Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

****Plz note that i ll give good extra $ tip once answer s provided with correct format.****** Part 1) Note : part 2 is in

****Plz note that i ll give good extra $ tip once answer s provided with correct format.******

Part 1)

Note : part 2 is in next question.

record the following transaction in general journal entry format showing distinctly the debit and credit accounts as recorded in manual entry accounting.Please use Perpetual Inventory method

July 1) Your Name Drug store Purchased Medical Supplies intended for sale for 1000$ from vendor x ,terms of sale 2/10.n/30 fob destination the freight charges is 50$

july 3 ) Your Name Drug store Purchased Medical Supplies intended for sale for 3000 $ from vendor y.terms of sale 1/10.n/30.fob destination point.the freight charges is 150

July 4) Your Name Drug store returned 200$ worth of merchandise purchased from vendor y.

july 5) Your Name Drug store Purchased Medical Supplies for use for 2000$ from vendor z ,terms of sale 2/15,n/30.fob destination .freight charges is 100$

july 7 ) Your Name Drug store sold merchandise to customer a for 8000$,terms 2/10 n/30 ,the cost of the inventory is 3200$.

july 9) Your Name Drug store paid the amount owed to vendor x on the purchased of july 1.

july 12)Your Name Drug storesold merchandise to customer b for 6000$terms 1/10,n/30,the cost of inventory is 2400$.

july 13)Your Name Drug store paid the amount owed to vendor y on purchased of july 3.

july 15) Your Name Drug store collected cash from customer a from the sale of july 7.

july 17) customer b returned 300$ worth of defective merchandise to Your Name Drug store,the cost is 120$.

july 21) Your Name Drug store paid the amount owed to vendor z.

july 22) received cash from customer b on the sale of july 12.

july 30) purchased medical supplies for use,1000$ paying cash.terms,fob destination.freight charges is 50$

((((Note : part 2 (number 32 to 44) is in next question.))))

1) Please use Perpetual Inventory method. July 1 Your Name Drug Store purchased medical supplies intended for sale for $1,000.00 from Vendor X. Terms of sale: 2/10, n/30, FOB Destination. The freight charges = $50.00. The journal entry is a debit to ___________ ( Gl Account name ) ?

2) Please use Perpetual Inventory method. July 1 Your Name Drug Store purchased medical supplies intended for sale for $1,000.00 from Vendor X. Terms of sale: 2/10, n/30, FOB Destination. The freight charges = $50.00. The journal entry is a credit to ___________ ( Gl Account name ) ?

3) Please use Perpetual Inventory method. July 1 Your Name Drug Store purchased medical supplies intended for sale for $1,000.00 from Vendor X. Terms of sale: 2/10, n/30, FOB Destination. The freight charges = $50.00. The debit amount is ___________?

4) Please use Perpetual Inventory method. July 3 Your Name Drug Store purchased medical equipment for sale for $3,000.00 from Vendor Y. Terms of sale: 1/10, n/30 FOB Shipping Point. The freight charges = $150.00. The entry is a debit to _____________ (GL Account Name) ?

5) Please use Perpetual Inventory method. July 3 Your Name Drug Store purchased medical equipment for sale for $3,000.00 from Vendor Y. Terms of sale: 1/10, n/30 FOB Shipping Point. The freight charges = $150.00. The entry is a credit to _____________ (GL Account name) ?

6) Please use Perpetual Inventory method. July 3 Your Name Drug Store purchased medical equipment for sale for $3,000.00 from Vendor Y. Terms of sale: 1/10, n/30 FOB Shipping Point. The freight charges = $150.00. The debit amount is _____________ .?

7) Please use Perpetual Inventory method. July 4 Your Name Drug Store returned $200.00 worth of merchandise purchased from Vendor Y. The debit is to ____________ (GL Account Name) ?

8) Please use Perpetual Inventory method. July 4 Your Name Drug Store returned $200.00 worth of merchandise purchased from Vendor Y. The credit is to ____________ (GL Account Name) ?

9) Please use Perpetual Inventory method. July 4 Your Name Drug Store returned $200.00 worth of merchandise purchased from Vendor Y. The debit amount is ____________ .?

10) Please use Perpetual Inventory method. July 5 Your Name Drug Store purchased medical supplies for use for $2,000.00 from Vendor Z. Terms of sale, 2/15, n/20, FOB Destination. Freight Charges = $100.00. The debit is to _____________ (GL Account Name) ?

11) Please use Perpetual Inventory method. July 5 Your Name Drug Store purchased medical supplies for use for $2,000.00 from Vendor Z. Terms of sale, 2/15, n/20, FOB Destination. Freight Charges = $100.00. The credit is to _____________ (GL Account Name) ?

12) Please use Perpetual Inventory method. July 5 Your Name Drug Store purchased medical supplies for use for $2,000.00 from Vendor Z. Terms of sale, 2/15, n/20, FOB Destination. Freight Charges = $100.00. The debit amount is _____________ .?

13) Please use Perpetual Inventory method. On July 7 Your Name Drug Store sold merchandise to Customer A for $8,000.00. Terms: 2/10, n/30. The cost of the inventory is $3,200.00. The $8,000.00 debit is to _______________ (GL Account Name) ?

14) Please use Perpetual Inventory method. On July 7 Your Name Drug Store sold merchandise to Customer A for $8,000.00. Terms: 2/10, n/30. The cost of the inventory is $3,200.00.The $8,000.00 credit is to _______________ (GL Account Name) ?

15) Please use Perpetual Inventory method. On July 7 Your Name Drug Store sold merchandise to Customer A for $8,000.00. Terms: 2/10, n/30. The cost of the inventory is $3,200.00. The $3,200.00 debit is to _______________ (GL Account Name) ?

16) Please use Perpetual Inventory method. On July 7 Your Name Drug Store sold merchandise to Customer A for $8,000.00. Terms: 2/10, n/30. The cost of the inventory is $3,200.00. The $3,200.00 credit is to _______________ (GL Account Name) ?

17) Please use Perpetual Inventory method. On July 9 Your Name Drug Store paid the amount owed to Vendor X on the purchased of July 1. The debit is to ______________ (GL Account Name) ?

18) Please use Perpetual Inventory method. July 9 Your Name Drug Store paid the amount owed to Vendor X on the purchased of July 1. The debit amount is ______________ .?

19) Please use Perpetual Inventory method. July 9 Your Name Drug Store paid the amount owed to Vendor X on the purchased of July 1. The amount of Cash paid is _____________ (amount).?

20) Please use Perpetual Inventory method. On July 12 Your Name Drug Store sold merchandise to Customer B for $6,000.00 Terms: 1/10, n/30. The cost of the inventory is $2,400.00. The $6,000.00 debit is to ____________ (GL Account Name) ?

21) Please use Perpetual Inventory method. On July 12 Your Name Drug Store sold merchandise to Customer B for $6,000.00 Terms: 1/10, n/30. The cost of the inventory is $2,400.00. The $6,000.00 credit is to ____________ (GL Account Name) ?

22) Please use Perpetual Inventory method. On July 12 Your Name Drug Store sold merchandise to Customer B for $6,000.00 Terms: 1/10, n/30. The cost of the inventory is $2,400.00. The $2,400.00 debit is to ____________ (GL Account Name) ?

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

Fundamental Financial Accounting Concepts

Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Mark Edmonds, Christopher Edmonds

10th Edition

126015940X, 978-1260159400

More Books

Students also viewed these Accounting questions

Question

What is t he nervous syst em? (p. 1 9)

Answered: 1 week ago

Question

Context, i.e. the context of the information presented and received

Answered: 1 week ago