Sales Transactions Journalize the following merchandise transactions, using the net method under a perpetual inventory system. a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800. If an amount box does not require an entry, leave it blank. b. Received payment less the discount. If an amount box does not require an entry, leave it blank. 88 c. Refunded $600 to customer for defective merchandise that was not returned. If an amount box does not require an entry, leave it blank.
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- laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acersesión en Outlook * CengageNOW2 | Online teachin x M McGraw Hill - Login eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30. Oppenheimer Company returned $1,700 c the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return?oogle Google Se... PMyLab Math | Pears... M Gmail ▸YouTube eBook Journal-Beartooth Co. Sales-Related and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System Instructions Chart of Accounts-Summit Company Chart of Accounts-Beartooth Co. Journal-Sum Aug. The following selected transactions were completed during August between Summit Company and Beartooth Co.: Check My Work E 2 5 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $28,800. 9 15 16 20 25 Maps City-Data.com - Sta... P MLA Fo Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/45. The cost of the merchandise sold was $40,000. Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. Summit Company sold merchandise on account to Beartooth…
- Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,400 with terms 2/10, net 30. The cost of the goods sold was $9,360. If an amount box does not require an entry, leave it blank. Accounts Receivable fill in the blank e07d3e028012fb1_2 fill in the blank e07d3e028012fb1_3 Sales fill in the blank e07d3e028012fb1_5 fill in the blank e07d3e028012fb1_6 Cost of Goods Sold fill in the blank e07d3e028012fb1_8 fill in the blank e07d3e028012fb1_9 Inventory fill in the blank e07d3e028012fb1_11 fill in the blank e07d3e028012fb1_12 b. Received payment within the discount period. If an amount box does not require an entry, leave it blank. Cash fill in the blank 38afbf049ff8fc8_2 fill in the blank 38afbf049ff8fc8_3 Accounts Receivable fill in the blank 38afbf049ff8fc8_5 fill in the blank 38afbf049ff8fc8_6w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inp Merchandise subject to terms 1/10, n/30, FOB shipping point, is sold on account, to a customer for $19,600. What is the amount of the sales discount allowable? a. $98 b. $392 c. $196 d. $490How should the following sales transaction be recorded in the sales journal by a business that uses a perpetual inventory system? Made a sale in cash (Invoice#1210)toA. Sander for$800(cost$620) Select one: a. Account: A. Sander; Invoice \#: 1210; Accounts Receivable/Sales: \$800 DR/CR; COGS/Merchandise Inventory: \$620 DR/CR b. The sales journal is not impacted all. c. Account: A. Sander; Invoice \#: 1210; Sales:$800DR; Merchandise Inventory:$800DR d. Account: A. Sander; invoice \#: 1210; Accounts Receivable/Sales:$800DR/CR;COGS/Merchandise inventory:$800DR/CR
- Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the merchandise sold was $55,500. Sale Cash fill in the blank dac86309a011fe4_2 fill in the blank dac86309a011fe4_4 Cost fill in the blank dac86309a011fe4_6 fill in the blank dac86309a011fe4_8 b. Received payment less the discount. fill in the blank a7d678067fa304a_2 fill in the blank a7d678067fa304a_4 c. Issued a credit memo for returned merchandise that was sold for $10,400 terms n/30. The cost of the merchandise returned was $6,500. Refund fill in the blank 5bd22d042f81fb6_2 fill in the blank 5bd22d042f81fb6_4 Inventory fill in the blank 5bd22d042f81fb6_6 fill in the blank 5bd22d042f81fb6_8 Check My WorkSales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the merchandise sold was $55,500. Sale fill in the blank dac86309a011fe4_2 fill in the blank dac86309a011fe4_4 Cost fill in the blank dac86309a011fe4_6 fill in the blank dac86309a011fe4_8 b. Received payment less the discount. fill in the blank a7d678067fa304a_2 fill in the blank a7d678067fa304a_4 c. Issued a credit memo for returned merchandise that was sold for $10,400 terms n/30. The cost of the merchandise returned was $6,500. Refund fill in the blank 5bd22d042f81fb6_2 fill in the blank 5bd22d042f81fb6_4 Inventory fill in the blank 5bd22d042f81fb6_6 fill in the blank 5bd22d042f81fb6_8еВook Show Me How Recording Purchases Dawson Enterprises uses the perpetual system to record inventory transactions. Dawson had the following transactions in April: a. On April 1, Dawson purchased merchandise on credit for $21,900 with terms 2/10, n/30. b. On April 2, Dawson purchased merchandise on credit for $23,400 with terms 3/15, n/25. c. On April 9, Dawson paid for the purchase made on April 1. d. On April 25, Dawson paid for the merchandise purchased on April 2. Required: Prepare journal entries for these four transactions. If an amount box does not require an entry, leave it blank. April 1 Inventory Accounts Payable April 2 Inventory Accounts Payable April 9 Accounts Payable Cash Inventory April 25 Accounts Payable Cash Feedback Check My Work From the buyer's perspective, the historical cost principle implies that inventory cost will include the purchase price of the inventory plus any cost of bringing the goo nondition and loontion Prew Check My Work
- Question Help v 7. Hampton Computers has the following transactions in April related to purchase of merchandise inventory. A (Click the icon to view the transactions.) Journalize the purchase transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Apr. 1: Purchase of $25,000 More Info - X Date Apr. 1 April 1 Purchase of $25,000 worth of computers on account, term of 1/10, n /60. 3 Return of $2,500 of the computers to the vendor. 9 Payment made on account. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check Answer This course (BA2223section4) is based on Nobles/Mattison: Horngren's Accounting, 11e Global Edition ch EN A Q) aceragenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false X eBook Purchase-Related Transactions Show Me How The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return? Inventory Had Feedback T Check My Work a. Since buyers normally take all purchase discounts, the net purchase price is recorded at the time of purchase. If the buyer makes a return of merchandise or is granted a price allowance for an invoice with a purch of the return is recorded at the invoice price less the discount. b. Any discounts or returns are recorded directly by the buyer who…Use the following purchases journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviation used: Supp. = Supplies) A (Click the icon to view the transactions.) Purchases Journal Page 6 Other Accounts DR More Info Vendor Post. Accounts Merchandise Office Account Post. Date Account Credited Terms Ref. Payable CR Inventory DR Supp. DR Title Ref. Amount 2024 Oct. 1 Purchased merchandise inventory on account with credit terms of 2/10, n/30 from Milly Co., $2,000. Oc. Oct. 11 Purchased office supplies on account from Ball Co., $450. Terms were n/EOM. Oct. 24 Purchased furniture on account with credit terms of 3/10, n/60 from Slip Co., $1,400. Print Done