Question : 225. Journalize the following transactions assuming a perpetual inventory system.: May 5 Purchased : 1239779

 

225. Journalize the following transactions assuming a perpetual inventory system.:

May 5

Purchased merchandise from Archie Co., $6,000, terms FOB shipping point, 2/10, n/30.

 

Prepaid freight costs of $100 were added to the invoice.

May 12

Issued a debit memo to Archie Co., for $2,500 of merchandise returned from purchase on May 5th.

May 14

Paid Archie Co.  for invoice of May 5, less debit memo of May 12 and discount.

 

 

Journal

Date

Description

Post Ref

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

226. Record the following transactions for Sparky’s Pet Shop using the general journal form provided below.  Assume Sparky’s uses a perpetual inventory system. Omit transaction descriptions from entries: 

Date

Transaction

August 1

Purchased $6,000 of  merchandise on account, terms 2/10, n/30.

August 3

Returned $1,500 of merchandise purchased on August 1 due to defects.

August 7

Recorded cash sales for the first week of August $9,750; cost of the merchandise was $4,000.

August 10

Sale on account made to a local breeder for $500, terms 1/10 net 30; cost of the merchandise was $200.

August 11

Paid for the merchandise purchased on August 1, less return.

August 20

Received payment from sale of August 10.  The customer took the discount.

 

 

 

Date

Accounts

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

227. Journalize the following transactions for both Abbott Co. (seller) and Dalton Co. (buyer). Assume both the companies use the perpetual inventory system. 

July 3

Abbott Co.sold merchandise on account to Dalton Co., $7,500, terms FOB shipping point, net/eom.  The cost of the merchandise sold was $4,400.

July 5

Dalton Co. paid $275 freight charges on purchase from Abbott Co.

July 9

Abbott Co. issued Dalton Co. a credit memo for merchandise returned, $2,250.

 

The cost of the merchandise returned was $1,325.

July 11

Abbott Co. received payment from Dalton Co. for purchase of July 3.

 

 

 

 

Abbott Co.

Dalton Co.

Date

Accounts

Debit

Credit

Accounts

Debit

Credit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more