Return of Merchandise Purchased for Cash When merchandise purchased for cash are returned to the supplier, it is necessary to make two journal entries. In the first entry, we debit the accounts receivable account and credit the purchase returns and allowances account. This entry is made to recog...
Q: Record the entry for the following: Mr Bank purchased furniture in cash. A: The journal entry is as follows: Debit Furniture Credit Cash/bank … Basic Journal Entries Question: Capital + Fixed Asset Purchase Before you begin: For purposes of exams and testing it's important to make su...
因第1 条已说明是 for inventory, 这证明 G Ilford 系这间公司的供应商. 所以都是入purchase 3) Dr A/C Receivable - V Wenton $737 Cr Credit Sales $737 Dr Cost of goods sold $500 Cr Inventory
Q: Prepare the journal entries for the following credit card sales transactions (the company uses the perpetual inventory system): Sold $3,000 of merchandise with a cost of $1,500, on an assortment of credit cards. Net cash receipts are received 7 days later, and a 4% fee is charged. ...
I could use some help with a journal entry. My client traded a car in to purchase a new one: Purchase Price is $43351.13 (includes fees) Loan Amount is $48617.72 Traded in Car, received $21,000 for it, but owed on a loan $26,266.59 I've ...
The name that you enter on the journal entry is intended for the specific line of the entry. Having that said, this won't show up on the reports as it doesn't represent the name of the transaction. To see the name that is attached to the journal entry...
Journal Entry ➢Closing entries to record COGS – Periodic method Dr: COGS Dr: Inventory, ending Dr: Purchase allowance Dr: Purchase returns Dr: Purchase discount Cr: Purchases Cr: Freight-in Cr: Inventory, beginning ➢ Other entries – related to sales ...
Closing entry is the ending balance for a debit or credit account at the end of the accounting period. This balance is carried forward or transferred as an opening balance/ entry for the next accounting period. Example:Let’s assume company KJG. Ltd closes its expense and income statement acc...
Compound entriesreflect a transaction that has more than two lines, like a purchase that involves cash and a loan. A recurring journal entryis one that repeats in every reporting period for such expenses as monthly rent or depreciation on an asset. ...
merchandise on credit with terms of 2/10, n/30 from Kid’s Clothes. Prepare the journal entry for Play Clothes. ]Sheet1 JOURNAL Date Account Titles and Explanation PR Debit Credit &A Page &P 24 24 Recording Purchases at Gross Invoice Price Purchases are recorded at their gross amounts. ...