Dana Co. purchased S2,600 of merchandise from Mona Co. on April 10 with terms 2/10, n/30. On April 27, it returned S300 worth of merchandise. On May 6, it paid the full amount due to Mona Co. The journal entry to record the merchandise return on April 27 is: Debit Merchandise Inventory S300; credit Sales Returns $300 Debit Merchandise Inventory S2,300; credit Cash $2,300 Debit Merchandise Inventory S300; credit Accounts Payable $300 Debit Accounts Payable $300; credit Merchandise Inventory $300 O A. OB. OC. OD. Activate Windows R Question 16 of 18 Go to Settings to activate Wihbdws > A Moving to another question will save this response.

Dana Co. purchased S2,600 of merchandise from Mona Co. on April 10 with terms 2/10, n/30. On April 27, it returned S300 worth of merchandise. On May 6, it paid the full amount due to Mona Co. The journal entry to record the merchandise return on April 27 is: Debit Merchandise Inventory S300; credit Sales Returns $300 Debit Merchandise Inventory S2,300; credit Cash $2,300 Debit Merchandise Inventory S300; credit Accounts Payable $300 Debit Accounts Payable $300; credit Merchandise Inventory $300 O A. OB. OC. OD. Activate Windows R Question 16 of 18 Go to Settings to activate Wihbdws > A Moving to another question will save this response.

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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2
Sara’s Market recorded the following events involving a recent purchase of merchandise: Received goods for $150,000, terms 2/10, n/40. Returned $3,000 of the shipment for credit. Paid $750 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company’s merchandise inventory increased by $147,750. increased by $144,810. increased by $144,795 increased by $144,060.
The following transactions are for Wildhorse Company. 1. On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2. On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3. On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.
American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550. %24
Prime book entries?
On March 1, Crunk Company sold merchandise in the amount of $5.800 to Wells Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Crunk uses the perpetual inventory system and the gross method. On July 5, Wells returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Crunk must make on July 5 is: 500 Accounts receivable Sales returns and allowances Sales returns and allowances Accounts receivable Accounts receivable Sales returns and allowances: Cost of goods sold Merchandise inventory Sales returns and allowances Accounts receivable Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 350 & B see 350 500 500 350 500 350 500 350 See 500 350
Prepare separate entries for each transaction for Concord Company. The merchandise purchased by Culver on June 10 cost Concord $5,100, and the goods returned cost Concord $267.
a company purchased 3300 of merchandise on july 5th with term 3/10 n/30 on july 7th it returned of 900 worth of merchandise on july 12 it paid the full amount due assuming the company uses a perpetual inventory system and records purchases using the gross method the correct journal entry to record the payment on july 12th is debit merchandise inventory 2400 credit cash 2400 debit cash 2400 credit account Pay 2400 debit account Pay 2400 credit merchandise inventory 72 credit cash 2328 debit account pay 3300 credit cash 3300 debit account pay 2400 credit cash 2400
On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms 2/10, n30. The cost of the items sold is $4,500. Klein uses PERPETUAL inventory system and the GROSS METHOD of accounting for sales. Babson pays the invoice on March 17th and takes the appropriate discount. What is the journal entry Klein makes on March 17th?
Journalize the following merchandise transactions:c. Issued a credit memo to Wilson Company for returned merchandise that was sold for $4,000, terms n/30. The cost of the merchandise returned was $2,275