Question

Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on...

Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $13,300 with terms 2/10, net 30. The cost of the goods sold was $8,645. Sale Cost b. Received payment within the discount period.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $22,700 with terms 1/10,...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $22,700 with terms 1/10, n/30. The cost of the merchandise sold was $13,620. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. Cash Accounts Receivable c. Issued a credit memo for returned merchandise that was sold for $10,600 terms n/30. The cost of the merchandise returned was $6,360. Refund Customer Refunds Payable Accounts Receivable Inventory Merchandise Inventory Cash
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $20,700 with terms 1/10,...
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $20,700 with terms 1/10, n/30. The cost of the goods sold was $12,420. Sale Accounts Receivable Accounts Payable Accounts Receivable Cash Cost of Merchandise Sold Merchandise Inventory Miscellaneous Expense Purchases Purchases Discounts Purchases Returns and Allowances Sales Discounts Sales Returns and Allowances Sales Sales Accounts Payable Accounts Receivable Cash Cost of Merchandise Sold Purchases Discounts Purchases Returns and Allowances Purchases Sales Sales Discounts Sales Returns and Allowances Cost...
Dakin uses perpetual inventory. Journalize the July transactions: 1, July 1 Purchased $35,000 of merchandise on...
Dakin uses perpetual inventory. Journalize the July transactions: 1, July 1 Purchased $35,000 of merchandise on account, term 2/10, n/30. 2. July 3 Returned $7000 of damaged merchandise for credit 3. July 11 Paid for the merchandise purchased within 10 days
Omer Ltd uses perpetual inventory system. During June, the following transactions and event occurred. All transactions...
Omer Ltd uses perpetual inventory system. During June, the following transactions and event occurred. All transactions are exclusive (net) of GST. June 3 Purchased $ 1000 of inventory terms 3/10, n/60 6 Returned $ 300 of inventory purchased on June 3 7 Paid Freight charges of $ 50 on goods purchased on June 3 12 Paid for the goods purchased on June 3 13 Sold goods on credit for $ 500 terms, 2/5 n/30. Cost of sales was $ 100...
Assume the perpetual inventory method is used. 1) The company purchased $12,900 of merchandise on account...
Assume the perpetual inventory method is used. 1) The company purchased $12,900 of merchandise on account under terms 3/10, n/30. 2) The company returned $2,400 of merchandise to the supplier before payment was made. 3) The liability was paid within the discount period. 4) All of the merchandise purchased was sold for $19,800 cash. The amount of gross margin from the four transactions is:
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:
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...
Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for...
Klump Co. Klump Co. uses a perpetual inventory system and had the following inventory transactions for the month of June. June 1 On hand, 50 units at $18.00 each $ 900.00 4 Purchased 115 units at $18.20 each 2,093.00 5                Sold 100 units 10 Purchased 75 units at $18.25 each 1,368.75 24                Sold 50 units Total cost of goods available for sale $4,361.75 30 On hand, 90 units Refer to the information provided for Klump Co. If the company uses...
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 $6,500. Freight charges of $1,050 were paid in cash. John’s returned some of the merchandise purchased in (1). The cost of the merchandise was $1,350 and John’s account was credited by the supplier. Merchandise costing $3,550 was sold for $6,700 in cash. Required: Prepare the necessary journal entries to record these transactions. 1.) Record...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT