Phillips Co. is an office supply store. The company uses a perpetual inventory system, records purchases...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Phillips Co. is an office supply store. The company uses a perpetual inventory system, records purchases at net cost, and records sales revenue at full invoice price. snag ynnamon ant my thumuo ad 00E 2018 to tap tot us becarlo To conserve space, you may omit the esag a'nored terlt amie A 9 Record the following transactions in the company's general journal. written explanations which normally should accompany the entries. July 1 Purchased four Lorac copying machines on account from Lorac Corp. Total invoice price was $2,500 per machine ($10,000 total); terms of 2/10, n/30. These machines are intended for resale. Found one of the Lorac copiers to be defective and returned it to Lorac, thus reducing the amount owed. 3 9 nuoson biol 10 19 Date Sold one of the Lorac copiers to Morris Realty. The sales price was $3,500, terms 2/10, n/60. POS minub of inuopos vion silt non hansienet Paid the remaining amount owned to Lorac Corp., less the allowable discount. Received full payment from Morris, less the allowable discount. General Journal 316m 10 end of towers NB 118 94 Vam 02 zaw sunal animub invo V70 si 03 1000000 victravel adi mail bers Cenoiles garwollet Phillips Co. is an office supply store. The company uses a perpetual inventory system, records purchases at net cost, and records sales revenue at full invoice price. snag ynnamon ant my thumuo ad 00E 2018 to tap tot us becarlo To conserve space, you may omit the esag a'nored terlt amie A 9 Record the following transactions in the company's general journal. written explanations which normally should accompany the entries. July 1 Purchased four Lorac copying machines on account from Lorac Corp. Total invoice price was $2,500 per machine ($10,000 total); terms of 2/10, n/30. These machines are intended for resale. Found one of the Lorac copiers to be defective and returned it to Lorac, thus reducing the amount owed. 3 9 nuoson biol 10 19 Date Sold one of the Lorac copiers to Morris Realty. The sales price was $3,500, terms 2/10, n/60. POS minub of inuopos vion silt non hansienet Paid the remaining amount owned to Lorac Corp., less the allowable discount. Received full payment from Morris, less the allowable discount. General Journal 316m 10 end of towers NB 118 94 Vam 02 zaw sunal animub invo V70 si 03 1000000 victravel adi mail bers Cenoiles garwollet
Expert Answer:
Answer rating: 100% (QA)
Answer Journal Entries Date Account Debit Credit July 1 Inven... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1119048473
7th Canadian Edition Volume 2
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
Posted Date:
Students also viewed these accounting questions
-
The Stern Company uses a perpetual inventory system and has prepared the following adjusted trial balance on December 31, 2007: Required Prepare in proper form for 2007 the company's: (1) Income...
-
The Mead Company uses a perpetual inventory system and engaged in the following transactions during the month of May: Date Transaction_______________________________________________ May 1 Made cash...
-
The company uses a perpetual inventory system and made the following summary journal entries for the month. 1. If the inventory balance at the beginning of the month was $10,000, what is the...
-
Find the slopes of the curves at the given points. Sketch the curves along with their tangents at these points. r = sin 2; = /4, 3/4
-
In February 2010, Paula King invested an additional $10,000 in her business, Kings Pharmacy, which is organized as a proprietorship. Kings accountant, Lance Jones, recorded this receipt as an...
-
Determine the mass percent O in the mineral malachite, Cu 2 (OH) 2 CO 3 .
-
Better Health Inc. is a health care provider which has clinics across the U.S. Indicate whether each of the following examples of benchmarking for Better Health is considered (1) internal...
-
For each of the following requirements, create a new pivot table in a new worksheet. Name each new worksheet as Req 1, Req 2, etc. Format the dollar amounts in each pivot table or pivot chart using...
-
Define an IBE. Question 10 options: a. A transaction in violation of the International Commercial Code b. Any business entity with relationships that transcend national boundaries c. One of the...
-
In 1879, A.A. Michelson measured the velocity of light in air using a modification of a method proposed by the French physicist Foucault. Twenty of these measurements are in table 6E.27 (the value...
-
Consider a commercial jetliner that weighs about 200 000 kgs. It is found that 80% of the structure is made of 2024T3 aluminum, and 15% is made of carbon/epoxy composites. The remaining 5% part of...
-
Solve the following equations: +20 10-2(x-4)=4(x+2)-10 x+5=4-2(2x+3)
-
11) In a hypothetical experiment a student is required to evaluate the result for the speed of an object: v = (+M. m *** (). R The data collected by the student, gravity (g) being a constant, is: m =...
-
P3.1. Determine if the following incomes are subject to basic tax, fringe benefit tax or exempt from tax by putting a check mark in the column provided below. If the value of the benefit is provided,...
-
The inventory data for an item for November are: Nov. 1 Inventory 21 units at $20 4 Sale 11 units 10 Purchase 30 units at $22 17 Sale 19 units 30 Purchase 23 units at $24 Using a perpetual system,...
-
Cookie Cutter Corp. is considering a new project whose data are shown below. The equipment that would be used has a 5-year tax life, would be depreciated by the straight-line method over its 5- year...
-
Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and Inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice rink...
-
A local politician is concerned that a program for the homeless in her city is discriminating against blacks and other minorities. The following data were taken from a random sample of black and...
-
Hakim Inc. reported a current ratio of 1.5:1 in the current year, which is higher than last year's current ratio of 1.3:1. It also reported an acid-test ratio of 1:1, which is higher than last year's...
-
Trudeau Inc. is a private company reporting under ASPE. The following selected account balances were reported in Trudeau Inc.'s financial statements at year end: Additional information: 1. Purchased...
-
Universal Corporation issued $2 million of 5%, 10-year bonds on January 1, 2017. The bonds were dated January 1 and pay interest annually. There is no collateral secured against the bonds and...
-
Is the statement of financial position of any use?
-
State whether the following are true or false. If false, explain why. (a) A statement of fi nancial position is a collection of assets, liabilities and equity. (b) Inventory, bank and trade payables...
-
The following financial details are for Jane Bricker as at 31 December 2012. Required: Jane Brickers capital employed as at 31 December 2012. Equity 1 January 2012 Drawings 5,000 Profit 7,000 12,000
Study smarter with the SolutionInn App