**Splish Corporation Transactions Overview**The company uses a periodic inventory system. Below are detailed descriptions of certain financial transactions:1. **February 2**: Splish Corporation purchased goods from Martin Company worth $67,500 with cash discount terms of 2/10, n/30. This means the corporation can take a 2% discount if payment is made within 10 days; otherwise, the net amount is due in 30 days. The corporation records purchases and accounts payable at net amounts after cash discounts. The invoice was paid on February 26.2. **April 1**: The corporation acquired a truck for $47,000 from General Motors Company. An initial payment of $5,000 was made in cash, and the remaining balance was covered by signing a one-year, 10% interest note.3. **May 1**: Splish Corporation borrowed $82,400 from Chicago National Bank by signing a $91,040 zero-interest-bearing note, which is due one year from the signing date.4. **August 1**: The board of directors declared a cash dividend of $307,900. This dividend was payable on September 10 to stockholders who were recorded on August 31.These transactions demonstrate the corporation's financial activities, including purchasing, financing, and profit distribution strategies. Understanding such transactions is crucial for analyzing the financial health and operational decisions within a corporation. The image shows a template for entering journal entries, commonly used in accounting. Here is the detailed transcription and description:### Instructions:"Make all the journal entries necessary to record the transactions above using appropriate dates. (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 the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)"### Journal Entry Template:- **Columns:** - **Date:** Dropdown menu to select the transaction date. - **Account Titles and Explanation:** Text field to enter the account name and description of the transaction. - **Debit:** Field to enter the debit amount. - **Credit:** Field to enter the credit amount.The table includes multiple rows for you to input various transactions, each requiring the date, relevant account titles with explanation, and the corresponding debit and credit amounts. The design ensures all necessary information for financial recording is captured systematically. This template is suitable for educational purposes, helping learners understand the mechanics of recording financial transactions in accounting.

For example, 2/10, n/30 means that if payment is made during 10 days from the invoice date then a…

Described below are certain transactions of Splish Corporation. The company uses the periodic inventory system. 1. 2. 3. On February 2, the corporation purchased goods from Martin Company for $67,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. On April 1, the corporation bought a truck for $47,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $82,400 from Chicago National Bank by signing a $91,040 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $307,900 cash dividend that was payable on September 10 to stockholders of record on August 31.

Described below are certain transactions of Splish Corporation. The company uses the periodic inventory system. 1. 2. 3. On February 2, the corporation purchased goods from Martin Company for $67,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. On April 1, the corporation bought a truck for $47,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $82,400 from Chicago National Bank by signing a $91,040 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $307,900 cash dividend that was payable on September 10 to stockholders of record on August 31.

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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On June 10, Sheffield Corp. purchased $8,700 of merchandise on account from Concord Company, FOB shipping point, terms 3/10, n/30. Sheffield Corp. pays the freight costs of $600 on June 11. Goods totaling $700 are returned to Concord for credit on June 12. On June 19, Sheffield Corp. pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Sheffield Corp.. (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 O for the amounts. Record journal entries in the order presented in the problem.) Rate Account Titles and Explanation ما Debit Credit
On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system (b) Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Blossom Company on June 10 cost McGiver $3,180, and the goods returned cost Blossom Company $210. (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.) Date Account Titles and Explanation Debit Credit choose a transaction date…
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Swisher Company sold inventory with a selling price of $5,000 to customers for cash.It also collected sales taxes of $250. The journal entry to record this information includes aa. credit to Sales Tax Expense $250.b. credit to Sales Revenue $5,250.c. debit to Sales Tax Payable $250.d. debit to Cash of $5,250.
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $8,400 (that had cost $5,443) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list Journal entry worksheet 1 2 3 4 Sold merchandise for $8,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. Note: Enter debits before credits. General Journal Debit Credit Date April 12 Cash Credit card expense Sales
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,520. The merchandise had cost Ozark $920. All customers paid their accounts within the discount period. Selling and administrative expenses amounted to $4,200. Interest expense paid amounted to $360. Land that had cost $8,000 was sold for $9,250 cash. Requireda. Determine the amount of net sales. (Round your intermediate calculations and final answer to the nearest whole dollar amount.) b. Prepare a multistep income statement. (Round your intermediate calculations and final answer to the nearest whole dollar amount. Amounts to be deducted and losses should be indicated with a minus sign.) c. Where would the interest expense be shown on the statement of cash flows? Operating activities…
Presented below are transactions related to Sheridan, Inc. Sheridan uses the periodic inventory method. May 10 Purchased goods billed at $16,700 subject to cash discount terms of 2/10, n/60. 11 Purchased goods billed at $10,600 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $12,100 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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