A clothing boutique in Chicago is opening up called Chicago Styles. We find the following brief Chart of Accounts. You will use this list to answer all of the questions below for Chicago Styles: 2: (4 Points) On March 1st, Chicago Styles purchases $6,000 of inventory from the Merchandise Mart with the terms 1/10,n/30. What is the entry that Chicago Styles will make when they purchase the inventory? Use the Net Method we leamed in class. Make sure to use the proper joumal entry form we leamed in Module 1 (including date, account number, description, etc...) 3: (4 Points) On March 2nd , Chicago Styles also purchases shoes to sell in the store for $5,000 with an additional 15% sales tax for cash. What is the entry that Chicago Styles will make when they purchase the shoes from Merchandise Mart? Make sure to use the proper journal entry form we learned in Module 1 (including date, account number, description, etc....) 4: (4 Points) On March 20 th, Chicago Styles pays the amount due to the Merchandise Mart for the first transactions above on March 1st. What is the journal entry that Chicago Styles would make to record the payment? Make sure to use the proper joumal entry form we learned in Module 1 (including date, account number, description, etc....) 5: (4 Points) On March 215, Chicago Styles purchases hats from Merchandise Mart on account. The hats cost $1,000 and are sold FOB Destination. The seller had already paid the shipping charges of $100, but will add it to the invoice if necessary. What is the entry that Chicago Styles will make when they purchase the hats from Merchandise Mart? Make sure to use the proper journal entry form we learned in Module 1 (including date, account number, description, etc....) 6: (4 Points) Chicago Styles has a grand opening sale on April 1s and sells merchandise to a customer for $5,000 and collects an additional 15% sales tax. The customer pays cash. In looking at the inventory records, the inventory sold had a cost of $800. What is the joumal entry that Chicago Styles would make to record the sale? Make sure to use the proper journal entry form we learned in Module 1 (including date, account number, description, etc....) A clothing boutique in Chicago is opening up called Chicago Styles. We find the following brief Chart of Accounts. You will use this list to answer all of the questions below for Chicago Styles: 2: (4 Points) On March 1st, Chicago Styles purchases $6,000 of inventory from the Merchandise Mart with the terms 1/10,n/30. What is the entry that Chicago Styles will make when they purchase the inventory? Use the Net Method we leamed in class. Make sure to use the proper joumal entry form we leamed in Module 1 (including date, account number, description, etc...) 3: (4 Points) On March 2nd , Chicago Styles also purchases shoes to sell in the store for $5,000 with an additional 15% sales tax for cash. What is the entry that Chicago Styles will make when they purchase the shoes from Merchandise Mart? Make sure to use the proper journal entry form we learned in Module 1 (including date, account number, description, etc....) 4: (4 Points) On March 20 th, Chicago Styles pays the amount due to the Merchandise Mart for the first transactions above on March 1st. What is the journal entry that Chicago Styles would make to record the payment? Make sure to use the proper joumal entry form we learned in Module 1 (including date, account number, description, etc....) 5: (4 Points) On March 215, Chicago Styles purchases hats from Merchandise Mart on account. The hats cost $1,000 and are sold FOB Destination. The seller had already paid the shipping charges of $100, but will add it to the invoice if necessary. What is the entry that Chicago Styles will make when they purchase the hats from Merchandise Mart? Make sure to use the proper journal entry form we learned in Module 1 (including date, account number, description, etc....) 6: (4 Points) Chicago Styles has a grand opening sale on April 1s and sells merchandise to a customer for $5,000 and collects an additional 15% sales tax. The customer pays cash. In looking at the inventory records, the inventory sold had a cost of $800. What is the joumal entry that Chicago Styles would make to record the sale? Make sure to use the proper journal entry form we learned in Module 1 (including date, account number, description, etc....)
