Question 5: Perpetual Inventory: Journal Entries (26 marks) The following are transactions for Chandler Fashions for...
Question 5: Perpetual Inventory: Journal Entries The following are transactions for Chandler Fashions for the month of June. June 2              Purchased 3,000 items of inventory under terms 1/10, n/60 and FOB shipping point from Flower Manufacturing. The merchandise had a cost of $12,000 June 7           Returned defective merchandise to Flower Manufacturing with invoice price of $4,000. June 8          Paid the freight charges on the purchase from Flower Manufacturing in     cash for $200. June 9              Sold merchandise to Trendy Store...
Donna’s Beauty Salon had the following transactions for July: July 9: Purchased 625 units of inventory...
Donna’s Beauty Salon had the following transactions for July: July 9: Purchased 625 units of inventory at $6 per unit. The seller offered a cash discount of 2/10, n/30. July 10: Returned 30 defective units and received full credit. July 18: Paid the amount in full, less the returned items. Instructions: Prepare journal entries to record each of the preceding transactions. Assume a perpetual inventory system. I nclude the following details in each entry: Date______ Account Title and Explanation_____ Debit____...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT