Lewis Corporation engaged in the following transactions during June. ? ?? DATE TRANSACTIONS ? 2019 ? June 4 P

  

Lewis Corporation engaged in the following transactions during June.
 

  

DATE

TRANSACTIONS

 

2019

 

June

4

Purchased merchandise on account from Salinas Company;   Invoice 100 for $1,055; terms n/30.

 

15

Recorded purchases for cash, $1,540.

  

Question 2

During the year, a firm purchased $256,700 of merchandise and paid freight charges of $41,770. If the total purchases returns and allowances were $16,040 and purchase discounts were $8,500 for the year, what is the net delivered cost of purchases?

   

Question 3

Tune Tones Instrument Tuning Company owes Mandy Lynn's Music Studio $5,046 as of November 1. During November, Tune Tones purchased merchandise from Mandy Lynn totaling $8,685 and made payments on account to Mandy Lynn in the amount of $7,440. The amount Tune Tones owes Mandy Lynn on November 30 is:

  

Question 4

During March a firm purchased $22,730 of merchandise and paid freight charges of $1,800. If the net delivered cost of purchases for the March is $21,980, what is the total purchase returns for March?

  

Question 5

Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:

  

Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:

Bushard Company

  

DATE

TRANSACTIONS

 

2019

 

Feb.

10

Purchased   merchandise for $6,700 from Schmidt, Inc., Invoice 1980, terms 2/10, n/30.

 

13

Received   Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling   $370 that was returned; the goods were purchased on Invoice 1980, dated   February 10.

 

19

Paid   amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return   of February 13 and less the cash discount, Check 2010.

Schmidt, Inc.

  

DATE

TRANSACTIONS

 

2019

 

Feb.

10

Sold merchandise for $6,700 on account to Bushard Company,   Invoice 1980, terms 2/10, n/30. The cost of merchandise sold was $3,850.

 

13

Issued Credit   Memorandum 230 to Bushard Company for damaged merchandise totaling $370 that   was returned; the goods were purchased on Invoice 1980, dated February 10.   The cost of the returned goods was $290.

 

19

Received payment   from Bushard Company for Invoice 1980 of February 10, less the return of   February 13 and less the cash discount, Check 2010.

Both companies use the perpetual inventory system. Journalize the transactions above in a general journal for both Bushard Company and Schmidt, Inc. (Round final answers to the nearest whole dollar value.)

  

Question 6

Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.:

  

 

Accounts Payable (control account)

$

7,500

 

Accounts   Payable—Evans Enterprises

1,900

 

Accounts Payable—Stamos Distributors

3,400

 

Accounts Payable—Tonetta   Company

2,200

  

Question 7

Bushard Company (buyer) and Schmidt, Inc. (seller) engaged in the following transactions during February 2019:

Bushard Company

  

DATE

TRANSACTIONS

 

2019

 

Feb.

10

Purchased   merchandise for $1,100 from Schmidt, Inc., Invoice 1980, terms 1/10, n/30.

 

13

Received   Credit Memorandum 230 from Schmidt, Inc., for damaged merchandise totaling   $200 that was returned; the goods were purchased on Invoice 1980, dated   February 10.

 

19

Paid   amount due to Schmidt, Inc., for Invoice 1980 of February 10, less the return   of February 13 and less the cash discount, Check 2010.

  

Question 8

Post the entries in the general journal below to the accounts payable account in the general ledger and to the appropriate accounts in the accounts payable ledger.

Assume the following account balances at January 1, 2019, for Bioplast Jewelry, Inc.:

  

 

Accounts Payable (control account)

$

7,200

 

Accounts   Payable—Evans Enterprises

1,800

 

Accounts Payable—Stamos Distributors

3,300

 

Accounts   Payable—Tonetta Company

2,100

         

Question 9

On April 1, Moloney Meat Distributors sold merchandise on account to Fronke’s Franks for $3,550 on Invoice 1001, terms 1/10, n/30. The cost of merchandise sold was $2,100. Payment was received in full from Fronke’s Franks, less discount, on April 10.

Record the transactions for Moloney Meat Distributors on April 1 and April 10. The company uses the perpetual inventory system. (Round final answers to the nearest whole dollar value.)

  

Question 10

Record the following transactions of J. Min Designs in a general journal. The company uses the perpetual inventory system.
 

  

DATE

TRANSACTIONS

 

2019

 

April

1

Purchased   merchandise on credit from O’Rourke Fabricators, Invoice 885, $3,450, terms   1/10, n/30; freight of $65 prepaid by O’Rourke Fabricators and added to the   invoice (total invoice amount, $3,515).

 

9

Paid amount due to   O’Rourke Fabricators for the purchase of April 1, less the 2 percent   discount, Check 457.

 

15

Purchased   merchandise on credit from Kroll Company, Invoice 145, $1,700, terms 1/10,   n/30; freight of $120 prepaid by Kroll and added to the invoice.

 

17

Returned damaged merchandise purchased on April 15 from   Kroll Company; received Credit Memorandum 332 for $95.

 

24

Paid the amount due to Kroll Company for the purchase of   April 15, less the return on April 17, taking the 1 percent discount, Check 470.

 Record these transactions in a general journal. (Round final answers to the nearest whole dollar value.)

30

Paid amount due to Salinas Company for the purchase on   June 4.

 Record these transactions in a general journal.