Question

A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise...

A seller uses a perpetual inventory system, and on April 4, it sells $5,000 in merchandise to a customer on credit terms of 3/10, n/30. On April 13, the seller receives payment from the customer. Complete the seller’s April 13 journal entry by selecting the account names and dollar amounts from the drop-down menus. The order of the account names in the journal entry must match the illustration in this module.

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...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during April between Swan Company and Bird Company: Apr.2. Swan Company sold merchandise on account to Bird Company, $18,600, terms FOB shipping point, 1/10, n/30. Swan Company paid freight of $480, which was added to the invoice. The cost of the merchandise sold was $11,700. 8. Swan Company sold merchandise on account to Bird Company, $31,000, terms FOB destination, 2/15, n/30. The...
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...
Knowledge Check 05 On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common...
Knowledge Check 05 On January 15, Pinkney, Inc., issued 10,000 shares of $10 par value common stock in exchange for land and a building. Five years ago, the stockholder purchased the land for $40,000 and constructed the building at a cost of $90,000. At the time of the stock issuance, the land and the building had fair market values of $45,000 and $95,000, respectively. Complete the necessary journal entry by selecting the account names and dollar amounts from the drop-down...
Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The...
Emerald Co. uses a perpetual inventory system and records purchases of merchandise at net cost. The company recently purchased 400 compact discs at an invoice price of $5,800 and terms of 3/10, n/30. Half of these discs had been mislabeled and were returned immediately to the supplier. The journal entry to record payment of this invoice after the discount period has expired will include a:
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3...
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Flounder Ltd. sold goods to Novak Corp. for $70,000, terms n/15, FOB shipping point. The inventory had cost Flounder $37,200. Flounder’s management expected a return rate of 3% based on prior experience. 7 Shipping costs of $960 were paid by the appropriate company. 8 Novak returned unwanted merchandise to Flounder. The returned merchandise has a sales price of $2,160, and a cost of $1,160....
Marks Building Supplies (MBS) is a local hardware store. MBS uses a perpetual inventory system. The...
Marks Building Supplies (MBS) is a local hardware store. MBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: A. Sold merchandise for cash (cost of merchandise $300,300) $600,000 B. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $6,000) $8,700 C. Sold merchandise (costing $8,000) to a customer account with terms n/30. $6,000 D. Collected half the balance owed by the customer in (c) $3,000...
ournal Entry The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000;...
ournal Entry The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Owner, Capital, $59,000; Owner, Withdrawals, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare closing entry #3 by selecting the account names and dollar amounts from the drop-down menus.
he following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3...
he following merchandise transactions occurred in December. Both companies use a perpetual inventory system. Dec. 3 Swifty Ltd. sold goods to Blue Spruce Corp. for $81,700, terms n/15, FOB shipping point. The inventory had cost Swifty $43,500. Pictou’s management expected a return rate of 3% based on prior experience. 7 Shipping costs of $1,140 were paid by the appropriate company. 8 Blue Spruce returned unwanted merchandise to Swifty. The returned merchandise has a sales price of $2,520, and a cost...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT