Information related to Harwick Co. is presented below. On April 5, purchased merchandise on account from...

       

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Information related to Harwick Co. is presented below. On April 5, purchased merchandise on account from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $900 on merchandise purchased from Botham. On April 7, purchased equipment on account for $26,000. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. On April 15, paid the amount due to Botham Company in full. 1. 2. 3. 4. 5. Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. April 5 :inventory 23000 Accounts Payable 23000 2. April 6 Inventory 900 Cash 900 April 7 : Equipment 26000 Accounts Payable 26000 April 8 : Accounts Payable 4000 Inventory 4000 5. April 15 :Accounts Payable 21000 Inventory 420 Cash 20580 3. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 4 :Accounts Payable 20000 Inventory 20000 List Of Accounts Exercise 5-2 Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Casualty Loss from Vandalism Common Stock Cost of Goods Sold Depreciation Expense Dividends Dividend Revenue Equipment Freight-In Freight-Out Gain on Disposal of Plant Assets Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable Net Sales No Entry Notes Payable Operating Expenses Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commissions Expense Sales Commissions Payable Sales Discounts Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Supplies Expense Unearned Service Revenue Utilities Expense Utilities Payable Information related to Harwick Co. is presented below. On April 5, purchased merchandise on account from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $900 on merchandise purchased from Botham. On April 7, purchased equipment on account for $26,000. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. On April 15, paid the amount due to Botham Company in full. 1. 2. 3. 4. 5. Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. April 5 :inventory 23000 Accounts Payable 23000 2. April 6 Inventory 900 Cash 900 April 7 : Equipment 26000 Accounts Payable 26000 April 8 : Accounts Payable 4000 Inventory 4000 5. April 15 :Accounts Payable 21000 Inventory 420 Cash 20580 3. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 4 :Accounts Payable 20000 Inventory 20000 List Of Accounts Exercise 5-2 Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Casualty Loss from Vandalism Common Stock Cost of Goods Sold Depreciation Expense Dividends Dividend Revenue Equipment Freight-In Freight-Out Gain on Disposal of Plant Assets Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable Net Sales No Entry Notes Payable Operating Expenses Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commissions Expense Sales Commissions Payable Sales Discounts Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Supplies Expense Unearned Service Revenue Utilities Expense Utilities Payable Information related to Harwick Co. is presented below. On April 5, purchased merchandise on account from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $900 on merchandise purchased from Botham. On April 7, purchased equipment on account for $26,000. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. On April 15, paid the amount due to Botham Company in full. 1. 2. 3. 4. 5. Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. April 5 :inventory 23000 Accounts Payable 23000 2. April 6 Inventory 900 Cash 900 April 7 : Equipment 26000 Accounts Payable 26000 April 8 : Accounts Payable 4000 Inventory 4000 5. April 15 :Accounts Payable 21000 Inventory 420 Cash 20580 3. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 4 :Accounts Payable 20000 Inventory 20000 List Of Accounts Exercise 5-2 Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Casualty Loss from Vandalism Common Stock Cost of Goods Sold Depreciation Expense Dividends Dividend Revenue Equipment Freight-In Freight-Out Gain on Disposal of Plant Assets Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable Net Sales No Entry Notes Payable Operating Expenses Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commissions Expense Sales Commissions Payable Sales Discounts Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Supplies Expense Unearned Service Revenue Utilities Expense Utilities Payable Information related to Harwick Co. is presented below. On April 5, purchased merchandise on account from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $900 on merchandise purchased from Botham. On April 7, purchased equipment on account for $26,000. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. On April 15, paid the amount due to Botham Company in full. 1. 2. 3. 4. 5. Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. April 5 :inventory 23000 Accounts Payable 23000 2. April 6 Inventory 900 Cash 900 April 7 : Equipment 26000 Accounts Payable 26000 April 8 : Accounts Payable 4000 Inventory 4000 5. April 15 :Accounts Payable 21000 Inventory 420 Cash 20580 3. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 4 :Accounts Payable 20000 Inventory 20000 List Of Accounts Exercise 5-2 Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Casualty Loss from Vandalism Common Stock Cost of Goods Sold Depreciation Expense Dividends Dividend Revenue Equipment Freight-In Freight-Out Gain on Disposal of Plant Assets Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable Net Sales No Entry Notes Payable Operating Expenses Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commissions Expense Sales Commissions Payable Sales Discounts Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Supplies Expense Unearned Service Revenue Utilities Expense Utilities Payable Information related to Harwick Co. is presented below. On April 5, purchased merchandise on account from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $900 on merchandise purchased from Botham. On April 7, purchased equipment on account for $26,000. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. On April 15, paid the amount due to Botham Company in full. 1. 2. 3. 4. 5. Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. April 5 :inventory 23000 Accounts Payable 23000 2. April 6 Inventory 900 Cash 900 April 7 : Equipment 26000 Accounts Payable 26000 April 8 : Accounts Payable 4000 Inventory 4000 5. April 15 :Accounts Payable 21000 Inventory 420 Cash 20580 3. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 4 :Accounts Payable 20000 Inventory 20000 List Of Accounts Exercise 5-2 Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Casualty Loss from Vandalism Common Stock Cost of Goods Sold Depreciation Expense Dividends Dividend Revenue Equipment Freight-In Freight-Out Gain on Disposal of Plant Assets Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable Net Sales No Entry Notes Payable Operating Expenses Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commissions Expense Sales Commissions Payable Sales Discounts Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Supplies Expense Unearned Service Revenue Utilities Expense Utilities Payable Information related to Harwick Co. is presented below. On April 5, purchased merchandise on account from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $900 on merchandise purchased from Botham. On April 7, purchased equipment on account for $26,000. On April 8, returned damaged merchandise to Botham Company and was granted a $3,000 credit for returned merchandise. On April 15, paid the amount due to Botham Company in full. 1. 2. 3. 4. 5. Prepare the journal entries to record these transactions on the books of Harwick Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. April 5 :inventory 23000 Accounts Payable 23000 2. April 6 Inventory 900 Cash 900 April 7 : Equipment 26000 Accounts Payable 26000 April 8 : Accounts Payable 4000 Inventory 4000 5. April 15 :Accounts Payable 21000 Inventory 420 Cash 20580 3. Assume that Harwick Co. paid the balance due to Botham Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit May 4 :Accounts Payable 20000 Inventory 20000 List Of Accounts Exercise 5-2 Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Advertising Expense Buildings Cash Casualty Loss from Vandalism Common Stock Cost of Goods Sold Depreciation Expense Dividends Dividend Revenue Equipment Freight-In Freight-Out Gain on Disposal of Plant Assets Income Summary Insurance Expense Interest Expense Interest Payable Interest Revenue Inventory Land Loss on Disposal of Plant Assets Maintenance and Repairs Expense Mortgage Payable Net Sales No Entry Notes Payable Operating Expenses Prepaid Insurance Property Tax Expense Property Taxes Payable Purchase Discounts Purchase Returns and Allowances Purchases Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Commissions Expense Sales Commissions Payable Sales Discounts Sales Discounts Sales Returns and Allowances Sales Revenue Supplies Supplies Expense Unearned Service Revenue Utilities Expense Utilities Payable

Answer rating: 100% (QA)

Apr Inventory 3 5 Accounts Payable 34800 Apr Invent... View the full answer