Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,150 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. November 7 Returned 30 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list

Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,150 units of product at a cost of $10 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. November 7 Returned 30 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list

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College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...

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Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
Patterson Appliance uses a three-column purchases journal. The company is located in Fresno, California. In addition to a general ledger, Patterson Appliance also uses an accounts payable ledger. Transactions for January related to the purchase of merchandise are as follows: Jan. 2 Bought eighty 12-inch, 3-speed Brighton Oscillating Fans from Snyder and Jordan, 1,890, invoice no. 268J, dated January 2; terms net 60 days; FOB Fresno. 4 Bought ten 35-pint-capacity Crystal Humidifiers from Simpson Company, 2,300, invoice no. 39426, dated January 2; terms 2/10, n/30; FOB Durango, freight prepaid and added to the invoice, 90 (total 2,390). 7 Bought ten 16-inch Axel Window Fans from Tran, Inc., 360, invoice no. 452AD, dated January 6; terms 1/10, n/30; FOB Fresno. 10 Bought twenty-four 4-blade Tiempo Ceiling Fans, Model 2760, from Ukele Company, 3,550, invoice no. D7742, dated January 7; terms 2/10, n/30; FOB Sacramento, freight prepaid and added to the invoice, 84 (total 3,634). 14 Bought four Charger Electric Hedge Trimmers from Fernandez Products Company, 186, invoice no. 2542, dated January 13; terms net 30 days; FOB Fresno. 22 Bought 40 Lindon Electric Bug Killers from Snyder and Jordan, 2,265, invoice no. 392J, dated January 22; terms net 60 days; FOB Fresno. 28 Bought ten Charger Electric Blowers from Fernandez Products Company, 830, invoice no. 2691, dated January 27; terms net 30 days; FOB Fresno. 30 Bought ten Kole Powered Attic Ventilators from Porter Company, 446, invoice no. 664CC, dated January 27; terms 2/10, n/30; FOB Seattle, freight prepaid and added to the invoice, 48 (total 494). Required 1. If using Working Papers, open the following accounts in the accounts payable ledger and record the January 1 balances, if any, as given: Fernandez Products Company; Porter Company, 163.17; Simpson Company, 167.19; Snyder and Jordan; Tran, Inc., 228.70; Ukele Company. For the accounts having balances, write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 2. If using Working Papers, record the balance of 559.06 in the Accounts Payable 212 controlling account as of January 1. Write Balance in the Item column and place a check mark in the Post. Ref. column. Skip this step if using CengageNow or CLGL. 3. Record the transactions in the purchases journal. If using Working Papers, begin on page 81. 4. Post to the accounts payable ledger daily. Skip this step if using CLGL. 5. Post to the general ledger at the end of the month. Skip this step if using CLGL. 6. Prepare a schedule of accounts payable and compare the balance of the Accounts Payable controlling account with the total of the schedule of accounts payable.
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 500 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. 7 Returned 45 defective units from the November 5 purchase and received full credit. Nov. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet 1 2 3 Purchased 500 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View general journal
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 1,050 units of product at a cost of $16 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Nov. 7 Returned 50 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7.
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2∕10, n∕60; the invoice is dated November 5. 7 Returned 25 defective units from the November 5 purchase and received full credit. 15 Paid the amount due from the November 5 purchase, minus the return on November 7.
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 1,000 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Nov. 7 Returned 45 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet 1 2 3 Purchased 1,000 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. General Journal Debit Credit Date Nov 05 Clear entry View general journal Record entry
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5. Nov. 7 Returned 25 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet es 1 3 Purchased 600 units of product at a cost of $10 per unit. Terms of the sale are 2/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. ......... .......... 12 3/28 Insert Prt Sc F10 F11 F12 Fn F5 F8 F9 F6 F7 28 Lock IL
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual Inventory system and the gross method. (Note from Dr. Beck: we only do the gross method and perpetual inventory in this course) Nov. 5 Purchased 1,000 units of product at a cost of $20 per unit. Teras of the sale are 3/10, n/60; the invoice is dated November 5. Nov. 7 Returned 45 defective units from the November 5 purchase and received full credit. Nov. 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet < 1 2 3 Purchased 1,000 units of product at a cost of $20 per unit. Terms of the sale are 3/10, n/60; the invoice is dated November 5. Date Nov 05 Note: Enter debits before credits. General Journal Debit & Prows Credit www Nove
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. November 5 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. November 7 Returned 35 defective units from the November 5 purchase and received full credit. November 15 Paid the amount due from the November 5 purchase, minus the return on November 7. View transaction list Journal entry worksheet 1 2 3 Purchased 1,200 units of product at a cost of $10 per unit. Terms of the sale are 4/10, n/60; the invoice is dated November 5. Note: Enter debits before credits. Date General Journal Debit Credit Nov 05 Record entry Clear entry View genera