Current Attempt in Progress Prepare journal entries to record the following sales transactions in Sandhill Company's books. Sandhill uses a perpetual inventory system. Jan. 2 4 6 Sandhill sold $14,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $5,530. The correct company paid freight costs of $245. Xiaoyan returned $1,600 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $630, and it was restored to inventory. Feb. 1 Sandhill received the balance due from Xiaovan.

Current Attempt in Progress Prepare journal entries to record the following sales transactions in Sandhill Company's books. Sandhill uses a perpetual inventory system. Jan. 2 4 6 Sandhill sold $14,000 of merchandise to Xiaoyan Company, terms n/30, FOB shipping point. The cost of the merchandise sold was $5,530. The correct company paid freight costs of $245. Xiaoyan returned $1,600 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was $630, and it was restored to inventory. Feb. 1 Sandhill received the balance due from Xiaovan.

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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Presented below are selected transactions for Flounder Company during September and October of the current year. Flounder uses a periodic inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $49,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $2,240 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $116,900, terms 2/10, n/30, FOB destination. 16 The correct company paid $2,500 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5,600 for returned goods. These goods had cost Flounder Company $3,000 and were returned to inventory. 25 Received the balance owing from Irvine Company for the September 15 sale. 30 Paid Hillary Company the balance…
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On March 10, the Stone Company sold merchandise listing for $3,000 to the Dillard Company, terms 1/10, n/30. On March 14, $200 worth of merchandise was returned because it was the wrong size. On March 20, Stone Company received a check for the amount due. Required Record the journal entries made by Stone Company for these transactions Stone uses the periodic inventory system General Journal Description Date Mar 10 Accounts Receivable Cath Sold merchandises Dund Company terms 1/16/30 14 Merchande returned by Dars Company 20 Cash Remittance received from Dard Company # 1 Debit 1.000 00 Credit 1.000 0 O 0
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