Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1,100. Both Garth and Kyle use a perpetual inventory sy Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Record the sale on the books of Garth. Account Titles and Explanation Debit Credit

Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1,100. Both Garth and Kyle use a perpetual inventory sy Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Record the sale on the books of Garth. Account Titles and Explanation Debit Credit

Name: Garth Company sold goods on account to Kyle Enterprises with terms of
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Garth Company sold goods on account to Kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1,100. Both Garth and Kyle use a perpetual inventory system.(Credit account titles are automatically indented when

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
You are to enter up the sale, purchases, return inwards and returns outwards day book" from the following details. then to post the items to the relevant accounts in the sales and purchases ledgern, The total of the day books are then to be transferred to the account in the general Ledger. 2009 in drawing May 1 Credit sales: T 0mpson Tshs 56,000; L Rodriguez Tshs 148,000; K Barton Tshs 145.000. 3 Credit purchase: P Potter 144.000'. H Harris Tshs 25000 Spencer Tshs 76.000. 7 credit sales K Kelly 89.000; N Mendes Toho 78.000; N lee Tshs 237,000. 9 Credit purchases: B Perkins 24,000; H Haris Tshs 58000 H miles Tshs 123000 11 Good return by to: p Potter Tshs 12000 B. Spencer Tshs22.000. 14 Goods returned to by: T. Thompson Tshs 5.000; K Barton Tshs 11,000; K Kelly Tshs 14000. 17 Credit purchases: H Harris Tshs 54,000; B Perkins Tshs 65000L Nixon Tshs 75.000. 20 Goods returned by us to B Spences Tshs 14000 24 credit sales: K Muhammed Tshs 57000 , K Kelly Tshs 65000, O . Green Tshs 112000 28…
Haynes Jewelers uses a perpetual inventory system and had the following purchase transactions. Journalize all necessary transactions. Explanations are not required. View the transactions. Journalize all necessary transactions in the order they are presented in the transaction list. (Record debits first, then credits. Exclude explanations from journal entries. Round all numbers to the nearest whole dollar.) Jun. 20: Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Date Jun. 20 Accounts Debit Credit Transactions Purchased inventory of $5,900 on account from Luca Diamonds, a jewelry importer. Terms were 1/15, n/45, FOB shipping point. Paid freight charges, $200. Returned $700 of inventory to Luca Diamonds. Jun. 20 Jun. 20 Jul. 4 Jul. 14 Jul. 16 Jul. 18 Jul. 24 Paid Jia Diamonds, less allowance and discount. Paid Luca Diamonds, less return. Purchased inventory of $4,100 on account from Jia Diamonds, a jewelry…
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285
Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $17,400, terms 1/10, n/30. The Stationery Company returned merchandise with an invoice amount of $2,300 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return?
Purchase-related transaction Shepherd Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Shepherd Company returned $1,500 of the merchandise before payment was made and received full credit. a. If Shepherd Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. Which accounts are decreased by Shepherd Company to record the return Inventory and Accounts Payable
unland Company buys merchandise on account from Splish Brothers Company. The selling price of the goods is $ 1,150 and the cost of the goods sold is $ 590. 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 Sunland Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount Splish Brothers 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…
a. Sampson Co. sold merchandise to Batson Co. on account, $35,200, terms 2/15, n/45. b. The cost of the goods sold is $26,400. c. The Batson Co. paid the invoice within the discount period. Assume that both Sampson and Batson use a perpetual inventory system and that Sampson Co. uses the net method of recording sales discounts. If no entry is required, select "No entry required" and leave the amount boxes blank. Journalize the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C. Journalize the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C.
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
Instructions: Please show work and detailed explanations on how you got your answer. 1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023. 3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note. 3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.
please answer all with working