Homework Answers
| a | Mar 1,2020 | Purchases | 62400 | ||
| Accounts Payable | 62400 | ||||
| b | Mar 1,2020 | Freight-in | 624 | ||
| Cash | 624 | ||||
| c | Mar 5,2020 | Accounts Payable | 468 | ||
| Purchase Returns and Allowances | 468 | ||||
| d | Mar 8,2020 | Accounts Payable | 61932 | ||
| Purchase Discounts | 619 | =61932*1% | |||
| Cash | 61313 | ||||
| e | Mar 15,2020 | Cash / Accounts Receivable | 39000 | ||
| Sales Revenue | 39000 |
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Periodic System-Recording Inventory Related Entries using the Gross Method Unite Inc. maintains a periodic inventory s...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020 for its major inventory line. a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30. b. Paid $144 cash for freight charges on March 1, 2020, related to the purchase. c. Returned $108 of merchandise on March 5, 2020, and received a credit from the vendor. d. Paid the...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The...
Unite Inc. maintains a periodic inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020 for its major inventory line. a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30. b. Paid $144 cash for freight charges on March 1, 2020, related to the purchase. c. Returned $108 of merchandise on March 5, 2020, and received a credit from the vendor. d. Paid the...
Perpetual System—Recording Inventory Related Entries using the Gross Method Columbus Music Inc. maintains a perpetual inventory...
Perpetual System—Recording Inventory Related Entries using the Gross Method Columbus Music Inc. maintains a perpetual inventory system and uses the gross method to record purchases. The following transactions occurred during the month of March 2020, for its major inventory line. Prepare journal entries for transactions a through e. Note: Round you answers to the nearest whole dollar. a. Purchase of merchandise inventory on March 1, 2020, for $14,400 on account, terms 1/10, n/30. b. Paid cash of $144 for freight...
6) Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases....
6) Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases. Prepare general journal entries to record the following transactions for Johnnycake: Aug. 10 Johnnycake purchased merchandise on credit from Foster Foods for $9,000, terms 2/10, n/30, FOB destination. Transportation costs of $350 were paid by Foster. 12 Johnnycake returned $600 of merchandise from the August 10 purchase. 19 Johnnycake paid Foster for the August 10 purchase.
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1. Purchased merchandise from Haas Co., $9,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $230 was added to the invoice. 5. Purchased merchandise from Whitman Co., $13,639, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions...
Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $45,300, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $26,780. 2. Summit Company paid freight of $1,130 for delivery of merchandise sold to Beartooth Co. on August 1. 5. Summit Company sold merchandise on account to Beartooth Co., $68,140,...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year. Niles Co. uses the net method under a perpetual inventory system. Mar. 1.Purchased merchandise from Haas Co., $10,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. 5.Purchased merchandise from Whitman Co., $15,717, terms FOB destination, n/30. 10.Paid Haas Co. for invoice of March 1. 13.Purchased merchandise from Jost Co., $12,850, terms FOB...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during...
Purchase-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Niles Co. during March of the current year: Mar. 1. Purchased merchandise from Haas Co., $17,700, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $150 was added to the invoice. 5. Purchased merchandise from Whitman Co., $11,100, terms FOB destination, n/30. 10. Paid Haas Co. for invoice of March 1. 13. Purchased merchandise from Jost Co., $6,700, terms FOB destination, 1/10, n/30. 14. Issued debit memo...
2. Assuming that the James Company uses a periodic inventory system, prepare journal entries for the above transactions...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
1. The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30....
PR 6-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam...
PR 6-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, OBJ. 2 3. sold merchandise for $11,350 plus 6% sales tax to retail cash customers. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, 5. sold merchandise for $30,000 plus 6% sales tax...
2. Assuming that the James Company uses a
periodic inventory system, prepare journal entries for the above
transactions including the adjusting entry at the end of October to
record cost of goods sold. James considers purchase discounts lost
as part of interest expense. (If no entry is required for a
transaction/event, select "No journal entry required" in the first
account field.)
1. The company purchased merchandise on account for $47,500 on
October 12. Terms of the purchase were 1/10, n/30....
PR 6-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, OBJ. 2 3. sold merchandise for $11,350 plus 6% sales tax to retail cash customers. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, 5. sold merchandise for $30,000 plus 6% sales tax...
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