Homework Answers
a
| Debit | Credit | ||
| Apr-05 | Inventory | 25000 | |
| Account Payable | 25000 | ||
| (Being goods purchased on account) | |||
| Apr-06 | Inventory | 900 | |
| Cash | 900 | ||
| (paid freight costs ) | |||
| Apr-07 | Equipment | 26000 | |
| Account Payable | 26000 | ||
| (purchased equipment on account) | |||
| Apr-08 | Account Payable | 2600 | |
| Inventory | 2600 | ||
| (returned damaged merchandise ) | |||
| Apr-15 | Account Payable | 21952 | |
| Inventory 22400*2% | 448 | ||
| Cash (25000-2600) | 22400 | ||
| (paid the amount due) |
b
| Apr-15 | Account Payable | 22400 | |
| Cash (25000-2600) | 22400 | ||
| (paid the amount due) |
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Journalize purcha transactions. (LO 2) E5-2 Information related to Duffy Co., Ltd. is presented below. 1....
Journalize purchase transactions. E5.2 (LO 2) Information related to Kerber Co. is presented below. 1. On...
Journalize purchase transactions. E5.2 (LO 2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise on account from Wilkes Company for $23.000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 5. On April 15,...
Information related to Culver Co. is presented below.
Information related to Culver Co. is presented below. 1. On April 5, purchased merchandise on account from Sage Hill Company for $41,300, terms 2/10, net/30, FOB shipping point 2. On April 6, paid freight costs of $900 on merchandise purchased from Sage Hill 3. On April 7, purchased equipment on account for $40.200. 4. On April 8, returned damaged merchandise to Sage Hill Company and was granted a $6,100 credit for returned merchandise. 5. On April 15, paid the amount due to Sage Hill Company...
BE5-2 Presented below are the components in Gates Company's income statement. Determine the missing amounts. Sales...
BE5-2 Presented below are the components in Gates Company's income statement. Determine the missing amounts. Sales Cost of Gross Operating Net Revenue Goods Sold Profit Expenses Income (a) $ 75,000 ? $30,000 ? $10,800 (b) $108,000 $70,000 ? ? $29,500 ? $83,900 $79,600 $39,500 ? E5-2 Information related to Harwick Co. is presented below. 1. On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900...
Thank you. thumbs up! Exercise 5-02 a-b Information related to Harwick Co. is presented below. 1....
Thank you. thumbs up!
Exercise 5-02 a-b Information related to Harwick Co. is presented below. 1. On April 5, purchased merchandise on account from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Botham. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. 5. On April...
Instructions Identify each statement as true or false. If false, indicate how to correct the statement....
Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E5-2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a...
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Culver Co. is presented below. 1....
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Culver Co. is presented below. 1. On April 5, purchased merchandise on account from Sage Hill Company for $41,300, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Sage Hill. 3. On April 7, purchased equipment on account for $40,200. 4. On April 8, returned damaged merchandise to Sage Hill Company and was granted a $6,100 credit for returned merchandise....
Instru Deter E5-1 ord purchase and sales usactions-perpetual em. (1.01,23) AP Instructions (a) Prepare the journal...
Instru Deter E5-1 ord purchase and sales usactions-perpetual em. (1.01,23) AP Instructions (a) Prepare the journal entries to record the above transactions for Olaf Company. (b) Prepare the journal entries to record the above transactions for DeVito Company. (c) Calculate the gross profit earned by DeVito on these transactions. 5.3-6 The following merchandise transactions occurred in December. Both companies use a perpetual inve system. Dec. 3 Pippen Company sold merchandise to Thomas Co, for $32,000, terms 2/10, n/30, FOB destination...
Prepare the journal entries to record these transactions on the books of Sheffield Co. under a...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions in April Apr. 3 Purchased merchandise from DeVito Lid. for $28.000 terms 1/10, 1/30 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 $5.000 8 Returned damaged merchandise to DeVito and was given a purchase allowance of $3.500. The merchandise was repaired by DeVito and returned to inventory...
Exercise 5-02 a-b (Part Level Submission) Information related to Pina Colada Corp. is presented below. 1....
Exercise 5-02 a-b (Part Level Submission) Information related to Pina Colada Corp. is presented below. 1. On April 5, purchased merchandise on account from Flint Company for $33,500, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $910 on merchandise purchased from Flint. 3. On April 7, purchased equipment on account for $44,400. 4. On April 8, returned damaged merchandise to Flint Company and was granted a $5,700 credit for returned merchandise. 5. On April...
Journalize purchase transactions. E5.2 (LO 2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise on account from Wilkes Company for $23.000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a $3,000 credit for returned merchandise. 5. On April 15,...
BE5-2 Presented below are the components in Gates Company's income statement. Determine the missing amounts. Sales Cost of Gross Operating Net Revenue Goods Sold Profit Expenses Income (a) $ 75,000 ? $30,000 ? $10,800 (b) $108,000 $70,000 ? ? $29,500 ? $83,900 $79,600 $39,500 ? E5-2 Information related to Harwick Co. is presented below. 1. On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900...
Thank you. thumbs up!
Exercise 5-02 a-b Information related to Harwick Co. is presented below. 1. On April 5, purchased merchandise on account from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Botham. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. 5. On April...
Instructions Identify each statement as true or false. If false, indicate how to correct the statement. E5-2) Information related to Kerber Co. is presented below. 1. On April 5, purchased merchandise from Wilkes Company for $23,000, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Wilkes. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Wilkes Company and was granted a...
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Culver Co. is presented below. 1. On April 5, purchased merchandise on account from Sage Hill Company for $41,300, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $900 on merchandise purchased from Sage Hill. 3. On April 7, purchased equipment on account for $40,200. 4. On April 8, returned damaged merchandise to Sage Hill Company and was granted a $6,100 credit for returned merchandise....
Instru Deter E5-1 ord purchase and sales usactions-perpetual em. (1.01,23) AP Instructions (a) Prepare the journal entries to record the above transactions for Olaf Company. (b) Prepare the journal entries to record the above transactions for DeVito Company. (c) Calculate the gross profit earned by DeVito on these transactions. 5.3-6 The following merchandise transactions occurred in December. Both companies use a perpetual inve system. Dec. 3 Pippen Company sold merchandise to Thomas Co, for $32,000, terms 2/10, n/30, FOB destination...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
ES 4 Olaf Corp uses a perpetual inventory system. The company bad the following inventory transactions in April Apr. 3 Purchased merchandise from DeVito Lid. for $28.000 terms 1/10, 1/30 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 $5.000 8 Returned damaged merchandise to DeVito and was given a purchase allowance of $3.500. The merchandise was repaired by DeVito and returned to inventory...
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