ACCT 2001 Chapter : Accounting P5 1A

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azuremammoth471

15 Mar 2019

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Purchased merchandise on account from vanco wholesale supply for ,000, terms 1/10, n/30. 2 sold merchandise on account for ,400, terms 2/10, n/30. The cost of the merchandise sold was ,300. 5 received credit from vanco wholesale supply for merchandise returned . 9 received collections in full, less discounts, from customers billed on may 2. 10 paid vanco wholesale supply in full, less discount. 15 received refund for return of poor-quality merchandise from supplier on cash purchase. 17 purchased merchandise from strickler distributors for ,500, terms 2/10, n/30. 19 paid freight on may 17 purchase . The cost of the merchandise sold was ,100. 25 purchased merchandise from fasteners inc. for , terms 3/10, n/30. 27 paid strickler distributors in full, less discount. 29 made refunds to cash customers for returned merchandise . 31 sold merchandise on account for ,280, terms n/30. The cost of the merchandise sold was .

Related Questions

Waters Hardware Store completed the following merchandisingtransactions in the month of May. At the beginning of May, Waterâsledger showed Cash of $10,804 and Common Stock of $10,804.

May 1		Purchased merchandise on account from Hauke Wholesale Supplyfor $8,400, terms 1/10, n/30.
2		Sold merchandise on account for $5,200, terms 2/10, n/30. Thecost of the merchandise sold was $3,900.
5		Received credit from Hauke Wholesale Supply for merchandisereturned $300.
9		Received collections in full, less discounts, from customersbilled on May 2.
10		Paid Hauke Wholesale Supply in full, less discount.
11		Purchased supplies for cash $1,215.
12		Purchased merchandise for cash $4,187.
15		Received $311 refund for return of poor-quality merchandisefrom supplier on cash purchase.
17		Purchased merchandise from Friedrich Distributors for $4,600,terms 2/10, n/30.
19		Paid freight on May 17 purchase $338.
24		Sold merchandise for cash $7,428. The cost of the merchandisesold was $5,537.
25		Purchased merchandise from Fasteners Inc. for $1,080, terms3/10, n/30.
27		Paid Friedrich Distributors in full, less discount.
29		Made refunds to cash customers for returned merchandise $127.The returned merchandise had cost $95.
31		Sold merchandise on account for $1,729, terms n/30. The cost ofthe merchandise sold was $1,121.

Journalize the transactions using a perpetual inventory system.(Credit account titles are automatically indented whenamount is entered. Do not indent manually. Record journal entriesin the order presented in the problem.)

byzantiumdinosaur161

Calculate Babcock's payment toMoonlight on November 13 for merchandise purchased on November 3.Show work.

The following were selected from among the transactionscompleted by Babcock Company during November of the currentyear:

Nov. 3. Purchased merchandise onaccount from Moonlight Co., list price $85,000, trade discount 25%,terms FOB destination, 2/10, n/30.

Nov. 4. Sold merchandise for cash, $37,680. The cost of themerchandise sold was $22,600.

Nov. 5. Purchased merchandise on account from Papoose Creek Co.,$47,500, terms FOB shipping point, 2/10, n/30, with prepaid freightof $810 added to the invoice.

Nov. 6. Returned $13,500 ($18,000 list price less trade discountof 25%) of merchandise purchased on November 3 from MoonlightCo.

Nov. 11. Sold merchandise on account to Quinn Co., list price$24,000, trade discount 35%, terms 1/10, n/30. The cost of themerchandise sold was $9,400.

Nov. 13. Paid Moonlight Co. on account for purchase of November3, less return of November 6 and discount.

Nov. 14. Sold merchandise on VISA, $236,000. The cost of themerchandise sold was $140,000.

Nov. 15. Paid Papoose Creek Co. on account for purchase ofNovember 5, less discount.

Nov. 21. Received cash on account from sale of November 11 toQuinn Co., less discount.

Nov. 24. Sold merchandise on account to Rabel Co., $56,900,terms 1/10, n/30. The cost of the merchandise sold was $34,000. 28.Paid VISA service fee of $3,540.

Nov. 30. Received merchandise returned by Rabel Co. from sale onNovember 24, $8,400. The cost of the returned merchandise was$5,000.