Question: Show me what Journal it is for all the transaction entries ( write down the Journal types beside the entries) 1) Oct1 Business purchased $4250

Show me what Journal it is for all the  transaction entries ( write down the Journal types beside the entries)
1) Oct1 Business purchased $4250 of inventory from LAT Inc.. Terms 2/10, n/20 FOB 
2) Oct1 Business sold $8520 inventory to LFN Inc., the cost is $1240. Terms 2/15, n/15 FOB 
3) Oct4, Business returned defective $230 inventory back to LAT Inc. 
4) Oct7 Business paid delivery $160 for the inventory sales to LFN Inc. 
5) Oct8 Business issued a credit memo $325 to LFN Inc., regarding the sales on Oct1 
6) Oct9 business purchased inventory $2700 from Simpson's Ltd, Terms: 1/5, n/10, FOB 
7) Oct11 Business paid the LAT Inc. in full. 
8) Oct16 Business Received LFN Inc's money. 
9) Oct30 paid Simpson's Ltd for the Oct9 purchase.

Step by Step Solution

★★★★★

3.56 Rating (167 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

Transaction 1 Date October 1 Account Inventory Debit 4250 Credit Accounts Payable LAT Inc Descriptio... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Q:

(3) Let the system initially (at t = 0) is in the state (x,0) = = / 0(x) + e-l /0 (x). e-ia a) b) c) d) Check if Find out Find out (x, 0) is normalized or not. (x, t). (x, t)|2. Is it time dependent?...

Q:

What is unique about computers as far as ethical issues?

Q:

journalize precise please Exercise 3 Journalize the following transactions: 1. In early January 2014 Coffee Supreme Inc. purchased a packaging machine at a cost of 76,000. In order to place it in...

Q:

PRACTICE NUMBER 5 I NEED HELP below. Chart of Accounts Current Assets 10000 Cash ma 11000 Accounts Receivable 12000 Inventory-Orange Roller Blades 12100 Inventory - Black Roller Blades 13100 Office...

Q:

1) Project Instructions (this document me) - requirements of the project. 2) Cycles processes and other information (document file) - description of what needs to be done for each process, list of...

Q:

The assignments are preparing those case study in journal entries and trial balance based on the attachments data and scenario. 1. Inventory valuation, Journal Entries and Trial balance 2. Property,...

Q:

please help me fill out this worksheet using these pages Byte of Accounting The remaining ice equipment, 564,100,00, was purchased last January and has an estimated useful We of 10 years with a...

Q:

please help me make statement of cash flows using these pages. here is trail balance as of november 30 here is the december 31 2019 closing balance A Byte of Accounting, Inc. Trial Balance As of...

Q:

Byte of Accounting General Excel Accounting help. Can't figure out how to do the general journal. Given Trial Chart: Post Closing Trial Balance as of December 31st, 2020 for Byte of Accounting Inc. *...

Q:

GAAP contains the guiding principles for all accounting transactions? These principles have stood the test of time and remain relevant to the current financial recording process. What two GAAP...

Q:

19. Given the following chemical equilibria, N2(g) + O2(g) 2 NO(g)K1 N2(g) + 3 H2(g) 2NH3(g)K2 H2(g) + O2(g) H2O(g)K3 Determine the method used to calculate the equilibrium constant for the reaction...

Q:

Welch approach to performance management involves managing ebjective measures of outcomes of a job or work group? results comparative offibute beheverofic

Q:

A 3-month European call on a futures has a strike price of $100. The futures price is $100 and the volatility is 20%. The risk-free rate is 2% per annum with continuous compounding. What is the value...

Q:

In the titration of 50.0 mL of 0.0500 M NaCI with 0.100 M AGNO3 , the reaction is : Ag+(aq) + Cl-(aq) = AgCI(s) Ksp=1.8x10-10 35.0 ml Volume of AgNO3 is added to the flask. What is pCI ? Select one: ...

Q:

What is the End point determination in Mohr's Method: Select one: O a. red color of FeSCN2+ O b. brick red color of Ag2CrO4 O c. red color of A9SCN O d. white color of silver chloride

Q:

Problem 6.2. Find general solutions of the following Bernoulli differ-ential...

Q:

Talk with people you know who use computers in their work. Ask them to get copies of the user documentation they rely on for the systems they use at work. Analyze the documentation. Would you...

Q:

Explain how conceptual data modeling is different when you start with a prepackaged data model rather than a clean sheet of paper.

Q:

Compare and contrast the four approaches to reuse.

Q:

A 2010 study conducted by the National Center for Health Statistics found that 25% of U.S. households had no landline service. This raises concerns about the accuracy of certain surveys, as they...

Q:

In Exercise 39, you calculated probabilities of getting various M&M's. Some of your answers depended on the assumption that the outcomes described were disjoint; that is, they could not both happen...

Q:

You shuffle a deck of cards and then start turning them over one at a time. The first one is red. So is the second. And the third. In fact, you are surprised to get 10 red cards in a row. You start...