Purchased $34,583 of inventory on account. Note: Enter debits before credits. Transaction General Journal Debit Credit e.
Q: On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The…
A: At the time of purchase, goods were recorded at $30,000 (gross). The Journal entry was: Debit:…
Q: Assume that a company records purchases net of discount. If the company bought merchandise valued at…
A: Accounts payable will be recorded as net of discount as purchases are recorded net of discount. The…
Q: Shankar Company uses a perpetual system to record inventory transactions. The company purchases…
A: Discount on Payment = Total amount due x discount rate = $40,000 x 3% = $1,200
Q: A company purchased $1800 of merchandise on July 5 with terms 2/10, n/30. on July 7, it returned…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was…
A: Discount amount = Amount receivable x rate of discount = $72,500 x 2% = $1,450
Q: Selected information from the statement of financial position of PAPABEAR Company at November 30 and…
A: Under cash basis of accounting the amount of expenses paid in cash to be recognised as Expenses in…
Q: Selected accounts from the ledgers of Pharoah Company at July 31 showed the following. General…
A: Purchase Journal: A purchases journal is a record of all acquisitions made on credit during a…
Q: inventory purchases on credit 241,000 and ending inventory 53,400 with 1.11 index journal entry and…
A: Cost of Goods Sold refers to cost of goods sold sold to customer.
Q: On May 14, HK Company purchases inventory of 80.000 TL + 10% VAT on account with terms of 2/10…
A: At time of purchase, inventory is debited with the purchase price for inventory and VAT account is…
Q: celvable, of credit baland ers' account of P25,000 se inventory, excluding goods
A: As per standard accounting practices a liability which is…
Q: Assume that Ivanhoe Company uses a periodic inventory system and has these account balances:…
A: Net purchases refer to the purchase cost reduced by returns, allowances and discount availed on such…
Q: Assuming a perpetual inventory system, on November, 05 Dollar Store pays cash for purchases bought…
A: Purchases = $ 1,500 Discount = $ 30
Q: An entity purchases inventory with a list price of P10,000 on account under credit terms of 20%,…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: a ccompany purchased $1,800 of merchandise on July 5, with terms 2/10, n/30. On july 7. it returned…
A: Discount on payment = (Purchases - purchase return) x discount rate = (1800-200)*2% = $32
Q: Hell Ltd. sold merchandise for $20,000 on credit. The cost of merchandise sold was $11,900. The…
A: Perpetual Inventory System: A perpetual inventory system is a form of inventory control that uses a…
Q: company purchased inventory for $1,400 per unit. The company later sold one unit of the inventory…
A: There are two method of inventory management: Perpetual Inventory System and Periodic Inventory…
Q: September 12, Ryan Compa
A: Journal entry Journal entry is a set of economic events which can be measured in financial terms.…
Q: When using the perpetual inventory, which of the entry or entries correctly record(s) the journal…
A: The correct answer is: Explanation: Under net invoice method, the company will record the invoice…
Q: Travis Company purchased merchandise on account from a supplier for $8,000, terms 2/10, net 30.…
A: Perpetual inventory system: Under this accounting method for companies moving large amounts of…
Q: 5. Shown below are selected transactions of alpha store that uses a perpetual inventory system. a)…
A: A perpetual inventory system could be a methodology of inventory management that records a period of…
Q: The journal entry to record the receipt of inventory purchased for cash in a perpetual inventory…
A: Perpetual Inventory System: The perpetual inventory system records and updates the inventory after…
Q: Prepare journal entries to record the following transactions. A. November 19, purchased merchandise…
A: Introduction:- Journal entry is first step in accounting process. It is used to record business…
Q: Cathy's bakery purchased goods for $4,400 (including GST) on credit, terms 4/15, n/30. The entry in…
A: A perpetual inventory system is one in which inventory records are updated on a real time basis.…
Q: Prepare journal entries to record the following transactions. Create a T-account for…
A: Accounts payable (AP) seems to be a financial term that refers to the money owing to vendors or…
Q: On June 5, a company purchases 170 units of inventory on account for $20 each, with terms 1/10,…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…
A: Income statement represents the net income or loss that is calculated by deducting the expenses from…
Q: Prepare the entries for transaction below and indicate what journal it is
A: In this question, the company purchased inventory on a credit basis with the agreed terms as 3/15,…
Q: The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31,…
A: 1.Net Sales $ Sales…
Q: Describe the events that correspond to the following two journal entries: 1. Inventory .. Accounts…
A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…
Q: On April 12, HK Company purchases inventory of 60.000 TL + 10% VAT on account with terms of 2/10…
A: Journal Entry:- These are prepared by the companies with debit and credit sides in order to match…
Q: A company purchased $3,700 of merchandise on July 5 with terms 2/10, n/30 on July 7, it returned…
A: Inventory Purchased = $ 3700 Inventory returned = $ 850 Inventory is purchased on account Terms for…
Q: ournalize each of the following transactions assuming a perpetual inventory system and PST at 8%…
A: Journal entries are entries that are passed at the first step of accounting process. In this…
Q: An entry is made to close Purchases and Purchase Discounts as: Account A 35,000 Account B 1,600…
A: Lets start with the understanding of meaning of closing entry. Closing entry is passed to transfer…
Q: A company purchased $3,000 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned…
A: Under perpetual inventory system, inventory purchased is recorded as merchandise and freight expense…
Q: The debits and credits for four related entries for a purchase of $40,000, terms 2/10, n/30, are…
A: Prepare purchase of merchandise inventory on account.
Q: $2,100; Inventory, $700 $2,100; Cost of Goods Sold, $1,400 $2,100; Cost of Goods Sold, $700
A: Perpetual inventory is an accounting method that uses a computerised point-of-sale (POS) system to…
Q: Travis Company purchased merchandise on account from a supplier for $5,400, terms 2/10, net 30.…
A: Discount received = $5,400 x 2% = $108 Cash paid = $5,400 - $108 = $5,292
Q: Inventory that cost $500 is sold for $700, with terms of 2/10, n/30. Give the journal entries…
A: Discount = Amount receivable x rate of discount = $700 x 2% = $14
Q: M&M Company purchased $3,600 of merchandise on account, terms 2/10,n/30. If payment was made after…
A: Creditors are the one who owes money from us, whether due to credit purchase, service or loan. It is…
Q: Piere Imports uses the perpetual system in accounting for merchandise inventory and had the…
A: Introduction Inventory and methods: Inventory is the goods and material a business holds for sale.…
Q: Classify each of the following accounts as to whether it appears on the income statement (IS), the…
A: Following is the classification of the following accounts as to whether it appears on the income…
Q: Journalize each of the transactions In assuming a perlodic inventory system and PST at 7% along with…
A: Periodic Inventory Date Account Titles and Explanation Debit Credit…
Q: The following journal entry was included in the accounting records of Ostrosky Corporation on March…
A: Accounts Payable are the money owed by a company to its vendors. This happens because of Credit…
Q: Ledger in Periodic Inventory system- Chart of Accounts 101- Cash 105- Accounts receivable 110-…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: a. Sold merchandise on account, $12,000, with terms 2/10, net 30 on December 26. The cost of the…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30.…
A: Cash paid = Purchase - discount Discount = Purchases x discount rate
Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal. Accounting journal shows a company's debit and credit balances.
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- Date Account Titles eTextbook and Media Debit CreditWrite a SQL query to calculate the total purchase amount of customer_id 3005omework E X ezto.mheducation.com/ext/map/index.html?_con%3Dcon&external_browser%3D0&launchUrl=https%253A%252F%252Ffayted User Management,.. https://outlook.off.. FES Protection Plan lomework Exercises Saved Select whether each of the following acCcounts normally has a debit balance or a credit balance: 1. Cash Debit 2. Blaine Brownell, Capital Credit 9:36 3. Fees income Credit 4. Accounts payable Credit 5 Supplies Debit 6. Equipment Debit 7. Accounts receivable Debit 8 Salaries expense Debit Address
- Safari File Edit View History Bookmarks Window Help uLink - Student... W 1. 2. uLink - Student... 3. 4. learn-eu-central-1-prod-fleet01-xythos.content.blackboardcdn.com uLink - Student... 21 445 Entity A enters into the following transactions. You are required to show the impact of the transactions below on the accounting equation. e Content 9 Bb https://learn-eu-... Entity A purchased 1 000 bags of cement from K Ltd on credit. K Ltd normally sells a bag for R45. Entity A received a 10% discount for the 1 000 bags. Entity A returned 150 bags of cement, as they were defective. On the same day, the outstanding balance was settled through an online payment. This transaction did not affect the discount offered to Entity A. Select the correct values from the dropdown menus in the table provided in the Blackboard activity. MAR 7 In an attempt to assist the business, the owner of Entity A deposited R100 000 into the entity's bank account. A quarter of the amount is payable to the owner and…Content Question 7 of 8 com/was/ui/v2/assessment-player/index.html?launchId=822123d0-f06e-40f1-aecf-7add80e089e1#/question/6 X WP NWP Assessment Builder Ul App X View Policies Current Attempt in Progress The following are a series of unrelated situations. Accounts receivable A Net sales Answer the questions relating to each of the five independent situations as requested. 1. Skysong Company's unadjusted trial balance at December 31, 2025, included the following accounts. Allowance for doubtful accounts Debit Bad debt expense for 2025 $ $54,800 6,910 WP NWP Assessment Player Ul Appli X Credit $1,267,000 + -/4 = : Skysong Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2025.Prepare the four closing entries for the following adjusted trial balance, using the journal on the next page. Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking revenue Depreciation expense-Trucks Salaries expense Office supplies expense Repairs expense Debit $ 8,000 17,500 3,000 172,000 85,000 20,000 23,500 61,000 8,000 12,000 Credit $ 36,000 12,000 4,000 58,000 30,000 140,000 130,000
- Identify Postings from Purchases Journal Using the following purchases journal, identify each of the posting references, indicated by a letter, as representing (1) a posting to a general ledger account, (2) a posting to a subsidiary ledger account, or (3) that no posting is required: PURCHASES JOURNAL Page 49 Date Account Credited Post.Ref. AccountsPayableCr. StoreSuppliesDr. OfficeSuppliesDr. OtherAccountsDr. Post.Ref. Amount 20Y9 Jan. 4 Coastal Equipment Co. (a) 5,325 Warehouse Equipment (g) 5,325 Jan. 6 Arrow Supply Co. (b) 4,000 4,000 Jan. 9 Valley Products (c) 1,875 1,600 275 Jan. 14 Office Warehouse (d) 2,200 Office Equipment (h) 2,200 Jan. 20 Office Warehouse (e) 6,000 Store Equipment (i) 6,000 Jan. 25 Metro Supply Co. (f) 2,740 2,740 Jan. 30 22,140 4,340 4,275 13,525 (j) (k) (l) (m) Post reference represents: a. b. c.…Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.COLLECTION OF ACCOUNT WRITTEN OFFDIRECT WRITE-OFF METHOD Comos Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:
- Using the chart of accounts below. Prepare a journal entries of Quarantino Covidap under perpetual inventory system. Thank you!A document that asks you to return an identifying part of it with your payment is a(n) ________.A. source documentB. cloud documentC. point-of-sale documentD. turn-around documentJournalize the transaction using the perpetual inventory system,,,,,,,,,,,,,, please answer in text form without image every entry should be narrated