Proctoring Enabled Exam 2 Version AO 3 Saved Mitchell uses a perpetual Inventory system. Mitchell sells a computer from Inventory for $1,198 on credit. Mitchell originally bought the computer from BM for $790 What journal entry (entries) will Mitchell prepare to record the sale? Mutiple Choice Debit Cash and credit Sales Revenue for $1,198; debit Cost of Goods Sold and credit Inventory for $790. O Debit Inventory for $790, debit Cost of Goods Sold for $408, and credit Accounts Receivable for $1,198. 0 Debit Accounts Receivable for $1,198, credit Inventory for $790, and credit Gross Profit for $408. Debit Accounts Receivable and credit Sales Revenue for $1,198; debit Cost of Goods Sold and credit Inventory for $790.

Proctoring Enabled Exam 2 Version AO 3 Saved Mitchell uses a perpetual Inventory system. Mitchell sells a computer from Inventory for $1,198 on credit. Mitchell originally bought the computer from BM for $790 What journal entry (entries) will Mitchell prepare to record the sale? Mutiple Choice Debit Cash and credit Sales Revenue for $1,198; debit Cost of Goods Sold and credit Inventory for $790. O Debit Inventory for $790, debit Cost of Goods Sold for $408, and credit Accounts Receivable for $1,198. 0 Debit Accounts Receivable for $1,198, credit Inventory for $790, and credit Gross Profit for $408. Debit Accounts Receivable and credit Sales Revenue for $1,198; debit Cost of Goods Sold and credit Inventory for $790.

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Description: Proctoring Enabled Exam 2 Version A O3SavedMitchel uses a perpetual Inventory system. Mitchell sells a computer from inventory for $1,198 on credit. Mitchell originally bought the computer fromBM for $790 What journal entry (entries) will Mitchell p

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter14: Adjustments For A Merchandising Business

Section: Chapter Questions

Problem 9SEB: JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the...

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JOURNAL ENTRIES UNDER THE PERPETUAL INVENTORY SYSTEM Sunita Computer Supplies entered into the following transactions. Prepare journal entries under the perpetual inventory system. May 1 Purchased merchandise on account from Anju Enterprises, 200,000. 8 Purchased merchandise for cash, 100,000. 15 Sold merchandise on account to Salils Pharmacy for 8,000. The merchandise cost 5,000.
Recording Sale and Purchase Transactions Jordan Footwear sells athletic shoes and uses the perpetual inventory system. During June, Jordan engaged in the following transactions its first month of operations: a. On June1, Jordan purchased, on credit, 100 pairs of basketball shoes and 210 pairs of running shoes with credit terms of 2/10, n/30. The basketball shoes were purchased at a cost of $85 per pair, and the running shoes were purchased at a cost of $60 per pair. Jordan paid Mole Trucking $310 cash to transport the shoes from the manufacturer to Jordans warehouse, shipping terms were F.O.B. shipping point, and the items were shipped on June 1 and arrived on June 4. b. On June 2, Jordan purchased 88 pairs of cross-training shoes for cash. The shoes cost Jordan $65 per pair. c. On June 6, Jordan purchased 125 pairs of tennis shoes on credit. Credit terms were 2/10, n/25. The shoes were purchased at a cost of $45 per pair. d. On June 10, Jordan paid for the purchase of the basketball shoes and the running shoes in Transaction a. e. On June 12, Jordan determined that $585 of the tennis shoes were defective. Jordan returned the defective merchandise to the manufacturer. f. On June 18, Jordan sold 50 pairs of basketball shoes at $116 per pair, 92 pairs of running shoes for S85 per pair, 21 pairs of cross-training shoes for $100 per pair, and 48 pairs of tennis shoes for $68 per pair. All sales were for cash. The cost of the merchandise sold was $13,295. No sales returns are expected. g. On June 21, customers returned 10 pairs of the basketball shoes purchased on June 18. The cost of the merchandise returned was $850. h. On June 23, Jordan sold another 20 pairs of basketball shoes, on credit, for $116 per pair and 15 pairs of cross-training shoes for $100 cash per pair. The cost of the merchandise sold was $2,675. i. On June 30, Jordan paid for the June 6 purchase of tennis shoes minus the return on June 12. j. On June 30, Jordan purchased 60 pairs of basketball shoes, on credit, for S85 each. The shoes were shipped F.O.B. destination and arrived at Jordan on July 3. Required: 1. Prepare the journal entries to record the sale and purchase transactions for Jordan during June 2019. 2. Assuming operating expenses of $5,300 and income taxes of $365, prepare Jordans income statement for June 2019.
Q2) Masader Co. purchased merchandise on March 4, 2018, at a price of OR30,000, subject to credit terms of 2/10, n30. Meteor uses the net method for recording purchases and uses a periodic inventory system.Required:1. Prepare the journal entry to record the purchase.2. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on March 11, 2018.3. Prepare the journal entry to record the appropriate payment if the entire invoice is paid on April 2, 2018.
Practice Problem #1: Assume a perpetual inventory system. Journalize the following purchase related transactions: a. M Co. purchased P4,000 worth of merchandise on account, terms 2/10, n/30, FOB shipping point. Prepaid transportation charges of P200 were added to the invoice. b. Returned P500 of merchandise purchased in (a). c. Paid on account for purchases in (a), less return (b) and discount. What is the Balance of your Merchandise inventory account?
Required information Skip to question [The following information applies to the questions displayed below.] Grandpa Clocks, Incorporated (GCI), is a retailer of wall, mantle, and grandfather clocks. Assume GCI sells a grandfather clock for $16,000 cash plus 5 percent sales tax. The clock had originally cost GCI $12,000. Assume GCI uses a perpetual inventory system. Prepare the journal entries related for the above transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
Using all journals This problem continues the Crystal Clear Cleaning practice set begun in Chapter 2 and continued through Chapters 3 and 4. Crystal Clear Cleaning has decided that, in addition to providing cleaning services, it will sell cleaning products. Crystal Clear uses the perpetual inventory system. During December 2018, Crystal Clear completed the following transactions: Requirements Use the appropriate journal to record the preceding transactions in a sales journal (omit the Invoice No. column), a cash receipts journal (omit Sales Discounts Forfeited column), a purchases journal, a cash payments journal (omit the Check No. column), and a general journal. Total each column of the special journals. Show that total debits equal total credits in each special journal.
Please help me do a general jounrnal for this scenario: Master Flow purchased 500 Units @ $100 / Unit in plumbing fixtures from Kohler, Inc. toestablish the Company’s initial merchandise inventory. The Company opened a tradeaccount with Kohler with a $60,000 Credit Limit. The terms of all purchases with thisvendor are 2/10, N60. You talk to Scott about the Inventory accounting and valuationmethods to use. You agree to use the Perpetual Inventory Method with LIFO.
I am taking TCA 221 class. I am in Ch.8 now, which is ACASH. I need to use the net method of recording purchases, complete the following: 1. Record the purchase of the inventory. 2. Record the payment of the invoice within the discount period. 3. Record the payment of the invoice after the discount period. The scenarion is -- "Lakeside Restaurant purchased inventory from Valley Packing, receiving an invoice dated February 3, 20X4, for $2,000 with terms 2/10, n/30."
II. Tan Company sells laptop computers. Inventory is maintained using the perpetual inventorysystem. All purchases of inventory are on account; accounts payable are paid in the month afterpurchase. On December 31, 2022, the inventory account had a balance of $52,500 prior toadjustment. A new accounting system was implemented in 2022 and proper accounting fortransactions around year-end was not properly controlled. Some events that occurred are asfollows.1. Laptops shipped to a customer on January 2, 2023, which cost $6,000, were included ininventory at December 31, 2022. The sale was recorded in 2023.2. Laptops costing $13,000 received December 31, 2022, were recorded as received on January2, 2023.3. Laptops received in November 2022 costing $4,200 were recorded twice in the inventoryaccount.4. Laptops shipped to a customer December 28, 2022, FOB shipping point, which cost $9,000,were not received by the customer until January 2023. The laptops were not included in theending…
I need help Please follow instructions double check your work !! Put your answers in table so it look good !! III. Tan Company sells laptop computers. Inventory is maintained using the perpetual inventory system. All purchases of inventory are on account; accounts payable are paid in the month after purchase. On December 31, 2022, the inventory account had a balance of $52,500 prior to adjustment. A new accounting system was implemented in 2022 and proper accounting for transactions around year-end was not properly controlled. Some events that occurred are as follows. 1.Laptops shipped to a customer on January 2, 2023, which cost $6,000, were included in inventory at December 31, 2022. The sale was recorded in 2023. 2.Laptops costing $13,000 received December 31, 2022, were recorded as received on January 2, 2023. 3.Laptops received in November 2022 costing $4,200 were recorded twice in the inventory account. 4.Laptops shipped to a customer December 28, 2022, FOBshipping…
Question Content Area Purchase-Related Transactions Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $28,500, terms n/30. The cost of the merchandise sold is $17,100. Showcase Co. issues a credit memo for $5,100 as a price adjustment prior to Balboa Co. paying the original invoice. Question Content Area a. Journalize Balboa Co.’s entry for the purchase. If an amount box does not require an entry, leave it blank. Question Content Area b. Journalize Balboa Co.’s entry for the credit memo. If an amount box does not require an entry, leave it blank. Question Content Area c. Journalize Balboa Co.’s entry for the payment of the invoice. If an amount box does not require an entry, leave it blank.
Journalize the transaction under the periodic inventory and perpetual inventory system. Show the necessary computation after the journal entry. 1.Co. Purchased merchandise with an invoice cost of 33,600. Terms: 2/10,n/30. FOB Shipping point. 2.Paid in full the amount in no.1 within the Discount period. 3.Co sold merchandise with a total invoice cost of 67,200 for cash. The cost of goods sold is 42000. 3. A customer in no.1 transaction retirned merchandise costing 2,000 because of defective quality. 4.Recieved full payment from customer in no.1 within the discount period 5. Co. Sold merchandise costing 80,000 to a valued customer. The mark up to cost 40%. Terms of the sale:5,3/10,n/30. Freight amounting to 3,000 (FOB Destination) was paid by Co. 6. Co. Received merchandise returned by customer in no. 2 due to defective quality. The total invoice price is 5,000