Carla Vista Company buys merchandise on account from Tamarisk Company. The selling price of the goods is $1,230 and the cost of the goods sold is $710. Both companies use perpetual inventory systems.Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Carla Vista Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Tamarisk Enter an account title to record sale of merchandise Enter a debit amount Enter a credit amount Enter an account title to record sale of merchandise Enter a debit amount Enter a credit amount (To record sale of merchandise) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount

Carla Vista Company buys merchandise on account from Tamarisk Company. The selling price of the goods is $1,230 and the cost of the goods sold is $710. Both companies use perpetual inventory systems.Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Carla Vista Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Tamarisk Enter an account title to record sale of merchandise Enter a debit amount Enter a credit amount Enter an account title to record sale of merchandise Enter a debit amount Enter a credit amount (To record sale of merchandise) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount

Name: Carla Vista Company buys merchandise on account from Tamarisk Company.
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Description: Carla Vista Company buys merchandise on account from Tamarisk Company. The selling price of the goods is $1,230 and the cost of the goods sold is $710. Both companies use perpetual inventory systems.Journalize the transactions on the books of both co

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1M

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Account Titles and Explanation	Debit	Credit
Carla Vista
Enter an account title	Enter a debit amount	Enter a credit amount
Enter an account title	Enter a debit amount	Enter a credit amount

Tamarisk
Enter an account title to record sale of merchandise	Enter a debit amount	Enter a credit amount
Enter an account title to record sale of merchandise	Enter a debit amount	Enter a credit amount
(To record sale of merchandise)
Enter an account title	Enter a debit amount	Enter a credit amount
Enter an account title	Enter a debit amount

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Prepare the journal entries to record the following transactions on Carla Vista Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565,700. (b) On March 6, Tamarisk Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. (c) On March 12, Carla Vista Company received the balance due from Tamarisk Company.
Monty Company has the following account balances: Sales Revenue $240,400, Sales Discounts $3,510, Cost of Goods Sold $139,200, and Inventory $45,300.Prepare the entries to record the closing of these items to Income Summary under the perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit enter an account title to close accounts with credit balances enter a debit amount enter a credit amount enter an account title to close accounts with credit balances enter a debit amount enter a credit amount (To close accounts with credit balances) enter an account title to close accounts with debit balances enter a debit amount enter a credit amount enter an account title to close accounts with debit…