12:36SafariDonew5-question (3 of 6)BE5-3 Cha Company buys merchandise on account from Wirtz Company. The sellingprice of the goods is $780, and the cost of the goods is $470. Both companies use perpetualinventory systems. Journalize the transaction on the books of both companies.BE5-4 Prepare the journal entries to record the following transactions on Novy Company'sbooks using a perpetual inventory system.(a) On March 2, Novy Company sold $900,000 of merchandise to Opps Company, terms2/10, n/30. The cost of the merchandise sold was $590,000.(b) On March 6, Opps Company returned $90,000 of the merchandise purchased onMarch 2. The cost of the returned merchandise was $62,000.(c) On March 12, Novy Company received the balance due from Opps Company.*BE5-14 Prepare the journal entries to record these transactions on Shabani Company'sbooks using a periodic inventory system.(a) On March 2, Shabani Company purchased $900,000 of merchandise from Ballas Com-pany, terms 2/10, n/30.(b) On March 6, Shabani Company returned $110,000 of the merchandise purchased onMarch 2.(c) On March 12, Shabani Company paid the balance due to Ballas Company.E5-4 On June 10, Diaz Company purchased $8,000 of merchandise from Taylor Company,FOB shipping point, terms 2/10, n/30. Diaz pays the freight costs of $400 on June 11. Dam-aged goods totaling $300 are returned to Taylor for credit on June 12. The fair value ofthese goods is $70. On June 19, Diaz pays Taylor Company in full, less the purchase dis-count. Both companies use a perpetual inventory system.Instructions(a) Prepare separate entries for each transaction on the books of Diaz Company.(b) Prepare separate entries for each transaction for Taylor Company. The merchandisepurchased by Diaz on June 10 had cost Taylor $4,800.*E5-21 Presented below is information related to Chung Co.1. On April 5, purchased merchandise from Jose Company for $21,000, terms 2/10, net/30,FOB shipping point.2. On April 6, paid freight costs of $800 on merchandise purchased from Jose.3. On April 7, purchased equipment on account from Winker Mfg. Co. for $26,000.4. On April 8, returned merchandise, which cost $4,000, to Jose Company.5. On April 15, paid the amount due to Jose Company in full.Instructions(a) Prepare the journal entries to record these transactions on the books of Chung Co.using a periodic inventory system.(b) Assume that Chung Co. paid the balance due to Jose Company on May 4 instead ofApril 15. Prepare the journal entry to record this payment.

Journal entry means the entry in prime book with chronological order. Journal entry should have…

BE5-3 Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies.

BE5-3 Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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