Mayfair Company completed the following transactions and uses a perpetual Inventory system.June 4 Sold $2,700 of merchandise on credit (that had cost $1,600) to Natara Morris, terms n/15.June 5 Sold $30,000 of merchandise (that had cost $18,000) to customers who used their Zisa cards. Zisa charges a 14fee.June 6 Sold $21,000 of merchandise (that had cost $12,600) to customers who used their Access cards. Access charges a3% fee.June 8 Sold $18,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2fee.June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $2,160 balance inMcKee's account was from a credit sale last year.June 18 Received Morris's check in full payment for the June 4 purchase.Required:Prepare journal entries to record the preceding transactions and events.View transaction listJournal entry worksheet<12 34 5 6 7 8 910>Sold $2,700 of merchandise on credit to Natara Morris, terms n/15.Note: Enter debits before credits.DateJune 04General JournalDebitCreditve & Exit

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Answered: Mayfair Company completed the following…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...

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Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
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.
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?
Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.
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.
Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Celebrity Tan Co. on August 31 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Ranchworks Co. on November 30 by the gross profit method, presenting details of the computations. b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that 369,750 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during March through November?
Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?
Carla Company uses the perpetual inventory system. The following information is available for January of the current year when Carla sold 1,600 units of inventory on January 14. Using the FIFO method, calculate Carlas cost of goods sold for January and its January 31 inventory.
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n∕15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 2% fee. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $429 balance in McKee’s account was from a credit sale last year. 18 Received Morris’s check in full payment for the June 4 purchase. Required Prepare journal entries to record the preceding transactions and events.
Mayfair Company completed the following transactions and uses a perpetual inventory system. June 4 Sold $1,100 of merchandise on credit (that had cost $700) to Natara Morris, terms n/15. June 5 Sold $12,000 of merchandise (that had cost $7,200) to customers who used their Zisa cards. Zisa charges a 3% fee. June 6 Sold $8,000 of merchandise (that had cost $4,800) to customers who used their Access cards. Access charges a 28 fee. June 8 Sold $7,000 of merchandise (that had cost $2,900) to customers who used their Access cards. Access charges a 18 fee. June 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $840 balance in McKee's account was from a credit sale last year. June 18 Received Morris's check in full payment for the June 4 purchase. Required: Prepare journal entries to record the preceding transactions and events. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 10 > Sold $1,100 of merchandise on credit to Natara Morris,…

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