Question

Journal Entries for Sale, Return, and Remittance-Perpetual System On October 14, the Patrick Company sold merchandise...

Journal Entries for Sale, Return, and Remittance-Perpetual System On October 14, the Patrick Company sold merchandise with an invoice price of $1,200 ($750 cost), with terms of 2/10, n/30, to the Baxter Company. On October 18, $300 of the merchandise ($150 cost) was returned because it was the wrong size. On October 24, the Patrick Company received a check for the amount due from the Baxter Company.

Required

Prepare the journal entries for the Patrick Company using the perpetual inventory system.

Business   Finance   
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
Prepare journal entries to record each of the following sales transactions of a merchandising company. The...
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 Sold merchandise for $3,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $1,920. Apr. 4 The customer in the April 1 sale returned $400 of merchandise for full credit. The merchandise, which had cost $240, is returned to inventory. Apr. 8 Sold merchandise for $1,100, with...
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...
On June 3, 2017, Pina Company sold to Ann Mount merchandise having a sales price of...
On June 3, 2017, Pina Company sold to Ann Mount merchandise having a sales price of $8,300 (cost $6,640) with terms of n/60, f.o.b. shipping point. Pina estimates that merchandise with a sales value of $830 will be returned. An invoice totaling $100 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount returned to Pina $300 of merchandise containing flaws. Pina estimates the returned items...
Jackson Company uses the perpetual inventory system. It sold merchandise to Jenny. After one month, Jenny...
Jackson Company uses the perpetual inventory system. It sold merchandise to Jenny. After one month, Jenny returned $250 worth of the merchandise which had a cost of $150. Which of the following journal entries records the cost of merchandise returned? a.A debit to Cost of Goods Sold of $150, a credit to Merchandise Inventory of $150 b.A debit to Merchandise Inventory of $150, a credit to Cost of Goods Sold of $150 c.A debit to Accounts Receivable of $250, a...
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.
Prepare journal entries to record each of the following transactions of a merchandising company. The company...
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 1,000 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Nov. 7 Returned 45 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the...
On June 3, Sheridan Company sold to Chester Company merchandise having a sale price of $2,200...
On June 3, Sheridan Company sold to Chester Company merchandise having a sale price of $2,200 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $97, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Sheridan Company books to record all the events noted above under each of the...
On June 3, Crane Company sold to Chester Company merchandise having a sale price of $3,800...
On June 3, Crane Company sold to Chester Company merchandise having a sale price of $3,800 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $91, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. a) Prepare journal entries on the Crane Company books to record all the events noted above under each of...
On June 3, Swifty Company sold to Chester Company merchandise having a sale price of $5,200...
On June 3, Swifty Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $97, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Swifty Company books to record all the events noted above under each of the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT