Log in
Accounting
1
answer
0
watching
183
views

Aug. 5 Sold merchandise to Laird Corp. for $5,740 under credit terms of 2/10, n/60, FOB destination, invoice dated August 5. The merchandise had cost $4,098.

Aug. 10 Laird returned merchandise from the August 5 sale that had cost Sheng $683 and been sold for $957. The merchandise was restored to inventory.

Aug 15. received the balance due from Laird corp. for the august 5 sale less the return on August 10.

Journalize the following transactions.

Watch
1
answer
0
watching
183
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Patrina Schowalter
Patrina SchowalterLv2
13 May 2020

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related questions

The Jewel Box purchases jewellery from around the world and sells to local retailers in Canada. Consider the following perpetual system merchandising transactions of The Jewel Box. Use a separate account for each receivable and payable; for example, record the purchase on August 1 in Accounts Payable—Luu Company. Aug. 1 Purchased necklaces from Luu Company for $4,700 under credit terms of 3/10, n/30, FOB destination. 4 At Luu Company’s request, paid $420 for freight charges on the August 1 purchase, reducing the amount owed to Luu. 5 Sold rings to Green Ruby for $4,220 under credit terms of 2/10, n/60, FOB destination. The merchandise had cost $2,820. 8 Purchased bracelets from Jane Co. for $5,900 under credit terms of 1/10, n/45, FOB shipping point. 9 Paid $395 shipping charges related to the August 5 sale to Green Ruby. 10 Green Ruby returned the rings purchased from the August 5 sale that had cost $510 and been sold for $870. The merchandise was restored to inventory. 12 After negotiations with Jane Co. concerning problems with the merchandise purchased on August 8, received a credit memo from Jane granting a price reduction of $300. 15 Received balance due from Green Ruby for the August 5 sale. 17 Purchased office equipment from WestCo on credit, $6,700, n/45. 18 Paid the amount due Jane Co. for the August 8 purchase. 19 Sold earrings to Chic Jewellery for $2,150 under credit terms of 1/10, n/30, FOB shipping point. The merchandise had cost $1,060. 22 Chic Jewellery requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Sent Chic Jewellery a credit memo for $250 to resolve the issue. 29 Received Chic Jewellery’s payment of the amount due from the August 19 purchase. 30 Paid Luu Company the amount due from the August 1 purchase. Prepare General Journal entries to record the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journalize the following transactions related to merchandising operations that occurred in August while paying attention to the credit terms:

Aug 1 - Purchased merchandise on account from ABC $1,500, FOB shipping point, terms n/30. The party paying the freight paid it in cash.
Aug 3 - Received credit of $200 from ABC for merchandise with flaws that you decided to keep.
Aug 5 - Sold merchandise on account to customers $500, terms 1/10,n/30. Cost of the items sold $250.
Aug 9 - Paid ABC.
Aug 25 - Granted credit of $200 to customers for merchandise returned with cost $100.
Aug 26 - Received payments on account from customers $200.

The following selected transactions were completed by LorimerCompany during August of the current year. Lorimer Company uses theperiodic system and a perpetual inventory system


Aug 3. Purchased $24,500 of merchandise on account, FOB shippingpoint, terms 2/10 n/30.
4. Paid transportation costs of $475 on the August 3purchase.
7. Returned $4,000 of the merchandise purchased on August 3.
11. Sold merchandise on account, 12,700 FOB destination, 2/15,n/30. The cost of merchandise sold was 7,600.
12. Paid transportation costs of 300 for the merchandise sold onAugust 11.
13. Paid for the purchase of August 3 less the return anddiscount
26. Received payment on account for the sale of August 11 less thediscount.


Weekly leaderboard

Home
Homework Help 3,900,000
Accounting 580,000
Start filling in the gaps now
Log in