**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.
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
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

Business

Accounting

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

See similar textbooks

Similar questions

Steria corporation buys merchandise on account from Pinacle corporation. Selling price of the goods = $1,140 Cost of the goods =$830 Both of the corporations used 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.)
s
On July 1, Hernandez, Inc. purchased merchandise for $2,500, with terms of 1/10, n/30. On July 5, the firm returned $1 ,000 of the merchandise to the seller. Payment of the account occurred on July 8. Hernandez uses the perpetual inventory system. a. Prepare the journal entries for July 1, July 5, and July 8. b. Assuming that the account was paid on July 14, prepare the journal entry for payment on that date.
answer in text form please (without image), Note: .Every entry should have narration please
Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system: Kelly purchased $45,000 of merchandise on account, terms 2/10,n/30. Returned $3,000 of damaged merchandise for credit. Paid for the merchandise purchased within 10 days. (a) (b) (c) (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation No. (a) (b) (c) Inventory Accounts Payable Accounts Payable Inventory Accounts Payable Cash Purchase Discounts Debit 45,000 3,000 42,000 Credit 45,000 3,000 41,160 840
The following are the transactions of CARI, INC during 2022: The company follows a periodic inventory system 04.01.2022 Purchases merchandise, in cash SR 100,000.00 01.03.2022 Sales merchandise, on credit SR 180,000.00 06.03.2022 Customer takes discount and pays SR 162,000.00 15.10.2022 Pays downtow's shop rent SR 4,000.00 30.12.2022 Purchases a machinery, in cash SR 35,000.00 31.12.2022 Closes beginning inventory SR 30,000.00 31.12.2022 Records the ending inventory SR 12,000.00 31.12.2022 Revenues & expenses balanced off TBD Record the transactions, prepare the trial balance and show the following financial statements: → Balance sheet (Statement of Financial Position) as of 31.12.2022 → Profit & Loss account (Income Statement) for 2022
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. You are to provide the journal entries for the following transactions assuming a perpetual inventory system. Cash Accounts Payable Purchases Accounts Receivable Merchandise Inventory Sales PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms DR CR Lamplight returns ten light fixtures, receiving a credit amount for the full purchase price on August 3: DR CR Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice…
a. Sampson Co. sold merchandise to Batson Co. on account, $35,200, terms 2/15, n/45. b. The cost of the goods sold is $26,400. c. The Batson Co. paid the invoice within the discount period. Assume that both Sampson and Batson use a perpetual inventory system and that Sampson Co. uses the net method of recording sales discounts. If no entry is required, select "No entry required" and leave the amount boxes blank. Journalize the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C. Journalize the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C.
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.
A Ltd Company buys merchandise on account from P Ltd. The selling price of the goods is $1,140, and the cost of the goods is $830. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies.
Nixa Office Supply uses a perpetual inventory system. On September 12, Nixa Office Supply sold 26 calculators costing $23 for $31 each to Sura Book Store, terms n/30. Journalize the September 12 transaction for Nixa. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Date Account Titles and Explanation Sept. 12 (To record credit sale) Sept. 12 (To record cost of merchandise sold)