Solved Journalize The Following Transactions That Occurred Chegg Journalize the following transactions assuming the perpetual inventory system: july 3 july 5 sold merchandise on account for $3,750 terms eom. the cost of the goods sold was $2,000. issued credit memo for $1,050 for merchandise returned from sale on july 3. Journalize the following transactions. include dates and a brief explanation for each journal entry. july 9: purchased office supplies on account for $1,000.
Solved Journalize The Following Transactions That Occurred Chegg Journalize the entries for the following selected transactions: sold $900 of merchandise on account, subject to 7% sales tax. the cost of the goods sold was $510. paid $436 to the state sales tax department for taxes collected. if an amount box does not require an entry, leave it blank. For each of the three situations, say if the accounting method used is correct or incorrect. if correct, identify which principle or assumption supports the method used. if incorrect, identify which principle or assumption has been violated. Journal entries and in the explanation box. (if the problem is silent as to method of recording, net method to be used because it is in line with matching principle.) step by step explanation. Here are the journal entries for the transactions you provided, assuming a perpetual inventory system: feb 1, feb 6: purchased merchandise inventory on account. debit the inventory account and credit accounts payable. feb 5: purchased merchandise inventory for cash. debit the inventory account and credit cash.
Solved Journalize The Following Transactions Assuming A Chegg Journal entries and in the explanation box. (if the problem is silent as to method of recording, net method to be used because it is in line with matching principle.) step by step explanation. Here are the journal entries for the transactions you provided, assuming a perpetual inventory system: feb 1, feb 6: purchased merchandise inventory on account. debit the inventory account and credit accounts payable. feb 5: purchased merchandise inventory for cash. debit the inventory account and credit cash. There are 4 steps to solve this one. july 3, sold merchandise on account. working notes. not the question you’re looking for? post any question and get expert help quickly. Here are examples of transactions, their journal entries, and explanation on how we prepared them. learn how to prepare journal entries correctly in this lesson. Exercise 5 4 recording journal entries for merchandise sales transactions perpetual journalize each of the following transactions assuming a perpetual inventory system. you are not required to identify the account no in your journal entries. As business events occur throughout the accounting period, journal entries are recorded in the general journal to show how the event changed in the accounting equation. since the "cash" account was not listed in the given chart of accounts, i assume all cash are deposited in "bank" account.
Solved Journalize The Following Transactions Assuming A Chegg There are 4 steps to solve this one. july 3, sold merchandise on account. working notes. not the question you’re looking for? post any question and get expert help quickly. Here are examples of transactions, their journal entries, and explanation on how we prepared them. learn how to prepare journal entries correctly in this lesson. Exercise 5 4 recording journal entries for merchandise sales transactions perpetual journalize each of the following transactions assuming a perpetual inventory system. you are not required to identify the account no in your journal entries. As business events occur throughout the accounting period, journal entries are recorded in the general journal to show how the event changed in the accounting equation. since the "cash" account was not listed in the given chart of accounts, i assume all cash are deposited in "bank" account.
Solved Journalize The Following Transactions Assuming The Chegg Exercise 5 4 recording journal entries for merchandise sales transactions perpetual journalize each of the following transactions assuming a perpetual inventory system. you are not required to identify the account no in your journal entries. As business events occur throughout the accounting period, journal entries are recorded in the general journal to show how the event changed in the accounting equation. since the "cash" account was not listed in the given chart of accounts, i assume all cash are deposited in "bank" account.
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