**Carla Vista Company buys merchandise on account from Flint Company.** - The selling price of the goods is $840, and the cost of the goods is $480. - Both companies use perpetual inventory systems.**Instructions:**Journalize the transaction on the books of both companies. *(Credit account titles are automatically indented when the amount is entered. Do not indent manually.)*### Journal Entries:#### Carla Vista Company| Account Titles and Explanation | Debit | Credit ||----------------------------------------|-------|--------|| | | || | | |*(To record credit purchase of inventory)*#### Flint Company| Account Titles and Explanation | Debit | Credit ||----------------------------------------|-------|--------|| | | || | | |*(To record credit sale)*| Account Titles and Explanation | Debit | Credit ||----------------------------------------|-------|--------|| | | || | | |*(To record cost of merchandise sold)*### Explanation:- **Carla Vista Company** needs to record the purchase of inventory on credit.- **Flint Company** needs to make entries for the sale of merchandise on credit as well as record the cost of goods sold.- Debit and credit columns are provided for listing the respective amounts in the journal entries.

Name: **Carla Vista Company buys merchandise on account from Flint Company.
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Description: **Carla Vista Company buys merchandise on account from Flint Company.** - The selling price of the goods is $840, and the cost of the goods is $480. - Both companies use perpetual inventory systems.**Instructions:**Journalize the transaction on the

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Carla Vista Company buys merchandise on account from Flint Company. The selling price of the goods is $ 840, and the cost of the goods is $ 480. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Carla Vista Company buys merchandise on account from Flint Company. The selling price of the goods is $ 840, and the cost of the goods is $ 480. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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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