Question

On September 4, Roberta's Knickknacks buys merchandise on account from Dolan Company. The selling price of...

On September 4, Roberta's Knickknacks buys merchandise on account from Dolan Company. The selling price of the goods is $900 and the cost of goods is $600. Both companies use the perpetual inventory systems Journalize the transactions on the books of both companies

Homework Answers

Answer #1

Answer to the above question is shown.

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
On August 24, Rag Doll Inc. purchased inventory on account from Lavish Lizards Inc. The selling...
On August 24, Rag Doll Inc. purchased inventory on account from Lavish Lizards Inc. The selling price of the goods is $29,200 and the cost of goods sold is $13,320. Both companies use perpetual inventory systems. Record the above transactions on the books of both companies. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles...
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.
On June 10, Carla Vista Company purchased $8,000 of merchandise on account from Flint Company, FOB...
On June 10, Carla Vista Company purchased $8,000 of merchandise on account from Flint Company, FOB shipping point, terms 1/10, n/30. Carla Vista pays the freight costs of $550 on June 11. Damaged goods totaling $400 are returned to Flint for credit on June 12. The fair value of these goods is $70. On June 19, Carla Vista pays Flint Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction...
On September 7, 2019 North Shore Sporting Goods of Chilliwack purchased merchandise for $40,000 from Trident...
On September 7, 2019 North Shore Sporting Goods of Chilliwack purchased merchandise for $40,000 from Trident Boards of Toronto. Terms were 2/10, n/30; FOB warehouse (shipping point). Note: Trident’s cost of the $40,000 of merchandise it sold to North Share was $20,000. A $2,000 freight delivery bill was paid by North Shore to Inter-Province Trucking on September 9, 2019. On September 10, 2019 North Shore returned some goods to Trident. Trident’s own truck picked up goods from North Shore which...
On September 7, 2019 North Shore Sporting Goods of Chilliwack purchased merchandise for $40,000 from Trident...
On September 7, 2019 North Shore Sporting Goods of Chilliwack purchased merchandise for $40,000 from Trident Boards of Toronto. Terms were 2/10, n/30; FOB warehouse (shipping point). Note: Trident’s cost of the $40,000 of merchandise it sold to North Share was $20,000. A $2,000 freight delivery bill was paid by North Shore to Inter-Province Trucking on September 9, 2019. On September 10, 2019 North Shore returned some goods to Trident. Trident’s own truck picked up goods from North Shore which...
Jun    4      Willem Corporation purchased $4,000 worth of merchandise, terms n/30 from Cate Corporation. The cost of...
Jun    4      Willem Corporation purchased $4,000 worth of merchandise, terms n/30 from Cate Corporation. The cost of the merchandise to Cate was $2,600. Returns are estimated at 15%.         10       Willem returned $700 worth of goods to Cate for full credit. The goods had a cost of $450 to Cate and were placed back into inventory.         26       Willem paid the account. Instructions Prepare the journal entries to record these transactions in (a) Willem’s records and (b) Cate’s records. Both companies...
3 Purchased merchandise inventory on account from Shue ​Wholesalers, $ 5200. Terms 3​/15, ​n/EOM, FOB shipping...
3 Purchased merchandise inventory on account from Shue ​Wholesalers, $ 5200. Terms 3​/15, ​n/EOM, FOB shipping point. 4 Paid freight bill of $ 75 on September 3 purchase. 4 Purchase merchandise inventory for cash of $ 1 comma 700. 6 Returned $ 700 of inventory from September 3 purchase. 8 Sold merchandise inventory to Hayes ​Company, $ 6300​, on account. Terms 3​/15, ​n/35. Cost of​ goods, $ 2772. 9 Purchased merchandise inventory on account from Tamara ​Wholesalers, $ 6500. Terms...
On June 10, Carla Vista Company purchased $8,000 of merchandise on account from Flint Company, FOB...
On June 10, Carla Vista Company purchased $8,000 of merchandise on account from Flint Company, FOB shipping point, terms 1/10, n/30. Carla Vista pays the freight costs of $550 on June 11. Damaged goods totaling $400 are returned to Flint for credit on June 12. The fair value of these goods is $70. On June 19, Carla Vista pays Flint Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction...
Exercise 5-05 On June 10, Marin Company purchased $7,300 of merchandise from Cullumber Company, on account,...
Exercise 5-05 On June 10, Marin Company purchased $7,300 of merchandise from Cullumber Company, on account, terms 3/10, n/30. Marin pays the freight costs of $360 on June 11. Goods totaling $500 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Cullumber Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Marin Company. (If no entry is required, select...
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....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT