John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month
Question:
1. John's purchased merchandise on account for $5,000. Freight charges of $300 were paid in cash.
2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $600 and John's account was credited by the supplier.
3. Merchandise costing $2,800 was sold for $5,200 in cash.
Required:
Prepare the necessary journal entries to record these transactions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (9 reviews)
1 To record the purchase of inventory on account and the payment of fr...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 9781259722660
9th Edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Cost Accounting questions
-
Prepare the journal entries to record these transactions on Allied Company's books. Allied Company uses a periodic inventory system. Feb. 5 Allied purchased $12,000 of merchandise from NW Wholesale...
-
Prepare the journal entries to record these transactions on NW Wholesale Company's books. NW Wholesale Company uses a periodic inventory system. Feb. 5 NW Wholesale sells $12,000 of merchandise to...
-
Prepare the journal entries to record these transactions on Allied Companys books using a periodic inventory system. (a) On March 2, Allied Company purchased $1,000,000 of merchandise from B....
-
3) Sauseda Corporation has two operating divisions-an Inland Division and a Coast Division. The company's Customer Service Department provides services to both divisions. The variable costs of the...
-
If the maximum allowable tension in cables AB and AC is 500 lb, determine the maximum height z to which the 200-lb crate can be lifted. What horizontal force F must be applied? Take y = 8ft. 4 ft
-
Modify the original Grand Prix example by increasing the demand at each regions by 200, so that total demand is well above total plant capacity. However, now interpret these demands as maximum sales,...
-
Consider the gasoline mileage data in Table B.3. Delete eight observations (chosen at random) from the data and develop an appropriate regression model. Use this model to predict the eight withheld...
-
Consider the following workload: a. Show the schedule using shortest remaining time, non-preemptive priority (a smaller priority number implies higher priority) and round robin with quantum 30 ms....
-
Warm Hands, a small company based in Prince Edward Island, manufactures and sells two types of lightweight gloves for runners- Warm and Cozy. Current revenue, cost, and unit sales data for the two...
-
1. Does John Terrills leadership style fit the definition of leadership in Exhibit 1.1? Is it part of a leaders job to manage upward? Explain. 2. With respect to Exhibit 1.4, in what leadership era...
-
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000 (20,000 units at $25 each). During 2018, 80,000 units were purchased, all at the same price of $30...
-
On July 15, 2018, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method...
-
The successive ionization energies for an unknown element are I1 = 896 kJ/mol I2 = 1752 kJ/mol I3 = 14,807 kJ/mol I4 = 17,948 kJ/mol To which family in the periodic table does the unknown element...
-
A toy water-rocket consists of an elongated plastic tank with a nozzle at one end (Figure P5.64). A hand pump is used to get pressurized air into the tank. If there is nothing but air in the tank,...
-
Consider the same initial system of spring and carts \(A\) and B as in Problem 62. After the system is set in motion with common speed \(v_{i}\), the clamp is again released. What is the speed of...
-
At an airport, two business partners both walk at \(1.5 \mathrm{~m} / \mathrm{s}\) from the gate to the main terminal, one on a moving sidewalk and the other on the floor next to it. The partner on...
-
Train A, \(m_{\mathrm{A}}=150,000 \mathrm{~kg}\), is traveling west at \(60 \mathrm{~km} / \mathrm{h}\). Train B, \(m_{\mathrm{B}}=100,000 \mathrm{~kg}\), behind train A on the same track, is...
-
A woman is on a train leaving the station at \(4.0 \mathrm{~m} / \mathrm{s}\), while a friend waving goodbye runs alongside the car she's in. (a) If the friend is running at \(6.0 \mathrm{~m} /...
-
What are the seven economic growth facts?
-
Problem 3.5 (4 points). We will prove, in steps, that rank (L) = rank(LT) for any LE Rnxm (a) Prove that rank (L) = rank (LTL). (Hint: use Problem 3.4.) (b) Use part (a) to deduce that that rank(L) =...
-
You are auditing the December 31, 2011, financial statements of Hackney, Inc., manufacturer of novelties and party favors. During your inspection of the company garage, you discovered that a 2010...
-
Goring Dairy leases its milking equipment from King Finance Company under the following lease terms. 1. The lease term is 10 years, non-cancelable, and requires equal rental payments of $30,300 due...
-
What is the purpose of the statement of cash flows? What information does it provide?
-
The bonds of Venture Ltd . has 8 years remaining to maturity. Its annual coupon rate is 6 % with a face value of $ 1 , 0 0 0 . The prevailing market interest rate is 8 % . The interest is paid semi -...
-
Convert the following C functions into ARMv8 assembly language. Again, comment each line of assembly code on what it does. Note that local variables should be kept in function's stack frame. 1)...
-
What are the four main types of financial services?Which type of financial services will help you accomplish your short, intermediate, and long-term goals?For example, I use savings financial...
Study smarter with the SolutionInn App