1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
Q: On June 3, Sandhill Company sold to Chester Company merchandise having a sale price of $2,200 with…
A: Sales discount = Invoice amount x discount rate = $2200 x 4% = $88
Q: PA1. Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15…
A: Date of Sale = August 3 Payment terms = 2/15, n/30 This means the discount of 2% is valid for 15…
Q: 2. Maeve's Store had the following transactions during December, the last month of the accounting…
A: The journal book keeps the record of business transactions on regular basis.
Q: Record journal entries for the following transactions of Furniture Warehouse.
A: Credit term can be defined as the time period provided to the customer who purchased goods on credit…
Q: Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15…
A: Trade Credit is the discount allowed by the seller to the buyer on early cash payment for the goods…
Q: Record the following transactions on the books of Galaxy Co. a. On July 1, Galaxy Co. sold…
A: 2/10, n/30 means that , if the amount due from customer is paid within 10 days , then the customer…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $61,300, terms…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: h from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. July 10: Furniture…
A: Date Particulars Debit Amount Credit Amount Jul-05 Supplies (150 x 30) $4,500 To…
Q: Journalize the following entries for the seller using the perpetual method. On March 15, Monroe…
A: Net sale = Sale-Returns=$9,525-$125=$9,400
Q: Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on…
A: SOLUTION- A journal entry records a business transaction in the accounting system for an…
Q: On April 6, Year 1, Home Furnishings purchased $43,000 of merchandise from Una Imports, terms 2/10…
A: The discount is provided on purchase if payment is made within the discount period.
Q: Second Best Buy is a retailer of electronics. Record these transactions which occurred during the…
A: The accounting equation is the fundamental equation of the double-entry bookkeeping system.…
Q: The following accounts and balances are taken from the year-end adjusted trial balance of the…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The Sears company had the following business transactions during December: Reguired: Match the…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: The following are credit purchase transactions of Geuel Enterprises for the month of July: Geuel…
A: In the context of the given question, we are required to prepare the journal entries. Journal…
Q: Barans Company purchased merchandise on account from a supplier for $9,200, terms 1/10, n/30. Barans…
A: 1/10 net 30 means 1% discount will be there if payment is made with in 10 days and no discount after…
Q: 1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15…
A: Required journal entries are given below:
Q: Church Company completes these transactions and events during March of the current year (terms for…
A: A credit in accounting is an entry that documents a decline in assets or a rise in liabilities as…
Q: I need to know how to input these questions into a general journal and general ledger. The beginning…
A: In general journal, regular day-to-day transactions are posted whereas from the general journal…
Q: Maeve's Store had the following transactions during December, the last month of the accounting…
A: Solution:- Preparation of journal entries using perpetual inventory as follows under:-
Q: During May, the last month of the fiscal year, the following transactions were completed: Record the…
A: We have the following information for the month of May:
Q: journal entries for the following transactions of Furniture Warehouse. Aug 3 Sold 15 couches at…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: he Basim plc books to record sales and receivables all the events noted above under each of the…
A:
Q: Pepper Company completed the following selected transactions and events during March of this year.…
A: General Ledger Cash Acct. No 101 Date PR Debit Credit Balance Mar-31 R3 187140…
Q: The following transactions occurred. Bigby (buyer) buys supplies from Super Coffee (seller). -…
A:
Q: After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the…
A: (1) Calculate the amount of refund owed to the customer.
Q: Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15…
A: Journal is the first process of accounting where transaction is recorded in the books of accounts…
Q: On November 10 of the current year, Flores Mills sold carpet to a customer for $8,900 with credit…
A: Formula: Cash discount amount = Sales amount x discount rate
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Pass a journal entry to record sale of inventory on account.
Q: The following transactions were completed by Hammond Auto Supply during January, which is the first…
A:
Q: Pass the journal entries for the following : Jan 27 - purchased goods on credit, $4000 less trade…
A: Journal: It is a method of recording monetary business transactions in chronological order. It…
Q: FDN Trading had the following selected transactions on November 5: Purchase of furniture on account,…
A: Solution: Cash account shows inflows of cash and outflows of cash. Inflows of cash are debited to…
Q: ABC Company is a merchandising firm. On June 3, the company sells, on account, merchandise for…
A: The sales made on credit will increase the accounts receivable on the one side and sales revenue on…
Q: On January 12th, Gates Gems returned merchandise they received on account from Gem Warehouse in the…
A: Here in this question, we are required to pass journal entry to reverse purchase made previously.…
Q: Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30.…
A: a) Net purchases = $32,100 - $8,600 = $23,500 Discount on purchases = $23,500 * 2% = $470 Cash…
Q: Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred…
A: Sales journal is a special journal in which all credit sales have been recorded
Q: PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 27 with terms of 3/10 EOM.…
A: The invoice is prepared to record the amount due from customers agains credit sales and it also…
Q: prepare any necessary journal entries for Tolbert Enterprises. On April 7, Tolbert Enterprises…
A: The terms of purchase might contain the cash discount for the payment made before the credit…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $25,300, terms…
A:
Q: Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on…
A: Journal Entries:- A journal entries are used to record business transactions in the books of…
Q: Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___…
A: Journal Entry is the Primary recording of business transactions in the books of accounts.
Q: merchandise with an invoice amount of $2,800 and received full credit. a. If Nieman Company pays…
A: In the given question, Springhill Company purchased goods worth $ 12,100 and returned goods worth $…
Q: PART B On June 3, Bolton Company sold to Arquette Company merchandise having a sales price of…
A: Under gross method, the sales and account receivables are recorded with full amount of invoice and…
Q: On June 30, Parrott Company sold goods for $800 on account. The journal entry to record the…
A: SOLUTION- JOURNAL ENTRIES IS THE WRITTEN RECORD OF A BUSINESS TRANSACTION IN A DOUBLE ENTRY…
Q: On 6th August, Tasha purchased goods on credit from Nisha Ltd, with a list price of $3,360, less…
A: The cash balance due to suppliers is calculated after adjustment for purchase returns, and purchase…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.Prepare journal entries to record the following transactions. A. November 19, purchased merchandise inventory, on account, $12,000 B. November 29, paid creditor for part of November 19 purchase, $10,000
- The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.Guardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?
- The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Record journal entries for the following transactions of Furniture Warehouse. 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. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash. Solution Date Accounts and Explanation Debit CreditRecord the following transactions for Brook’s Floor and Tile Supply in general journal form. July 17 Sold merchandise on account to Erica’s Interiors Inc., invoice no. 1501, $1,105. July 31 Erica’s Interiors Inc. returned $100 of the merchandise. Brook’s Floor and Tile Supply issued credit memo no. 104. August 5 Sold merchandise on account to F. Tyler, invoice no. 1502, $850 plus $46.75 sales tax.
- journal entries for the following transactions of Furniture Warehouse. 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. Aug 8 Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug 15 Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug 18 Customer paid their account in full with cash.Record the following transactions for Brook’s Floor and Tile Supply in general journal form. July 17 Sold merchandise on account to Erica’s Interiors Inc., invoice no. 1501, $1,105. July 31 Erica’s Interiors Inc. returned $100 of the merchandise. Brook’s Floor and Tile Supply issued credit memo no. 104. August 5 Sold merchandise on account to F. Tyler, invoice no. 1502, $850 plus $46.75 sales tax. If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank.PLEASE SHOW ALL WORK You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods on July 23, calculate(a) the last day of the discount period, and (b) the last day of the credit period.b. Last day of credit period: