Don't give answer in image format InstructionsFeb.Sept103 Sold merchandise on account to Dr. Jil Hat, $15,160. The cost of the merchandise sold was 50.270.Received $4,280 from Dr. Jill Hall and wrote off the remainder owed on the sale of February 3 asuncollectibleDec. 21.Reinstated the account of Dr. Jill Hall that had been written off on September 10 and received $10,880cash in full payment.Joumaltre the above transactions in the accounts of Midwest Medical Co, a medical equipment company that uses the direct write-off method of accounting for uncollectiblerecevables. Refer to the Chart of Accounts for exact wording of account sties

Journal entries means the primary reporting of the transactions in the books of accounts. These are…

Feb. 3. Sept 10 Sold merchandise on account to Dr J Hat $15.160. The cost of the merchandise sold was $9.270 Received $4,200 from Dr. J Hall and wrote off the remainder owed on the sale of February 3 as uncolectible 21. stated the account of Dr. J Hall that t cash in full payment written off on September 10 and received $10,880 Dec Joumate the above transactions in the accounts of Midwest Medical Co, a medical equipment company that uses the direct write-off method of accounting for un ables Refer to the Chart of Accounts for exact wording of accounts

Feb. 3. Sept 10 Sold merchandise on account to Dr J Hat $15.160. The cost of the merchandise sold was $9.270 Received $4,200 from Dr. J Hall and wrote off the remainder owed on the sale of February 3 as uncolectible 21. stated the account of Dr. J Hall that t cash in full payment written off on September 10 and received $10,880 Dec Joumate the above transactions in the accounts of Midwest Medical Co, a medical equipment company that uses the direct write-off method of accounting for un ables Refer to the Chart of Accounts for exact wording of accounts

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 2PB: Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50...

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Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.
Jan. 19 Sold merchandise on account to Dr. Kyle Norby, $17,960. The cost of the goods sold was $9,990. June 2 Received $5,530 from Dr. Kyle Norby and wrote off the remainder owed on the sale of January 19 as uncollectible. Oct. 23 Reinstated the account of Dr. Kyle Norby that had been written off on June 2 and received $12,430 cash in full payment. Journalize the above transactions in the accounts of Canyon River Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.
Jan. 19. Sold merchandise on account to Dr. Dale Van Dyken, $16,590. The cost of the merchandise sold was $9,660. July 7. Received $4,010 Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $12,580 cash in full payment. Required: Journalize the above transactions in the accounts of Champion Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.
an. 19. Sold merchandise on account to Dr. Dale Van Dyken, $16,590. The cost of the merchandise sold was $9,660.July 7. Received $4,010 Dr. Dale Van Dyken and wrote off the remainder owed on the sale of January 19 as uncollectible.Nov. 2. Reinstated the account of Dr. Dale Van Dyken that had been written off on July 7 and received $12,580 cash in full payment.Required:Journalize the above transactions in the accounts of Champion Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles. Journalize the transactions in the accounts of Champion Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY1234567891011
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $15,160. The cost of the merchandise sold was $9,270. July 7. Received $4,280 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $10,880 cash in full payment. Required: Journalize the above transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. X Journal
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Submit A company purchased $9,900 of merchandise on June 15 with terms of 3/10, n/45. On June 20, It returned $495 of that merchandise. On June 24, It paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: Multiple Choice $9,123. $9,603. $9,900. $9,405. $9,172. Prev 1 of 10 Next > MacBo
Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $18,040. The cost of the merchandise sold was $9,550. July 7. Received $5,010 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $13,030 cash in full payment CHART OF ACCOUNTS Arrow Medical Co. General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Dr. Sinclair Welby 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable…
Nkome Traders, owner T Nkome, is a registered VAT vendor. The VAT rate applicable is 15%. Transactions: 20.3 February 3 Received and invoice (re-numbered to 20.3/105) from Bapela Wholesalers for merchandise purchased on credit for R18 975. 5 Some of the items to the value of R1 265 on invoice number 20.3/105 was not received. Issued a debit note for the amount. Bapela Wholesalers granted the claim and issued a credit note for the amount claimed. 10 Bought stationery, R1 035, from Big Stationers and received their invoice. 12 Received an invoice from Electronics Traders for the purchase of a new printer for R3 680. 17 Bought merchandise to the value of R21 965 from Bangani Wholesalers and received their invoice. Complete the given Purchases journal and Purchases returns journal for February 20.3.
Instructions Jan 19 Sold merchandise on account to Dr. Sinclair Welby, $17,190. The cost of the merchandise sold was $9,550. July 7. Received $5,500 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible, Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $11,690 cash in full payment. Required: Journalize the above transactions in the accounts of Arrow Medical Co, a medical equipment company that uses the direct write-off meth accounting for uncollectible receivablos Refer to the chartof accounts for the exact wording of the account tides. CNOWjournals do notu fines forjournal explanations. Every line on a journal page is used for debit or credit entries. CNOWjournals will automatically indent a cr entry when a credit amountis entered.
A company purchased $8,800 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $440 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: Multiple Choice O O C O $8,109. $8,536. $8,800. $8,360. $8,153.