Current Attempt in Progress- Wildhorse Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2025, Wildhorse purchased merchandise inventory at a cost of $42,500. Credit terms were 2/10, n/30. The inventory was sold on account for $65,500 on January 21, 2025. Credit terms were 1/10, r/30. The accounts payable was settled on January 23, 2025, and the accounts receivables were settled on January 30, 2025. Prepare journal entries to record each of these transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List debit entries before credit entries) Account Titles and Explanation Date Jan 14 Jan 21 (Toncord credit salo) Debit Credit
Current Attempt in Progress- Wildhorse Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2025, Wildhorse purchased merchandise inventory at a cost of $42,500. Credit terms were 2/10, n/30. The inventory was sold on account for $65,500 on January 21, 2025. Credit terms were 1/10, r/30. The accounts payable was settled on January 23, 2025, and the accounts receivables were settled on January 30, 2025. Prepare journal entries to record each of these transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List debit entries before credit entries) Account Titles and Explanation Date Jan 14 Jan 21 (Toncord credit salo) Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Oo.85.
Subject :- Account
Transcribed Image Text:Current Attempt in Progress
Wildhorse Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2025, Wildhorse purchased
merchandise inventory at a cost of $42,500. Credit terms were 2/10, n/30. The inventory was sold on account for $65,500 on January
21, 2025. Credit terms were 1/10, r/30. The accounts payable was settled on January 23, 2025, and the accounts receivables were
settled on January 30, 2025.
Prepare journal entries to record each of these transactions. (Credit account titles are automatically indented when the amount is entered.
Do not indent manually. Record journal entries in the order presented in the problem. List debit entries before credit entries)
Account Titles and Explanation
Date
Jan 14
Jan 21
(To record credit sale)
Debit
Credit
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