Panasonic Inc is an office supply store selling computers. The company uses a perpetual inventory system. a.) Record the following transactions in the company's general journal, include the written explanations accompany the entries. June 1 Purchased 40 units of computers on account from Good Corp. with invoice price of $4,000 each, terms of 3/15, n/30. Return 3 faulty unit of computer to Good Corporation. 12 3 14 19 Sold 7 units of computers to Adventure. The sales price was $8,000, terms 2/10, n/30. Good Corporation received full payment from Panasonic Inc. Adventure paid a check in full settlement. b.) Explain the effect on operating income and ending inventory values if a firm uses LIFO instead of FIFO in times of rising prices.
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- Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.Record journal entries for the following purchase transactions of Apex Industries. Purchased 24 computers on credit for $510 per computer. Terms of the purchase are 4/10, n/60, invoice dated Nov. 6 November 6. Nov. Returned 4 defective computers for a full refund from the manufacturer. 10 Nov. Paid account in full from the November 6 purchase. 22 If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used.Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased 26 computers on credit for $550 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 5 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase. If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used. Nov. 6 Nov. 10 Nov. 22
- Record journal entries for the following purchase transactions of Apex Industries. Nov. 6 Purchased 29 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. Nov. 10 Returned 4 defective computers for a full refund from the manufacturer. Nov. 22 Paid account in full from the November 6 purchase. If an amount box does not require an entry, leave it blank. Assume the periodic inventory system is used. Nov. 6 Purchases Purchases Accounts Payable Accounts Payable Nov. 10 Accounts Payable Accounts Payable Purchase Returns and Allowances Purchase Returns and Allowances Nov. 22 Accounts Payable Accounts Payable Cash CashAssume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Blossom Co. at a total cost of $1,600, terms n/30. 9 Paid freight of $40 on calculators purchased from Blossom Co. 10 Returned calculators to Blossom Co. for $50 credit because they did not meet specifications. 12 Sold calculators costing $450 for $600 to Fryer Book Store, terms n/30. 14 Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $25. 20 Sold calculators costing $500 for $650 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries…On September 1, Blue Office Supply had an inventory of 35 calculators at a cost of $14 each. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 Purchased 85 calculators at $24 each from York Co. Sept. 9 Paid freight of $85 on calculators purchased from York Co. Sept. 10 Returned 4 calculators to York Co. for $100 cash (including freight) because they did not meet specifications. Sept. 12 Sold 27 calculators costing $25 (including freight) for $32 each on account to Sura Book Store, terms n/30. Sept. 14 Granted credit of $32 to Sura Book Store for the return of one calculator that was not ordered. Sept. 20 Sold 34 calculators costing $25 for $36 each on account to Davis Card Shop, terms n/30. Journalize the September transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in…
- Levchenko Company purchased inventories from a vendor for $16,000 on July 1. The purchase was financed through a $10,000 note with the remainder paid in cash. The vendor charged an additional $400 for shipping, on account. Levchenko paid a moving company $700 cash to move the inventory to a different warehouse. Interest on the note totaled $50, payable in August. a. Determine the cost to be assigned to the inventory. $ b. Record the transactions using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction a. Inventory purchase b. Shipping charge c. Moving cost d. Interest incurred Totals Cash Asset ♦ ◆ ◆ ◆ 0 + Noncash Asset ◆ ◆ ◆ ◆ 0 Balance Sheet Liabilities ◆ ◆ ◆ 0 Contributed + Capital + Earned Capital ♦ ◆ ♦ ♦ 0 Revenues Income Statement Expenses ◆ ◆ ◆ 0 Net = Income 0Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Sandhill Co. at a total cost of $1,680, terms n/30. 9 Paid freight of $50 on calculators purchased from Sandhill Co. 10 Returned calculators to Sandhill Co. for $51 credit because they did not meet specifications. 12 Sold calculators costing $460 for $640 to Fryer Book Store, terms n/30. 14 Granted credit of $40 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $29. 20 Sold calculators costing $500 for $720 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal…On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The invoice was paid on June 27. The company uses a perpetual inventory system and records purchases gross. The June 27 journal entry to record payment of the account would include: Select one: a credit to Cash for $30,000. а. O b. a debit to Accounts Payable for $29,400. O c. a credit to Purchases Discounts for $60O. O d. a credit to Inventory for $600.
- Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Wildhorse Co. at a total cost of $1,680, terms n/30. 9 Paid freight of $60 on calculators purchased from Wildhorse Co. 10 Returned calculators to Wildhorse Co. for $65 credit because they did not meet specifications. 12 Sold calculators costing $520 for $670 to Fryer Book Store, terms n/30. 14 Granted credit of $35 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $22. 20 Sold calculators costing $540 for $760 to Heasley Card Shop, terms n/30.On June 5, Staley Electronics purchases 200 units of inventory on account for $20 each. After closer examination, Staley determines 40 units are defective and returns them to its supplier for full credit on June 9. All remaining inventory is sold on account on June 16 for $35 each. Required: Record transactions for the purchase, return, and sale of inventory using a perpetual system.Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Sunland Co. at a total cost of $1,620, terms n/30. 9 Paid freight of $50 on calculators purchased from Sunland Co. 10 Returned calculators to Sunland Co. for $59 credit because they did not meet specifications. 12 Sold calculators costing $470 for $720 to Fryer Book Store, terms n/30. 14 Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $31. 20 Sold calculators costing $530 for $770 to Heasley Card Shop, terms n/30. Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in…