Homework: Chapter 5 Homework Save Score: 0 of 1 pt 2 of 8 (2 complete)> HW Score
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Homework: Chapter 5 Homework Save Score: 0 of 1 pt 2 of 8 (2 complete)> HW Score: 14.37%, 1.15 of 8 pts P5-34A (similar to) Question Help Jourmalize the following transactions that occurred in Scptember 2018 for Oceanic, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Oceanic estimates sales retums at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Sep. 3: Purchased merchandise inventory on account from Sherry Wholesalers, S7,500. Terms 3/15, n/EOM, FOB shipping point. Date Accounts Debit Sep. Purchased merchandise inventory on account from Sherry Wholesalers, $7,500. Terms 315, rVEOM, FOB shipping point. Paid freight bill of $70 on September 3 purchase Purchase merchandise inventory for cash of $1,900. Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Hermosa Company, S5,500, on account. Terms 3/15, n135. Cost of goods, $2,420. Purchased merchandise inventory on account from Tamara Wholesalers, $9,000. Terms 2/10, n/30, FOB destination. Made payment to Sherry Wholesalers for goods purchased on September 3, less return and discount. 3 Sep. 3 4 4 6 8 9 10 12 Received payment from Hermosa Company, less discount. 13 After negotiations, received a $400 allowance from Tamara Wholesalers. 15 Sold merchandise inventory to Jordon Company, S2,900, on account. Terms 22 Made payment, less allowance, to Tamara Wholesalers for goods purchased on 23 Jordon Company returned $700 of the merchandise sold on September 15. Cost 25 Sold merchandise inventory to Smith for $1,500 on account that cost S615. nEOM. Cost of goods, $1,334 September 9 of goods, $322. Terms of 2,10' n/30 was offered, FOB shipping point. As a courtesy to Smith, $55 of freight was added to the invoice for which cash was paid by Oceanic. Received payment from Smith, less discount. Received payment from Jordon Company, less return. 29 30 Choose from any list or enter any number in the input fields and then click Check Answer PrintDone Clear All remainingExplanation / Answer
Journal Entries (Amounts in $)
Date Accounts Debit Credit Sep. 3 Merchandise Inventory 7,500 Accounts Payable-Sherry Wholesalers 7,500 Sep. 4 Merchandise Inventory 70 Cash 70 Sep. 4 Merchandise Inventory 1,900 Cash 1,900 Sep. 6 Accounts Payable-Sherry Wholesalers 900 Merchandise Inventory 900 Sep. 8 Accounts Receivable-Hermosa Company 5,500 Sales Revenue 5,500 Sep. 8 Cost of goods sold 2,420 Merchandise Inventory 2,420 Sep. 9 Merchandise Inventory 9,000 Accounts Payable-Tamara Wholesalers 9,000 Sep. 10 Accounts Payable-Sherry Wholesalers ($7,500-$900) 6,600 Cash ($6,600-$198) 6,402 Merchandise Inventory ($6,600*3%) 198 Sep. 12 Cash ($5,500-$165) 5,335 Sales Discounts ($5,500*3%) 165 Accounts Receivable-Hermosa Company 5,500 Sep. 13 Accounts Payable-Tamara Wholesalers 400 Merchandise Inventory 400 Sep. 15 Accounts Receivable-Jordon Company 2,900 Sales Revenue 2,900 Sep. 15 Cost of goods sold 1,334 Merchandise Inventory 1,334 Sep. 22 Accounts Payable-Tamara Wholesalers ($9,000-$400) 8,600 Cash 8,600 Sep. 23 Sales Returns and Allowances 700 Accounts Receivable-Jordon Company 700 Sep. 23 Merchandise Inventory 322 Cost of goods sold 322 Sep. 25 Accounts Receivable-Smith ($1,500+$55) 1,555 Sales Revenue 1,500 Cash 55 Sep. 25 Cost of goods sold 615 Merchandise Inventory 615 Sep. 29 Cash ($1,555-$30) 1,525 Sales Discounts [($1,555-$55)*2%] 30 Accounts Receivable-Smith 1,555 Sep. 30 Cash 2,200 Accounts Receivable-Jordon Company ($2,900-$700) 2,200Related Questions
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