Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method. March 3 Purchased $1,290 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. March 4 Paid $85 cash for shipping charges on the March 3 purchase. March 5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $140. March 18 Paid Greenworld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $838 of merchandise from PeopleFirst Corporation with credit terms of 1/10, n/30, invoices dated March 19, and F08 destination. March 21 After negotiations, received from PeopleFirst a $30 allowance (for scuffed merchandise) toward the $830 awed on the March 19 purchase. March 29 Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 6 Note: Enter debits before credits. 7 Purchased $1,290 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method. March 3 Purchased $1,290 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point. March 4 Paid $85 cash for shipping charges on the March 3 purchase. March 5 Returned to GreenWorld unacceptable merchandise that had an invoice price of $140. March 18 Paid Greenworld for the March 3 purchase, net of the discount and the returned merchandise. March 19 Purchased $838 of merchandise from PeopleFirst Corporation with credit terms of 1/10, n/30, invoices dated March 19, and F08 destination. March 21 After negotiations, received from PeopleFirst a $30 allowance (for scuffed merchandise) toward the $830 awed on the March 19 purchase. March 29 Sent check to PeopleFirst paying for the March 19 purchase, net of the allowance and the discount. View transaction list Journal entry worksheet 6 Note: Enter debits before credits. 7 Purchased $1,290 of merchandise from GreenWorld Company with credit terms of 2/15, n/60, invoice dated March 3, and FOB shipping point.
Expert Answer:
Answer rating: 100% (QA)
SOLUTION The journal entries to record the transactions of Recycled Fashion retail store are as foll... View the full answer
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method. Mar. 3 Purchased $1,150 of...
-
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Apr. 2 Purchased merchandise from Blue Company under the following terms: $3,600...
-
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,600...
-
Write a method remove() that takes a linked-list Node and a string key as its arguments and removes every node in the list whose item field is equal to key.
-
What are the steps in valuing a merger?
-
Show that sin(4) = (cos )(4 sin - 8 sin 3 ).
-
Holmes Aircraft recently announced an increase in its net income, yet its net cash flow declined relative to last year. Which of the following could explain this performance? a. The company's...
-
Its Just Lunch is a nationwide service company that arranges lunch dates for clients. Its Just Lunch collects cash up front for a package of dates. Suppose your group is opening an Its Just Lunch...
-
Q. Which of the following statements is FALSE regarding cost behaviors (within relevant range)? Multiple Choice Total variable cost increases and decreases in proportion to changes in activity level....
-
Lucia Company has set the following stendard cost per unit for direct materials and direct labor Direct naterials (15 pounds @ $5 per pound) Direct labor (3 hours $16 per hour) $ 75 During May the...
-
Object Oriented Programming 1. Problem: Smart booking system Assume that you are creating a smart booking system , selling packages for the 2026 FIFA World Cup. Each package consists of three...
-
Destani's is setting up a training program for all managers who interview candidates and make hiring decisions to ensure they follow all local, state, and federal laws in all areas, from ADA...
-
Edelman Engineering is considering a piece of equipment in this year's capital budget. The initial cash outlay for the truck is -$148,000. The firm's cost of capital, WACC, is 11 percent. The...
-
Is covered interest rate possible for US investors?New Zealand investors?Explain why covered interest rate arbitrage is or is not feasible. Assume the following information: One-year interest rate in...
-
An analyst is interested to value put options on the stock of Bulls Inc. The analyst has accumulated the following information: The price of the stock is $40. The strike price is $38. The option...
-
Current assets: Cash $393,700 $307,200 Marketable securities 455,800 345,600 Accounts and notes receivable (net) 186,500 115,200 Inventories 1,709,400 1,288,300 Prepaid expenses 880,600 823,700 Total...
-
Jupiter company sold 20,000 crates of a soft drink at Rs. 120 during the year. Its beginning inventory consisted of 1,000 crates at Rs.70 per crate. The following purchases were made during the year:...
-
Design a circuit which negative the content of any register and store it in the same register.
-
Sherman Co. began operations in Year 1. During its first two years, the company completed several transactions involving sales on credit, accounts receivable collections, and bad debts. These...
-
The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Co. Use these normal account balances to journalize closing entries. Debit Credit Debit Credit $...
-
Selected results from Samsung, Apple, and Google follow. Required 1. Compute Samsungs debt-to-equity ratio for the current year and the prior year. 2. Is Samsungs financing structure more risky or...
-
Foreign Exchange Rate Quotations. Define and give an example of the following: a. Bid rate quote b. Ask rate quote
-
Swap Transactions. Define and differentiate the different type of swap transactions in the foreign exchange markets.
-
Foreign Exchange Transaction. Define each of the following types of foreign exchange transactions: a. Spot b. Outright forward c. Forward-forward swaps
Study smarter with the SolutionInn App