E6.5receivable?Record transactions in sales and purchases journal.L09,10,13Duckstein Ltd uses special joumals and a general journal. The following transactions occurred during September2023.Sept. Sold inventory on account to R. Crow, invoice no. 101 for $960, terms n/30. The cost of the inventory sold was $600.2Purchased inventory on credit from L. Dayne $1200, termes 2/7, n/301012Purchased office equipment on account from B. Piazza $13000.Sold inventory on account to Buffy Ltd, invoice no. 102 for $1600, terms 2/14, n/30. The cost of the inventory sold21 was $9602527RequiredPurchased inventory on account from F. Sage $1800, terms n/30.Sold inventory to Harold Ltd for $1400 cash. The cost of the inventory sold was $840.(a) Draw up a sales journal (see figure 6.13) and a single-column purchases journal (see figure 6.18). (Use page 1for each journal.)(b) Record the transaction(s) for September that should be journalised in the sales journal and the purchasesjournal(c) What is the advantage of having a multicolumn purchases journal as opposed to a single-column purchasesjournal?

Sales Journal:Date Account Debited Invoice No. Particulars AmountSept 13 Buffy - Sold inventory (18…

Answered: E6.5 receivable? Record transactions in…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

See similar textbooks

Similar questions

RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Journalize sales transactions. BE5.4 (LO 3), AP Prepare the journal entries to record the following transactions on Borst Company's books using a perpetual inventory system. a. On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the merchandise sold was $540,000. b. On March 6, McLeena Company returned $140,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $94,000. c. On March 12, Borst Company received the balance due from McLeena Company. Journalize purchase transactions.
. EX.06.204.ALGO Sampson Co. sold merchandise to Batson Co. on account, $28,500, terms 2/15, net 45. The cost of the merchandise sold is $21,375. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Journalize these transactions for Sampson Co. If an amount box does not require an entry, leave it blank. a. fill in the blank 9d2beefcd029043_2 fill in the blank 9d2beefcd029043_3 fill in the blank 9d2beefcd029043_5 fill in the blank 9d2beefcd029043_6 b. fill in the blank 9d2beefcd029043_8 fill in the blank 9d2beefcd029043_9 fill in the blank 9d2beefcd029043_11 fill in the blank 9d2beefcd029043_12 c. fill in the blank 9d2beefcd029043_14 fill in the blank 9d2beefcd029043_15 fill in the blank 9d2beefcd029043_17 fill in the blank 9d2beefcd029043_18 Journalize these transactions for Batson Co. If an amount box does not require an entry, leave it blank. a. and b.…
PA5. Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct. 1 Purchased inventory on account from Price Inc. for $2,000 Oct. 1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct. 8 Returned half of the inventory to Price Inc. Oct. 9 Purchased inventory on account from Price Inc. for $4,200
Sayers Co. sold merchandise on account to a customer for $90,000 terms 1/10, n/30. The cost of the goods sold was $61,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable 88,200 Sales v 88,200 Cost of Goods Sold v 6,100 Inventory v 6,100 b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. Cash v 88,200 Accounts Receivable v 88,200
You are given the following transactions for an entity that uses the periodic inventory system: Transaction Details of 1 Credit sales for the week, R30 705(VAT inclusive). 2 3 Electronic funds transfer (EFT) payment received from of R3 540 Green Wholesalers in full settlement of account. Settlement discount granted R690. Bought equipment for cash from Capital Equip for R23 000(VAT inclusive). Instructions: For each transaction, you must indicate which subsidiary journal the transaction will be entered. ■You must then indicate whether the VAT Input account or the VAT Output account in the general ledger must be debited or credited. You must then calculate the VAT amount and enter it in the amount column. Transaction Subsidiary journal General ledger account Amount 1 3
a. Sampson Co. sold merchandise to Batson Co. on account, $24,30o, terms 2/15, net 45. b. The cost of the merchandise sold is $18,225. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. b. C. Prepare the entries that Batson Co. would record for the information above. a. and b. C.
92. On September 1, Hydra purchased $9,500 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $200. Payment for the purchase was made on September 18. Assuming Hydra uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as inventory from this purchase? a. $9,405. b. $9,605. c. $9,700. d. $9,500.
n/30. If Ancheta returns P2,000 of the goods to the vendor, the entry to record the 7. Grace Ancheta Company which uses the gross price method of recording purchase and the periodic inventory system, bought merchandise for P8,000, terms 210 return should include a Scanned with CamScanner | 8-37 a. credit to purchases returns and allowances of P1,960. b. debit to accounts payable of P2,000. C. debit to discounts lost of P40. d. debit to purchases returns and allowances of P1,960. S. The Dec. 31, 2014 trial balance for Aileen Maglana Company included the following: purchases, P40,000; purchases returns and allowances, P2,000; transportation in, P3,000; ending inventory was P8,000. What was the cost of goods sold for 2014? а. Р39,000 b. P33,000 c. P38,000 d. none of the above 9. In preparing a ten-column worksheet for a merchandising firm that uses the periodic inventory system a. the beginning inventory is extended as a credit in the balance sheet columns. b. the beginning inventory is…
TB MC Qu. 8-48 (Static) A company purchases inventory for... A company purchases inventory for $10,000, with terms 3/10, n/30. The company uses a perpetual system and the net method to record p To record this transaction, the company debits the Inventory account for $9,970. Which of the following statements is correct? Multiple Choice The company should instead credit Inventory. The company should instead debit Purchases. The recorded amount should instead be $9,700. Two of the other answer choices are correct. < Prev 8 of 16 +++ Next
Journalize the transaction under the periodic inventory and perpetual inventory system. Show the necessary computation after the journal entry. 1.Co. Purchased merchandise with an invoice cost of 33,600. Terms: 2/10,n/30. FOB Shipping point. 2.Paid in full the amount in no.1 within the Discount period. 3.Co sold merchandise with a total invoice cost of 67,200 for cash. The cost of goods sold is 42000. 3. A customer in no.1 transaction retirned merchandise costing 2,000 because of defective quality. 4.Recieved full payment from customer in no.1 within the discount period 5. Co. Sold merchandise costing 80,000 to a valued customer. The mark up to cost 40%. Terms of the sale:5,3/10,n/30. Freight amounting to 3,000 (FOB Destination) was paid by Co. 6. Co. Received merchandise returned by customer in no. 2 due to defective quality. The total invoice price is 5,000

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781337280570

Author:

Scott, Cathy J.

Publisher:

South-Western College Pub

College Accounting (Book Only): A Career Approach

Accounting

ISBN:

9781305084087

Author:

Cathy J. Scott

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS