In July, purchased supplies for $10.25 for its restaurants on credit from its supplier Restos-R-US with the terms 2/30, net 60. Sold an old equipment for $3. It was originally purchased in 2013 for $15. At the time of sale, the equipment had accumulated depreciation of $13 and had a net book value of $2 at the time of sale.
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- Sennett Designs (SD) sells furniture on a retail basis. SD began operations duringDecember 2009 and sold furniture for €250,000 in cash. Th e furniture sold by SD waspurchased on credit for €150,000 and delivered by the supplier during December. Th ecredit terms granted by the supplier required SD to pay the €150,000 in January for thefurniture it received during December. In addition to the purchase and sale of furniture,in December, SD paid €20,000 in cash for rent and salaries.1 . How much is SD’s profi t for December 2009 if no other transactions occurred?2 . How much is SD’s cash fl ow for December 2009?3 . If SD purchases and sells exactly the same amount in January 2010 as it did inDecember and under the same terms (receiving cash for the sales and making purchases on credit that will be due in February), how much will the company’s profi tand cash fl ow be for the month of January?Williams Corporation had the following purchases for May: May 3Bought ten lawn rakes from Owens Company, invoice no. J34Y9, 250.25; terms net 15 days; dated May 1; FOB shipping point, freight prepaid and added to the invoice, 15 (total 265.25). 11Bought one weed trimmer from Lionels Lawn Landscaping, invoice no. R7740, 219.72; terms 2/10, n/30; dated May 9; FOB shipping point, freight prepaid and added to the invoice, 35 (total 254.72). 15Bought five bags of fertilizer from Wrights Farm Supplies, invoice no. 478, 210.97; terms net 30 days; dated May 13; FOB destination. 25Bought one lawn mower from Gutierrez Corporation, invoice no. 2458, 425.39; terms net 30 days; dated May 22; FOB destination. Assume that Williams Corporation had beginning balances on May 1 of 3,492.29 (Accounts Payable 212), 4,239.49 (Purchases 511), and 234.89 (Freight In 514). Record the purchases of merchandise on account in the purchases journal (page 13) and then post to the general ledger.At the end of Year 1, Herkimer Co. sells two laptops for 1,800 each. Based on the information in RE11-6 in Year 1, prepare the journal entries to record the purchase of the laptops, the depreciation on the laptops, and the sale of the laptops.
- Below are selected transactions of Diya Automotive Company during 2022. Aug. 1 Diya Automotive Company bought $9,200 of merchandise inventory, a new factory machine for $2,600 and office supplies for $800 from a supplier. (All plus HST of 13% on account). Aug. 15 Diya returned $1,000 of the merchandise inventory to the supplier. Sept. 1 Diya sold merchandise inventory costing $750 for $1,300 (plus HST of 13%) to Lily Peng on account. Sept. 15 Lily Peng returned $300 from the Sept.1 sale. The cost of the returned items was $150 and they were returned to inventory. Oct. 1 Diya purchased $1,200 of office equipment (plus HST of 13%) from Staples on account. Prepare all the necessary journal entries for the above transactions. Assume that Diya Automotive Company uses a perpetual inventory system and an HST rate of 13%. Please donot provide solution in image format and provide solution in step by stepformat and asapfBelow are selected transactions of Diya Automotive Company during 2022. Aug. 1 Diya Automotive Company bought $9,200 of merchandise inventory, a new factory machine for $2,600 and office supplies for $800 from a supplier. (All plus HST of 13% on account). Aug. 15 Diya returned $1,000 of the merchandise inventory to the supplier. Sept. 1 Diya sold merchandise inventory costing $750 for $1,300 (plus HST of 13%) to Lily Peng on account. Sept. 15 Lily Peng returned $300 from the Sept.1 sale. The cost of the returned items was $150 and they were returned to inventory. Oct. 1 Diya purchased $1,200 of office equipment (plus HST of 13%) from Staples on account. Prepare all the necessary journal entries for the above transactions. Assume that Diya Automotive Company uses a perpetual inventory system and an HST rate of 13%.1) the 456 company purchased office supplies from A-One supplies worth P44,000 on May 29, 2021. A-one supplies gave the buyer trade discount of 10% and 5%. the buyer agreed with the term 2/10, n/45. How much will be paid by 456 company on June 8? a) 36867 b) 37630 c) 44000 d) 39600 2. below are some data of the income statement accounts of wishing well company for the year dec 31, 2021: inventory,beginning 430,800 inventory,end 399,500 freight - in 36,780 purchase discount 22,500 merchandise available for sale 1,230,500 how much is the cost of goods sold? a) 777,200 b) 799, 700 c) 740,420 d) 831,000 3) the 456 company purchased office supplies from a-one supplies worth 80,000 on april 4, 2021 A- one supplies gave the buyer trade discount of 5% and 2% the buyer and supplier agreed with the term 5/15, n/30. How much will be paid by 456 company on april 18? a) 80,000 b) 76,000 c) 70,756 d) 74480
- Kendall Company recorded the following transactions during 2014:a.On January 1, they sold $8,000 worth of merchandise to a customer on account with the terms 2/10, n/30. b.On January 5, the customer returned $400 worth of damaged goods, which were thrownaway. c.On January 8, the customer paid for the goods.Based on the transactions provided by Kendall Company, what are the net sales for this period?A. $7,440B. $7,448C. $8,000D. $8,348Levchenko Company purchased inventories from a vendor for $16,000 on July 1. The purchase was financed through a $10,000 note with the remainder paid in cash. The vendor charged an additional $400 for shipping, on account. Levchenko paid a moving company $700 cash to move the inventory to a different warehouse. Interest on the note totaled $50, payable in August. a. Determine the cost to be assigned to the inventory. $ b. Record the transactions using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Select "N/A" as your answer if a part of the accounting equation is not affected. Transaction a. Inventory purchase b. Shipping charge c. Moving cost d. Interest incurred Totals Cash Asset ♦ ◆ ◆ ◆ 0 + Noncash Asset ◆ ◆ ◆ ◆ 0 Balance Sheet Liabilities ◆ ◆ ◆ 0 Contributed + Capital + Earned Capital ♦ ◆ ♦ ♦ 0 Revenues Income Statement Expenses ◆ ◆ ◆ 0 Net = Income 0Garfunkle Company had the following four transactions during January 2017: January 3 Purchased 200 hair dryers from Hot Aire Corporation for $30 each, terms n/30. 5 Sold 50 hair dryers purchased on January 3 for $50 each, terms n/30. 15 Returned five of the hair dryers purchased on January 3 because they were defective. 22 A customer returned two hair dryers purchased on January 5 because they were defective. Given the information above, with the perpetual inventory system, the entry to record the January 15 transaction would include a Oa. credit to inventory of $150. Ob. credit to purchase returns of $150. Oc. debit to purchases of $150. Od. credit to purchases of $150.
- Answer the following transactions that occurred during August 2022 for Renwick & Co. Aug 2 – Renwick & Co. sold 40 office desks costing $2,000 each, at a unit price of $4,500 to Shams Ltd. Terms: 2/10, n/30. Aug 7 – Shams Ltd. Returned for full credit 6 of the desks acquired on August 2 because they were of the incorrect size and style. Aug 8 – Renwick & Co. returned the office desks to its inventory. Aug 9 – Renwick & Co. received payment by cheque from Shams Ltd. for 30 office desks. Aug 27 – Renwick & Co. received payment in cash from Shams Ltd. in full settlement for the remaining office desks acquired on August 2. Renwick & Co. uses the net method to record sales and cash discounts and the perpetual inventory system.During Year 2, the company experienced the following events: 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $190 were paid in cash. 2. Returned $400 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $6,800 for $12,100 on account, under terms 2/10, n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $900 and was sold to the customer for $1,680 cash. The customer was paid $1,680 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $140 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $8,500. 9. Recognized accrued interest…On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Happy Sales; terms 1/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $25,000. Wilson paid $2,000 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $5,000 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $4,200. On May 20, Wilson mailed a cheque to Happy for the amount owed on that date. Happy received and recorded the cheque on May 21. Required: a. Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual inventory system. View transaction list 1 Record the purchase of merchandise on credit; terms 1/10, n/90. 2 Record the payment of shipping charges on purchased merchandise. 3 Record the return of unacceptable merchandise. 4 Record the payment of balance within the discount period. b. Present the journal entries that Happy Sales…