) Maddy's Gifts received an allowance from the vendor for an amount of $400. Prepare the journal entry for this transaction. Maddy's uses a perpetual inventory system and purchased the goods on account.
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- Using the accounts listed below, review the following transactions for April Anglers and record any required journal entries. April Anglers uses the periodic inventory system: Accounts Payable| Merchandise Inventory Sales Accounts Purchases Sales Discounts Receivable Sales Returns and Cash Purchase Discounts Allowances Cost of Goods Purchase Returns and Sales Tax Payable Sold Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Oct. 4: April Anglers purchases 80 fishing poles at $40 each with cash. DR CR Oct. 5: April Anglers purchases 120 fishing poles at $30 each on credit. Terms of the purchase are 3/15, n/30, invoice date October 5. DR CR Oct. 12: April Anglers discovers 15 of the fishing poles are damaged from the October 4 purchase and returns them to the supplier for a full refund. DR CR Oct. 13: April Anglers also discovers that 35 of the fishing poles from the October 5…Using the accounts listed below, record journal entries for the following transactions of Furniture Warehouse, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. DR CR DR CR Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. DR CR DR CR Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. DR…A customer obtains a purchase allowance from the retailer in the amount of $220 for damaged merchandise. Which of the following represents the journal entry for this transaction if the customer has not yet remitted payment? A. B. C.
- Star Company uses a purchases journal to record all purchases on account, including merchandise purchases. The company purchases merchandise and office supplies on a frequent basis. On November 12, Star Company purchased merchandise on account from Moon Company for $6,500, terms 2/10, n/30. How would this transaction be recorded in the purchases journal of Star Company?If the goods purchased on account are returned and the buyer uses a periodic inventory system, the buyer will credit O Inventory. Sales Returns and Allowances. O Purchases. O Purchases Returns and Allowances.Sandra’s Store purchased merchandise from a manufacturer with an invoice price of$11,000 and credit terms of 3/10, n/60, and paid within the discount period.Requireda. Prepare the journal entries that the purchaser should record for the purchase andpayment.b. Prepare the journal entries that the seller should record for the sale and collection.c. Assume that the buyer borrowed enough cash to pay the balance on the last day ofthe discount period at an annual interest rate of 8% and paid it back on the last dayof the credit period. Calculate how much the buyer saved by following this strategy.(Use a 365-day year.)
- Using the following accounts, record journal entries using the periodic inventory system for the following sales transactions of Julian Sundries. Purchase Returns and Accounts Receivable Cost of Goods Sold Allowances Accounts Payable Merchandise Inventory Sales Sales Returns and Cash Purchases Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Sold 10 tables on credit for $870 per table. Terms of the sale are 5/10, n/60, invoice dated November 7. The cost per table to Julian is $560. DR CR • On 11/14, the customer returned 2 slightly damaged tables for a full refund from Julian. DR CR On 11/21, the customer paid their account in full from the November 7 sale. DR CRBrett Co. paid $220 to Paul Co. and received a $10 purchases discount. Journalize the entry. Journalize the entry for Brett Co. Assume the perpetual inventory system. (The amount paid of $220 is the net amount due after applying the discount. Record debits first, then credits. Exclude explanations from journal entries.)You are to enter the following items in the books, post to personal accounts, and show the transfers to the General Ledger. Balance all accounts. 2009 July 1 Credit purchases form: K Hill $380; M Norman $500; N Senior $106. 3 Credit sales to: E Rigby $510; E Phillips $246; F Thompson $356. 5 Credit purchases from: R Morton $200; J Cook $180; D Edwards $410; C Davies $66. 8 Credit sales to: A Green $307; H George $250; J Ferguson $185. 12 Returns outwards to: M Norman $30; N Senior $16. 14 Return inwards from: E Phillips $18; F Thompson $22. 20 Credit sales to: E Phillips $188; F Powell $310; E Lee $420. 24 Credit purchases from: C Ferguson $550; K Ennevor $900. 31 Return inwards from: E Phillips $27; E Rigby $30. 31 Return outwards to: J Cook $13; C Davies $11.
- Using the following accounts, record journal entries using the periodic inventory system for the following purchase transactions of Apex Industries. Accounts Receivable Cost of Goods Sold Purchase Returns and Allowances Accounts Payable Merchandise Inventory Sales Cash Purchases Sales Returns and Allowances PLEASE NOTE: You must enter the account names exactly as written above and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). Purchased 24 computers on credit for $560 per computer. Terms of the purchase are 4/10, n/60, invoice dated November 6. DR CR Returned 5 defective computers for a full refund from the manufacturer on November 10. DR CR Paid account in full from the November 6 purchase on November 22. DR CRRecord the following transactions in general journal form on the books of the seller (Fuentes Company) and then on the books of the buyer (Lowe Company) using the periodic inventory system. If an amount does not require an entry, leave it blank. Fuentes Company Sold merchandise on account to Lowe Company, $1,500; terms 2/10, n/30. Issued a credit memo to Lowe Company for damaged merchandise, $100. Lowe Company paid the account in full within the discount period. Record the following transactions in general journal form on the books of the seller (Fuentes Company) and then on the books of the buyer (Lowe Company) using the periodic inventory system. If an amount does not require an entry, leave it blank. Fuentes Company Sold merchandise on account to Lowe Company, $1,500; terms 2/10, n/30. Issued a credit memo to Lowe Company for damaged merchandise, $100. Lowe Company paid the account in full within the discount period. Lowe Company Purchased merchandise on account…Record journal entries for the following transactions for Captain Harry Outfitters using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. Captain Harry Outfitters purchased 100 tents for $15,000 on account. 2. Captain Harry Outfitters purchased 10 display cases for $4,100 on account. 3. Captain Harry Outfitters purchased 50 rain ponchos for $800 cash. 4. Captain Harry Outfitters purchased 25 cartons of price tags for $255 for cash. 5. Captain Harry Outfitters paid for shipping costs for the purchase in transaction 1. Cost is $410. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5.