Question 1
Lewis Corporation engaged in the following transactions during June.
DATE
TRANSACTIONS
2019
June
4
Purchased merchandise on account from Salinas Company; Invoice 100 for $1,055; terms n/30.
15
Recorded purchases for cash, $1,540.
30
Paid amount due to Salinas Company for the purchase on June 4.
Record these transactions in a general journal.
Question 2
During the year, a firm purchased $256,700 of merchandise and paid freight charges of $41,770. If the total purchases returns and allowances were $16,040 and purchase discounts were $8,500 for the year, what is the net delivered cost of purchases?
Multiple Choice
Question 3
Tune Tones Instrument Tuning Company owes Mandy Lynn’s Music Studio $5,046 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $8,685 and made payments on account to Mandy Lynn in the amount of $7,440. The amount Tune Tones owes Mandy Lynn on November 30 is:
Multiple Choice
Question 4
During March a firm purchased $22,730 of merchandise and paid freight charges of $1,800. If the net delivered cost of purchases for the March is $21,980, what is the total purchase returns for March?
Multiple Choice
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:
Bushard Company
DATE
TRANSACTIONS
2019
Feb.
10
Purchased merchandise for $6,700 from Schmidt, Inc., Invoice 1980, terms 2/10, n/30.
13
Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $370 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19
Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Schmidt, Inc.
DATE
TRANSACTIONS
2019
Feb.
10
Sold merchandise for $6,700 on account to Bushard Company, Invoice 1980, terms 2/10, n/30. The cost of merchandise sold was $3,850.
13
Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $370 that was returned; the goods were purchased on Invoice 1980, dated February 10. The cost of the returned goods was $290.
19
Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. (Round final answers to the nearest whole dollar value.)
Question 6
Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.:
Accounts Payable (control account)
$
7,500
Accounts Payable—Evans Enterprises
1,900
Accounts Payable—Stamos Distributors
3,400
Accounts Payable—Tonetta Company
2,200
GENERAL JOURNAL
DATE
DESCRIPTION
POST.
REF.
DEBIT
CREDIT
2019
Jan.
8
Accounts Payable/Stamos Distributors
330
Cash
330
Made partial payment
on account, Check 1240
10
Accounts Payable/Evans Enterprises
230
Purchases Returns and Allowances
230
Received Credit Memorandum
123 as allowance for
discolored merchandise
Question 7
Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:
Bushard Company
DATE
TRANSACTIONS
2019
Feb.
10
Purchased merchandise for $1,100 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30.
13
Received Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19
Paid amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Schmidt, Inc.
DATE
TRANSACTIONS
2019
Feb.
10
Sold merchandise for $1,100 on account to Bushard Company, Invoice 1980, terms 1/10, n/30.
13
Issued Credit Memorandum 230 to Bushard Company for damaged merchandise totaling $200 that was returned; the goods were purchased on Invoice 1980, dated February 10.
19
Received payment from Bushard Company for Invoice 1980 of February 10, less the return of February 13 and less the cash discount, Check 2010.
Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc.
Question 8
Post the entries in the general journal below to the accounts payable account in the general ledger and to the appropriate accounts in the accounts payable ledger.
Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.:
Accounts Payable (control account)
$
7,200
Accounts Payable—Evans Enterprises
1,800
Accounts Payable—Stamos Distributors
3,300
Accounts Payable—Tonetta Company
2,100
Question 10
Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system.
DATE
TRANSACTIONS
2019
April
1
Purchased merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,450, terms 1/10, n/30; freight of $65 prepaid by O’Rourke Fabricators and added to the invoice (total invoice amount, $3,515).
9
Paid amount due to O’Rourke Fabricators for the purchase of April 1, less the 2 percent discount, Check 457.
15
Purchased merchandise on credit from Kroll Company, Invoice 145, $1,700, terms 1/10, n/30; freight of $120 prepaid by Kroll and added to the invoice.
17
Returned damaged merchandise purchased on April 15 from Kroll Company; received Credit Memorandum 332 for $95.
24
Paid the amount due to Kroll Company for the purchase of April 15, less the return on April 17, taking the 1 percent discount, Check 470.
Record these transactions in a general journal. (Round final answers to the nearest whole dollar value.)
They have a magnificent team. These people are always kind and willing to listen to your concerns or issues. Better yet, your assignment is always ready before the time, they usually send you a draft to double-check before they finalize your paper.
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.
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 moreEach 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 moreThanks 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 moreYour 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 moreBy 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