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ACC 291T Wk 1 - Practice: Connect Knowledge Check (New)

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ACC 291T Wk 1 - Practice: Connect Knowledge Check (New)

 

 

Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system. 

 

 

1

 

Purchased merchandise with an invoice price of $78,000 and credit terms of 2/10, n/30.

 

 

11

 

Paid supplier the amount owed from the August 1 purchase.

Required information

[The following information applies to the questions displayed below.]  Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. 

May

 

3

 

Allied made its first and only purchase of inventory for the period on May 3 for 2,000 units at a price of $10 cash per unit (for a total cost of $20,000).

 

 

5

 

Allied sold 1,000 of the units in inventory for $14 per unit (invoice total: $14,000) to Macy Co. under credit terms 2/10, n/60. The goods cost Allied $10,000.

 

 

7

 

Macy returns 100 units because they did not fit the customer’s needs (invoice amount: $1,400). Allied restores the units, which cost $1,000, to its inventory.

 

 

8

 

Macy discovers that 100 units are scuffed but are still of use and, therefore, keeps the units. Allied gives a price reduction (allowance) and credits Macy's accounts receivable for $600 to compensate for the damage.

 

 

15

 

Allied receives payment from Macy for the amount owed on the May 5 purchase; payment is net of returns, allowances, and any cash discount.

 

Prepare the appropriate journal entries for Macy Co. to record each of the May transactions. Macy is a retailer that uses the gross method and a perpetual inventory system, and purchases these units for resale. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)  

 

Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method.  

 

 

2

 

Purchased $5,500 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point.

 

 

3

 

Paid $200 cash for shipping charges on the April 2 purchase.

 

 

4

 

Returned to Lyon Company unacceptable merchandise that had an invoice price of $800.

 

 

17

 

Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise.

 

 

18

 

Purchased $10,300 of merchandise from Frist Corp. with credit terms of 1/10, n/30, invoice dated April 18, and FOB destination.

 

 

21

 

After negotiations, received from Frist a $500 allowance toward the $10,300 owed on the April 18 purchase.

 

 

28

 

Sent check to Frist paying for the April 18 purchase, net of the allowance and the discount.

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