Journalizing purchase transactions
Hayes Jewelers has the following purchase transactions.Journalize all necessary transitions. Explanations are notrequired.
Jun 20
Purchase inventory of $5,800 on account from Slater Diamonds, ajewelry importer. Terms were 3/15, n/45, FOB shipping point.
20
Paid freight chargers, $400
Jul 4
Returned $800 of inventory to slater.
14
Paid Slater Diamonds, less return
16
Purchased inventory of $3,480 on account from Schmitt Diamonds,a jewelry importer. Terms were 2/10, n/EOM, n/45, FOBdestination.
18
Received a $480 allowance from Schmitt for damaged but usablegoods.
24
Paid Schmitt Diamonds, less allowance and discount.
Journalizing purchase transactions
Hayes Jewelers has the following purchase transactions.Journalize all necessary transitions. Explanations are notrequired.
Jun 20 | Purchase inventory of $5,800 on account from Slater Diamonds, ajewelry importer. Terms were 3/15, n/45, FOB shipping point. |
20 | Paid freight chargers, $400 |
Jul 4 | Returned $800 of inventory to slater. |
14 | Paid Slater Diamonds, less return |
16 | Purchased inventory of $3,480 on account from Schmitt Diamonds,a jewelry importer. Terms were 2/10, n/EOM, n/45, FOBdestination. |
18 | Received a $480 allowance from Schmitt for damaged but usablegoods. |
24 | Paid Schmitt Diamonds, less allowance and discount. |
Related questions
Journalize the following transactions for Moakley Bicycles using the periodic inventory system. Explanations are not required. â(Record debitsâ first, then credits. Exclude explanations from journalâ entries.)
TRANSACTIONS:
| Nov. | 2 | Purchased $2,900 of merchandise inventory on account under terms 33â/10, ân/EOM and FOB shipping point. |
| 6 | Returned $700 of defective merchandise purchased on November 2. | |
| 8 | Paid freight bill of $140 on November 2 purchase. | |
| 10 | Sold merchandise inventory on account for $6,700. Payment terms were 33â/15, n/45. | |
| 11 | Paid amount owed on credit purchase of November â2, less the return and the discount. | |
| 22 | Received cash from November 10 customer in full settlement of theirâ debt, less the discount. |
| Date | Accounts | Debit | Credit | ||
| Nov. 2 | |||||
1. The following selected transactions were completed by Capers Company during October of the current year:
| Oct. | 1 | Purchased merchandise from UK Imports Co., $14,448, terms FOB destination, n/30. |
|---|---|---|
| 3 | Purchased merchandise from Hoagie Co., $9,950, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $220 was added to the invoice. | |
| 4 | Purchased merchandise from Taco Co., $13,650, terms FOB destination, 2/10, n/30. | |
| 6 | Issued debit memo to Taco Co. for $4,550 of merchandise returned from purchase on October 4. | |
| 13 | Paid Hoagie Co. for invoice of October 3. | |
| 14 | Paid Taco Co. for invoice of October 4, less debit memo of October 6. | |
| 19 | Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/eom. | |
| 19 | Paid freight of $400 on October 19 purchase from Veggie Co. | |
| 20 | Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30. | |
| 30 | Paid Caesar Salad Co. for invoice of October 20. | |
| 31 | Paid UK Imports Co. for invoice of October 1. | |
| 31 | Paid Veggie Co. for invoice of October 19. |
Journalize the entries to record the transactions of Capers Company for October. Refer to the Chart of Accounts for exact wording of account titles.
| CHART OF ACCOUNTS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capers Company | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| General Ledger | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
