The transactions below were obtained from the records of Woody Outdoors Company: Jul. 2Purchased paddle boats (equipment) for $7,400 on account from Aspen Inc. 9Purchased paddles (supplies) for $5,750 on account from Graceland Company. 14 Purchased life vests (supplies) for $4,500 on account from Aspen Inc. Record these transactions in a purchase journal. Purchases Journal Accounts Other Date Credited Account Post. Ref. Dr. Payable Supplies Accounts Post. Cr. Dr. Ref. Amount For the toolbar press ALT+510 (PC) or ALT+EN+510 (Mach

The transactions below were obtained from the records of Woody Outdoors Company: Jul. 2Purchased paddle boats (equipment) for $7,400 on account from Aspen Inc. 9Purchased paddles (supplies) for $5,750 on account from Graceland Company. 14 Purchased life vests (supplies) for $4,500 on account from Aspen Inc. Record these transactions in a purchase journal. Purchases Journal Accounts Other Date Credited Account Post. Ref. Dr. Payable Supplies Accounts Post. Cr. Dr. Ref. Amount For the toolbar press ALT+510 (PC) or ALT+EN+510 (Mach

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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Aviles Corporation engaged in the following transactions during June. DATE. TRANSACTIONS June 4, 20X1. Purchased merchandise on account from Eliassen Company; Invoice 100 for 1,145; terms n/30. June 15,20X1. Recorded purchases for cash, 1,630. June 30, 20X1. Paid amount due to Eliassen Company for the purchase on June 4. Required: Record these transactions in a general journal. View transaction list Journal entry worksheet < 1 2 Date June 04, 20X1 Note: Enter debits before credits. 3 Purchased merchandise on account from Eliassen Company; Invoice 100 for $1,145; terms n/30. Record entry Show Transcribed Text 3 General Journal Clear entry c Date. General Journal. Debit. Credit June 04, 20X1 Debit Credit View general journal Journal entry worksheet Purchased merchandise on account from Eliassen Company; Invoice 100 for 1,145; terms n/30
The following purchase transactions occurred during October for K-Town Inc.: Oct. 6. Purchased office supplies for $190, on account from U-Save Supply Inc. 14. Purchased office equipment for $2,100, on account from Zell Computer Inc. 26. Purchased office supplies for $295, on account from U-Save Supply Inc. Record these transactions in the following purchases journal format: PURCHASES JOURNAL Accounts Office Other Accounts Post. Payable Cr. Supplies Dr. Post. Ref. Date Account Credited Ref. Dr. Amount
The following purchase transactions occurred during March for Celebration Catering Service: Mar. 11. Purchased party supplies for $610, on account from Party Hearty Supplies Inc. 14. Purchased party supplies for $312, on account from Fun 4 All Supplies Inc. 27. Purchased office furniture for $2,480, on account from Office Space Inc. Record these transactions in the following purchases journal format: PURCHASES JOURNAL Accounts Party Supplies Dr. Other Accounts Payable Cr. Post. Post. Date Account Credited Ref. Dr. Ref. Amount
Review the following transactions, and prepare any necessary journal entries for Renovation Goods. A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00 per square foot from a supplier, on credit. Terms of the purchase are 2/10, n/30 from the invoice date of May 12. B. On May 15, Renovation Goods purchases 200 measuring tapes (Tape Inventory) at $5.75 per tape from a supplier, on credit. Terms of the purchase are 4/15, n/60 from the invoice date of May 15. C. On May 22, Renovation Goods pays cash for the amount due to the flooring supplier from the May 12 transaction. D. On June 3, Renovation Goods pays cash for the amount due to the tape supplier from the May 15 transaction.
Purchase-related transactionsJournalize entries for the following related transactions of ManvilleHeating & Air Company: a. Purchased $90,000 of merchandise from Wright Co. on account,terms 2/10, n/30.b. b .Paid the amount owed on the invoice within the discountperiodc. Discovered that $ 18,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $17,640 ($18,000-($18,000 x 2%)|.d. Purchased $10,000 of merchandise from Wright Co. on account,terms n/30.e. Received a refund from Wright Co. for return in (c) less thepurchase in (d).
Purchase-related transactionsJournalize entries for the following related transactions of Lilly Heating& Air Company: A. Purchased $36,000 of merchandise from Schell Co. on account,terms 1/10, n/30.B. Paid the amount owed on the invoice within the discount period.C. Discovered that merchandise with an invoice amount of $9,000purchased in (a) was defective and returned items, receiving credit.D. Purchased $5,000 of merchandise from Schell Co. on account,terms n/30.E. Received a refund from Schell Co. for return in (C) less thepurchase in (D).
Several purchase transactions of the Chopper Pharmacy are presented below. The credit terms of the entity are 3/10, n/30. Oct. 6 Purchased merchandise for cash, P200,000; FOB shipping point. 12 Purchased merchandise on account, P700,000. 15 Returned merchandise purchased on account, P50,000. 17 Paid supplier the amount due. 19 Paid freight charges of 7,000 on merchandise acquired last Oct. 6. Required: Prepare the journal entries. Used periodic system using this accounts title •cash •purchases *purchases return and allowance •accounts payable •frieght in
Journalize the entores for the following related transactions of Manville Heating & Air company: A. purchased $31,000 of merchandise from Wright Co. On account,terms 1/10 ,n/30. ______ ______ B. Paid the amount owed on the invoice within the discount period. _____ _____ C. Discovered that $6,200 of the merchandise purchased in (a) was defective and returned items, receiving credit. _____ _____ D. Purchased $4,700 of merchandise from Wright company on account terms n/30. _____ _____ E. Received a refund from Wright company for return in (c) less the purchase in (d). _____ _____
Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Oct. 1 Purchased inventory on account from Price Inc. for $2,000. Oct. 3 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. Record the above transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. If an amount box does not require an entry, leave it blank. Page: 121 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Oct. 8 Accounts Receivable-Cabrera Inc. Accounts Receivable-Cabrera Inc. 1 2 Accounts Payable-Price Inc. Accounts Payable-Price Inc. 2 PURCHASES JOURNAL Page: 113 Date Account PurchaseOrder No. Ref. MerchandiseInventory DR AccountsPayable CR 2019 Oct. 1 fill…
Purchases Journal The following purchase transactions occurred during October for K-Town Inc.: Purchased office supplies for $190, on account from U-Save Supply Inc. Oct. 6. Purchased office equipment for $2,100, on account from Zell Computer Inc. Oct. 14. Oct. 26. Purchased office supplies for $295, on account from U-Save Supply Inc. Record these transactions in the following purchases journal. If an amount box does not require an entry, leave it blank. If no entry is required, select "No entry required" and leave the amount boxes blank. PURCHASES JOURNAL Account Credited Accounts Payable Cr. Office Supplies Dr. Other Accounts Dr. DATE Post. Ref. Amount Post. Ref. Oct. 6 Oct. 14 Oct. 26
Review the following transactions for Sandals Golf Club and record any required journal entries, narrations are required. Sep. 6 Sandals Golf Club purchases 55 golf clubs at $40 each with cash. Sep. 8 Sandals Golf Club purchases 80 golf clubs at $45 each on credit. Terms of the purchase are 2/10, n/30, invoice date September 8. Sep. 10 Sandals Golf Club discovers 10 of the golf clubs are damaged from the Sep. 6 purchase and returns them to the supplier for a full refund. Sandals Golf Club also discovers that 10 of the golf clubs from the Sep. 8 purchase are painted the wrong color but keeps them since the supplier granted an allowance of $20 per golf club. Sep. 18 Sandals Golf Club pays their account in full from the September 8 purchase, less any returns, allowances, and/or discounts.
Hawk Company uses a single-column purchases journal, a cash payments journal, and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals. Transactions Oct. 5 Purchased merchandise on account for $19,000 from Harrelson Company. Terms: 2/10, n/30; FOB shipping point. Oct. 6 Paid $6,600 to Ken’s Insurance Company for a two-year fire insurance policy. Oct. 8 Purchased store supplies on account for $600 from Stone Pony Supply Company. Terms: 2/10, n/30. Oct. 11 Purchased merchandise on account for $15,000 from Steve Corporation. Terms: 2/10, n/30; FOB shipping point. Oct. 13 Granted a reduction of $3,000 from Steve Corporation for merchandise purchased on October 11 and returned because of damage. Oct. 15 Paid Harrelson Company for merchandise purchased on October 5, less discount. Oct. 16 Purchased merchandise for $9,000 cash from Williams…