Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4 Just need some help on these last few parts please! I will rate! Many thanks and God bless! % 55-3 (similar to) Question Help

image text in transcribed4image text in transcribedJust need some help on these last few parts please!

I will rate!

Many thanks and God bless!

% 55-3 (similar to) Question Help Consider the following transactions for Ocean View Drug Store: (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost OceanView Drug Store? perpetual inventory system. Round the answers to the nearest whole dollar. Record debits first, then credits. Exclude explanations from journal entries.) Requirement 1. Journalize the purchase transactions. Explanations are not required. (Assume the company uses Oct. 2: Ocean View buys $21,200 worth of inventory on account with credit terms of 2/15, n/60, FOB shipping point. Date Accounts Debit Credit More Info X Oct. 2 21,200 Merchandise Inventory Accounts Payable 21,200 Oct. 2 Oct. 3 Oct. 3: Ocean View pays a $50 freight charge. Ocean View buys $21,200 worth of inventory on account with credit terms of 2/15, n/60, FOB shipping point. Ocean View pays a $50 freight charge OceanView returns $5,500 of the merchandise due to damage during shipment OceanView paid the amount due, less return and discount Oct. 7 Date Accounts Debit Credit Oct. 14 Oct. 3 Merchandise Inventory 50 Cash 50 Print Done Oct. 7: OceanView returns $5,500 of the merchandise due to damage during shipment Date Accounts Debit Credit Oct. 7 5,500 Accounts Payable Merchandise Inventory 5,500 Oct. 14: Ocean View paid the amount due, less return and discount Choose from any list or enter any number in the input fields and then click Check Answer. ? part remaining Clear All Final Check W S5-3 (similar to) Question Help Consider the following transactions for Ocean View Drug Store: (Click the icon to view the transactions.) Requirements 1. Journalize the purchase transactions. Explanations are not required. 2. In the final analysis, how much did the inventory cost OceanView Drug Store? Accounts Payable 21,200 Oct. 3: OceanView pays a $50 freight charge. Date Accounts Debit Credit - X Oct. 3 50 More Info Merchandise Inventory Cash 50 Oct. 2 Oct. 3 Oct. 7: OceanView returns $5,500 of the merchandise due to damage during shipment. Ocean View buys $21,200 worth of inventory on account with credit terms of 2/15, n/60, FOB shipping point. Ocean View pays a $50 freight charge. OceanView returns $5,500 of the merchandise due to damage during shipment Ocean View paid the amount due, less return and discount Date Accounts Debit Credit Oct. 7 Oct. 7 5,500 Oct. 14 Accounts Payable Merchandise Inventory 5,500 Print Done Oct. 14: Ocean View paid the amount due, less return and discount. Date Accounts Debit Credit Oct. 14 15,700 Accounts Payable Merchandise Inventory Cash Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining Clear All Final Check

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: Horngren, Harrison, Oliver

3rd Edition

978-0132497992, 132913771, 132497972, 132497999, 9780132913775, 978-0132497978

More Books

Students also viewed these Accounting questions

Question

Outline Abelards position on the roles of faith and reason.

Answered: 1 week ago

Question

Know how procedures protect an organization

Answered: 1 week ago