Question

Rite Shoes was involved in the transactions described below. Purchased $8,700 of inventory on account. Paid...

Rite Shoes was involved in the transactions described below.

Purchased $8,700 of inventory on account.

Paid weekly salaries and wages, $970.

Recorded sales for the first week: Cash: $7,600; On account: $5,800.

Paid for inventory purchased in event (1).

Placed an order for $6,700 of inventory.


Required:
Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fiel

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Journal Entry
S. No. Accoutn Tittle & Explanation Debit Credit
1 Inventory 8700
Account Payable 8700
To Record Purchase of Inventory
2 Salaries & Wages 970
Cash 970
To Record Salaries & Wages paid
3 Cash 7600
Account Recivable 5800
Sales 13400
To Record Sales agst cash & AR
4 Account Payable 8700
Cash 8700
To Record Payment made for inventory
5 No Journal Entry
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
Rite Shoes was involved in the transactions described below. Purchased $8,700 of inventory on account. Paid...
Rite Shoes was involved in the transactions described below. Purchased $8,700 of inventory on account. Paid weekly salaries and wages, $970. Recorded sales for the first week: Cash: $7,600; On account: $5,800. Paid for inventory purchased in event (1). Placed an order for $6,700 of inventory. Required: Prepare the appropriate journal entry for each transaction. (If no entry is required for a transaction/event, select "No journal entry required" in the first account fielRite Shoes was involved in the transactions described...
Al-khamis Shoes was involved in the transactions described below. Required: Prepare the appropriate journal entry for...
Al-khamis Shoes was involved in the transactions described below. Required: Prepare the appropriate journal entry for each transaction. If an entry is not required, state "No Entry." 1. Purchased OR 9,200 of inventory on account. 2. Paid monthly salaries, OR 1,200. 3. Recorded OR13,900 sales for the first month: Cash: OR8,100; On account: OR5,800. 4. Paid for inventory purchased in event (1). 5. Placed an order for OR 6,600 of inventory.
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: John’s purchased merchandise on account for $6,100. Freight charges of $850 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,150 and John’s account was credited by the supplier. Merchandise costing $3,350 was sold for $6,300 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry...
The following transactions occurred at the Daisy King Ice Cream Company. Started business by issuing 10,000...
The following transactions occurred at the Daisy King Ice Cream Company. Started business by issuing 10,000 shares of common stock for $34,000. Signed a franchise agreement to pay royalties of 5% of sales. Leased a building for three years at $640 per month and paid six months' rent in advance. Purchased equipment for $6,800, paying $3,500 down and signing a two-year, 10% note for the balance. Purchased $3,200 of supplies on account. Recorded cash sales of $2,200 for the first...
Lancaster Company recorded the following transactions for the just-completed month: $45,300 in raw materials was purchased...
Lancaster Company recorded the following transactions for the just-completed month: $45,300 in raw materials was purchased on account. $126,500 in raw materials was requisitioned for use in production. Of this amount, $71,200 was for direct materials and the remainder was for indirect materials. Total labour wages of $213,800 were incurred. Of this amount, $184,350 was for direct labour and the remainder was for indirect labour. Additional manufacturing overhead costs of $191,250 were incurred. Required: Record the above transactions in journal...
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $23,500 of...
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $23,500 of materials on account. Issued $1,550 of supplies from the materials inventory. Purchased $12,700 of materials on account. Paid for the materials purchased in transaction (1) using cash. Issued $15,100 in direct materials to the production department. Incurred direct labor costs of $27,500, which were credited to Wages Payable. Paid $22,700 cash for utilities, power, equipment maintenance, and other miscellaneous items for the manufacturing plant....
Larned Corporation recorded the following transactions for the just completed month. $89,000 in raw materials were...
Larned Corporation recorded the following transactions for the just completed month. $89,000 in raw materials were purchased on account. $87,000 in raw materials were used in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $107,500 were paid in cash. Of this amount, $101,500 was for direct labor and the remainder was for indirect labor. Depreciation of $191,000 was incurred on factory equipment. Required: Record the above transactions in...
A company has the following transactions during March:   March   3 Purchases inventory on account for $3,500,...
A company has the following transactions during March:   March   3 Purchases inventory on account for $3,500, terms 2/10, n/30. March   5 Pays freight costs of $200 on inventory purchased on March 3. March   6 Returns inventory with a cost of $500. March 12 Pays the full amount due on March 3 purchase. March 29 Sells all inventory purchased on March 3 (less those returned on March 6) for $5,000 on account. Record all transactions, assuming the company uses a perpetual...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2018: John’s purchased merchandise on account for $6,800. Freight charges of $1,200 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,500 and John’s account was credited by the supplier. Merchandise costing $3,700 was sold for $7,000 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no...
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the...
John’s Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2018: John's purchased merchandise on account for $5,100. Freight charges of $350 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $650 and John’s account was credited by the supplier. Merchandise costing $2,850 was sold for $5,300 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT