Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me. due today More info Jul 4 Leather Fumishings purchased $10,000 of merchandise from K and B Furniture Warehouse on account. Terms, 3/15,

please help me. due today
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
More info Jul 4 Leather Fumishings purchased $10,000 of merchandise from K and B Furniture Warehouse on account. Terms, 3/15, n/30, FOB shipping point. The goods cost K and B Furniture Warehouse $2,800. 7 Leather Fumishings paid a $75 freight bill for delivery of the goods purchased on July 4. 10 Leather Fumishings returned $1,800 of the merchandise purchased on July 4 . The goods cost K and B Furniture Warehouse $400. 18 Leather Furnishings paid $1,200 of the July 4 invoice less the discount. 31 Leather Fumishings paid the remaining amount owed on the July 4 invoice. Requirements 1. Journalize these transactions on the books of Leather Furnishings, assuming the "net" method is used. 2. Journalize these transactions on the books of K and B Furniture Warehouse, assuming the "net" method is used. doumal Entry Mari Leather Furnahinge peid a 575 fieghi bal for delivery of the goodi purchased on wiyy. Jul 18: Leather Furnishings paid $1,200 of the July 4 invoice less the discount. ul 31: Leather Furnishings paid the remaining amount owed on the July 4 invoice. quirement 2. Journalize these transactions on the books of K and 8 Fumkure Warehouse, assuming the "ner method is used. (Record debits fist, enen credits. Exclude explanabions from any mal ontries) 4. Leather Furnishings purchased $10,000 of morchandse hom K and 8 Fumture Warehouse on acoount. Terms, 3/15, n330. FO8 thipphg point. The goods cost K and 8 Fumiture Warehouse 52,600 . gin by fournalioing the revenue from the salo of merchandse. (Do nea yet recond the colt related to the sale. Wo wil do this in the noxt journal enty) Joumaize the cost of goods sold folalod to the sale of merchandise on July 4 Jul 10: Leather Fumishings returned $1,800 of the merchandise purchased on July 4 . The goods cost K and B Fumiture Warehouse $400. Start by recording the recoivable portion of the merchandise return. (Do not yet record the invertory adjustment related to the roturn. We will do this in the next joumal entry.) Now journalize the inveniory pertion of the merchandise retum. Jul 18: Leather Furnishings paid $1,200 of the July 4 invoice less the discount

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

Nuclear Auditing Handbook A Guide For Quality Systems Practitioners

Authors: Charles Moseley, Norman Moreau, Karen Douglas

1st Edition

1636940072, 978-1636940076

More Books

Students also viewed these Accounting questions

Question

List the goals of a persuasive message.

Answered: 1 week ago

Question

Identify the types of informal reports.

Answered: 1 week ago

Question

Write messages that are used for the various stages of collection.

Answered: 1 week ago