Journalize perpet luutu a variety purpetual lnventory system. During September, these entries. curzed. (LO 2, 3), AP 3ochased caiculators from Dragoo Co. at a total cost of $1,650, terms n/30. PNSeight of $50 on calculators purchased from Dragoo Co. ured caiculators to Dragoo Co. for $66 credit because they did not at pecifications Sld calcula s costing $520 for $690 to Fryer Book Store, terms n/30. Crnted credit of$45 to Fryer Book Store for the return of one calculator hai ws tst sheed. The calculator cost $34. Scldicul e onting $570 for $760 to Heasley Card Shop, terms n/30. 14 20 Instructions Journalize the Septembe: ansactions. E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. Journal (LO 3), Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system.e (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. bae TEOV r E5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGiver Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods total- ing $600 are returned to McGiver for credit on June 12. On June 19, Pais Company pays McGiver Company in full, less the purchase discount. Both companies use a perpetual bobrs
Journalize perpet luutu a variety purpetual lnventory system. During September, these entries. curzed. (LO 2, 3), AP 3ochased caiculators from Dragoo Co. at a total cost of $1,650, terms n/30. PNSeight of $50 on calculators purchased from Dragoo Co. ured caiculators to Dragoo Co. for $66 credit because they did not at pecifications Sld calcula s costing $520 for $690 to Fryer Book Store, terms n/30. Crnted credit of$45 to Fryer Book Store for the return of one calculator hai ws tst sheed. The calculator cost $34. Scldicul e onting $570 for $760 to Heasley Card Shop, terms n/30. 14 20 Instructions Journalize the Septembe: ansactions. E5-3 The following transactions are for Alonzo Company. 1. On December 3, Alonzo Company sold $500,000 of merchandise to Arte Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000. 2. On December 8, Arte Co. was granted an allowance of $25,000 for merchandise purchased on December 3. 3. On December 13, Alonzo Company received the balance due from Arte Co. Journal (LO 3), Instructions (a) Prepare the journal entries to record these transactions on the books of Alonzo Com- pany. Alonzo uses a perpetual inventory system.e (b) Assume that Alonzo Company received the balance due from Arte Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. bae TEOV r E5-4 On June 10, Pais Company purchased $9,000 of merchandise from McGiver Company, terms 3/10, n/30. Pais pays the freight costs of $400 on June 11. Goods total- ing $600 are returned to McGiver for credit on June 12. On June 19, Pais Company pays McGiver Company in full, less the purchase discount. Both companies use a perpetual bobrs
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 1PA: Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College