Record journal entries for the following transactions of Furniture Warehouse. A. 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. B. Aug. 8: Customer returned 2 couches.for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash. 10 Solution
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Journal is the first process of accounting where transaction is recorded in the books of accounts with the help of voucher and invoices. The total of debit and credit amount should be equal.
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- 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.Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.
- Record journal entries for the following purchase transactions of Flower Company. A. On October 13, Flower Company purchased 85 bushels of flowers with cash for $1,300. B. On October 20, Flower Company purchased 240 bushels of flowers for $20 per bushel on credit. Terms of the purchase were 5/10, n/30, invoice dated October 20. C. On October 30, Flower Company paid its account in full for the October 20 purchase.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.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 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 CreditProblem Set A PA1. 6.1 Record journal entries for the following transactions of Furniture Warehouse, A. 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. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.PA1. LO 6.1 Record journal entries for the following transactions of Furniture Warehouse. A. 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. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
- PB1. LO 6.1Record journal entries for the following transactions of Furniture Warehouse. 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. July 10: Furniture Warehouse returned 5 couches for a full refund. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. July 20: Furniture Warehouse paid their account in full with cash.How to journalize this question? Issued credit memo for 1,000 to Targhee Co. for damaged merchandise from sale on March 16. Mar. 16 Sold merchandise on account to Targhee Co. 27,500 terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was 16,000.Record journal entries for the following transactions of Furniture Warehouse. 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.July 10: Furniture Warehouse returned 5 couches for a full refund.July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500.July 20: Furniture Warehouse paid their account in full with cash.