Give the journal entry for the following service/merchandising business transactions without the amount.
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- For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billSandren Co. purchased inventory on credit from Acto Supply Co. for $4,000. Sandren Co. would record this transaction in the ________. A. general journal B. cash receipts journal C. cash disbursements journal D. purchases journal E. sales journalSold goods for $650 cash. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s) would the company use to record this transaction? A. sales journal only B. purchases journal and the accounts payable subsidiary ledger C. cash receipts journal and the accounts receivable subsidiary ledger D. cash disbursements journal and the accounts payable subsidiary ledger E. general journal and the accounts payable subsidiary ledgerA customer returns $690 worth of merchandise and receives a full refund. What accounts recognize this sales return, assuming the customer has not yet remitted payment to the retailer? A. accounts receivable, sales returns and allowances B. accounts receivable, cash C. sales returns and allowances, purchases D. sales discounts, cost of goods soldPurchases Transactions Barans Company purchased merchandise on account from a supplier for $7,100, terms 2/10, n/30. Barans Company returned $1,100 of the merchandise and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is credited by Barans Company to record the return?
- Purchase Transactions and T AccountsUsing T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. 1. Purchase of merchandise with cash. Post the transactions in the given order.Merchandise is purchased for cash, $1,100.Merchandise listed at $3,500, less a trade discount of 15%, is purchased for cash. Cash ________ | _______ ________ | _______ Purchases ______ | ______ ______ | ______ 2. uploded picture 3. up loaded picture 4. Purchase of merchandise with freight-in. A. Merchandise is purchased on account, $2,300 plus freight charges of $100. Terms of the sale were FOB shipping point. B. Payment is made for the cost of the merchandise and the freight charge. Cash Accounts Payable Purchases Freight- InPurchase-related transaction Shepherd Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Shepherd Company returned $1,500 of the merchandise before payment was made and received full credit. a. If Shepherd Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. Which accounts are decreased by Shepherd Company to record the return Inventory and Accounts PayableDetermine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paidby Seller Freight Terms Returns andAllowances a. $13,200 $215 FOB Shipping Point, 1/10, net 30 $1,300 b. $10,400 $56 FOB Destination, 2/10, net 45 $2,300
- of cash required for the payment? b. What account is credited by Flounder Company to record the return? -3 p. 291 p.288 PE 6-2B Purchases transactions OBJ. 2 Wiseman Company purchased merchandise on account from a supplier for $85,000, terms 1/10, n/30. Wiseman Company returned $9,800 of the merchandise and received full credit. a. If Wiseman Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is debited by Wiseman Company to record the return? PE 6-3A Sales transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. F6 c b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise. Copyright 2021 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-310 21 Cengage…Purchases Transactions Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. Halibut Company returned $5,000 of the merchandise and received full credit. a. If Halibut Company pays the invoice within the discount period, what is the amount of cash required for the payment?$ b. What account is credited by Halibut Company to record the return?Determine the amount to be paid in full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. a. b. Merchandise $10,700 $13,300 a. $ b. $ Freight Paid by Seller Freight Terms $376 FOB Shipping Point, 1/10, net 30 $58 FOB Destination, 2/10, net 45 Returns and Allowances $1,100 $2,900