Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200 hair dryers from Hot Aire Corporation for $30 each, terms n/30. 5 old 50 hair dryers purchased on January 3 for $50 each, terms n/30. 15 Returned five of the hair dryers purchased on January 3 because they were defective. 22 A customer returned two hair dryers purchased on January 5 because they were defective. Given the information above, with the perpetual inventory system, the entry to record the January 15 transaction would include a Oa. credit to purchases of $150. Ob. credit to purchase returns of $150. c. credit to inventory of $150. Od. debit to purchases of $150.
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- Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200 hair dryers from Hot Aire Corporation for $30 each, terms n/30. 5 Sold 50 hair dryers purchased on January 3 for $50 each, terms n/30. 15 Returned five of the hair dryers purchased on January 3 because they were defective. 22 A customer returned two hair dryers purchased on January 5 because they were defective. Given the information above, with the perpetual inventory system, the entry to record the January 15 transaction would include a Oa. credit to inventory of $150. Ob. credit to purchase returns of $150. Oc. debit to purchases of $150. Od. credit to purchases of $150.Kendall Company recorded the following transactions during 2014:a.On January 1, they sold $8,000 worth of merchandise to a customer on account with the terms 2/10, n/30. b.On January 5, the customer returned $400 worth of damaged goods, which were thrownaway. c.On January 8, the customer paid for the goods.Based on the transactions provided by Kendall Company, what are the net sales for this period?A. $7,440B. $7,448C. $8,000D. $8,348Suppose Indianriver.com sells 1,500 books on account for $19 each (cost of these books is $17,100), credit terms 3/15, n/30 on October 10, 2016, to The Textbook Store. One hundred of these books (cost $1,140) were damaged in shipment, so Indianriver.com later received the damaged goods from The Textbook Store as sales returns on October 13, 2016 The Textbook Store paid the balance to Indianriver com on October 22, 2016. Requirements: 1. Journalize The Textbook Store's October 2016 transactions 2. Joumalize Indianriver.com's October 2016 transactions Requirement 1. Journalize The Textbook Store's October 2016 transactions. (Record debits first, then credits. Exclude explanations from journal entries) Oct 10: Purchase of 1.500 books on account for $19 each (cost of these books is $17,100), credit terms 3/15, n/30 to The Textbook Store Accounts Credit Date Oct 10 SEXIE) Debit
- Damon Associates reported the following transactions during September 2017: Sept. 8 Sold $3,000 of merchandise to Bruce Company for cash. The cost of the merchandise was $1,250 10 Owner invested $3,400 into the business. 15 Collected $580 from Lucille Adams on account. 16 Issued a credit memo for $650 to Susan Wilson for merchandise she purchased on credit several days ago. The cost of the returned merchandise was $250. Required: Record the above transactions below in either the cash receipts journal or the general journal. Note: Individual entries will only belong in one of these two journals.Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.Blue Barns sold 136 gallons of paint at P31 per gallon on July 6 to a customer with a cost of P19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer paid their account in full on July 24. On July 28, the customer discovered 17 gallons were the wrong color and returned the paint for a full cash refund. Blue Barns returned the gallons to their inventory at the original cost per gallon. Question: How much will be the cash to be refunded?
- DS Unlimited has the following transactions during August. August 6 Purchases 54 handheld game devices on account from GameGirl, Incorporated, for $120 each, terms 1/10, n/60. August 7 Pays $320 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl four game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 34 game devices purchased on August 6 for $140 each to customers on account. The total cost of the 34 game devices sold is $4,257.00. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to 2 decimal places.)DS Unlimited has the following transactions during August. August 6 Purchases 70 handheld game devices on account from GameGirl, Inc., for $200 each, terms 1/10, n/60. August 7 Pays $400 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 50 game devices purchased on August 6 for $220 each to customers on account. The total cost of the 50 game devices sold is $10,212.50. Required: Record the transactions of DS Unlimited, assuming the company uses a perpetual inventory system.DS Unlimited has the following transactions during August. August 6 Purchases 78 handheld game devices on account from GameGirl, Incorporated, for $240 each, terms 1/10, n/60. August 7 Pays $440 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl eight game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 58 game devices purchased on August 6 for $260 each to customers on account. The total cost of the 58 game devices sold is $14,145.00. Required:1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system.2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $2,927.
- Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.Record the journal entry for each of the following transactions. Glow Industries purchases 750 strobe lights at $23 per light from a manufacturer on April 20. The terms of purchase are 10/15, n/40, invoice dated April 20. On April 22, Glow discovers 100 of the lights are the wrong model and is granted an allowance of $8 per light for the error. On April 30, Glow pays for the lights, less the allowance.DS Unlimited has the following transactions during August. August 6 Purchases 86 handheld game devices on account from GameGirl, Incorporated, for $280 each, terms 1/10, n/60. August 7 Pays $480 to Sure Shipping for freight charges associated with the August 6 purchase. August 10 Returns to GameGirl six game devices that were defective. August 14 Pays the full amount due to GameGirl. August 23 Sells 66 game devices purchased on August 6 for $300 each to customers on account. The total cost of the 66 game devices sold is $18,691.00. Required:1. Record the transactions of DS Unlimited, assuming the company uses a periodic inventory system.2. Record the period-end adjusting entry to cost of goods sold on August 31, assuming the company has no beginning inventory and ending inventory has a cost of $3,965.