John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013:
1. John's purchased merchandise on account for $5,400. Freight charges of $500 were paid in cash.
2. John? s returned some of the merchandise purchased in (1). The cost of the merchandise was $800 and John? s account was credited by the supplier.
3. Merchandise costing $3,000 was sold for $5,600 in cash
Prepare the necessary journal entries to record these transactions. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field.)
Record the purchased merchandise on account for $5,400
Record the payment of freight charges for $500.
Record the purchase return for $800.
Record the merchandise sold for $5,600.
Record the entry of cost of goods sold.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2013: 1. John's ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The Wire House purchases its inventory one quarter prior to the quarter of sale. The purchase price is 65 percent of the sales price. The accounts payable period is 45 days. The accounts payable balance at the beginning of Quarter 1 is $29,000.
Answers (1)
Many restaurants offer daily specials, appetizers, entrees, and desserts not listed on their standard menu. These daily specials primarily provide the new product benefit ofA. keeping up in a market where sales come mostly from new products. B.
Answers (1)
How would a strong U. S. dollar impact the trade of grain produced in the United States? U. S. grain exports decrease U. S. grain exports increase U. S. grain imports decrease U. S.
Answers (1)
When dissolution occurs in the latter stages of a relationship between two firms, the loss of investments made in the relationship can be significant and have an impact throughout both organizations. A. TrueB. False
Answers (1)
Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham Bonds. Using the U. S. tax rate schedule for year 2014, how much federal tax will he owe? A. $15,000.00 B. $12,375.00 C. $10,856.
Answers (1)
New Questions in Business
The Collins Company forecasts that total overhead for the current year will be $12,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $8,000,000 and the actual machine hours are 100,000 hours.
Answers (1)
A bond has a $1,000 par value, 11 years to maturity, and pays a coupon of 4.75% per year, semiannually. The bond can be called in five years at $1,050. If the bond's price is $797.92, what is its annual yield to maturity
Answers (1)
This inventory system requires a physical inventory count to be made at least once during the year. Answer 1 This inventory system computes and records cost of goods sold at the time of sale.
Answers (1)
A salesperson receives a weekly salary of $500. In addition, $5 is paid for every item sold in excess of 200 items. How much extra is received from the sale of 215 items?
Answers (1)
The Market Outlet has a beta of 1.38 and a cost of equity of 14.945 percent. The risk-free rate of return is 4.25 percent. What discount rate should the firm assign to a new project that has a beta of 1.25?
Answers (1)