Information related to Blossom Company is presented below. On April 5, purchased merchandise on account from Swifty Company for $27,900, terms 3/10, net/30, FOB shipping point. On April 6, paid freight costs of $400 on merchandise purchased from Swifty. On April 7, purchased equipment on account for $30,500. On April 8, returned $3,800 of merchandise to Swifty Company. On April 15, paid the amount due to Swifty Company in full. 1. 2 3. 4. 5. Prepare the journal entries to record these transactions on the books of Blossom Company under a perpetual inventory system. (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.) No. 1. N 2. 3. 4. 5. Date Account Titles and Explanation Debit Credit

Information related to Blossom Company is presented below. On April 5, purchased merchandise on account from Swifty Company for $27,900, terms 3/10, net/30, FOB shipping point. On April 6, paid freight costs of $400 on merchandise purchased from Swifty. On April 7, purchased equipment on account for $30,500. On April 8, returned $3,800 of merchandise to Swifty Company. On April 15, paid the amount due to Swifty Company in full. 1. 2 3. 4. 5. Prepare the journal entries to record these transactions on the books of Blossom Company under a perpetual inventory system. (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.) No. 1. N 2. 3. 4. 5. Date Account Titles and Explanation Debit Credit

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 3, Pearl Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 3/10, n/60, f.o.b. shipping point. An invoice totaling $95, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Pearl Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.
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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.
A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
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^ Presented below are transactions related to Concord Corporation. 1. 2. 3. (a) On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. On December 13, Concord Corporation received the balance due from Sarasota Co. Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system. (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.) Date Dec. 3 Dec. 8 > Account Titles and Explanation (To record credit sale) norcal_archives_20....zip W QCA 5.docx W Debit response essay.docx 1 Credit
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How to journalized May 1: Paid rent for May, $5,000, May 3: Purchased merchandise on account from Martin Co., terms 2/10, n/30, FOB shipping point, $36,000. May 4: Paid freight on purchase of May 3, $600. May 6: Sold merchandise on account to Korman Co., terms 2/10, n/30, FOB shipping point, $68,500. The cost of the goods sold was $41,000 May 7: Received $22,300 cash from Halstad Co. on account May 10: Sold merchandise for cash, $54,000. The cost of the goods sold was $32,000. May 13: Paid for merchandise purchased on May 3 May 15: Paid advertising expense for last half of May, $11,000. May 16: Received cash from sale of May 6. May 19: Purchased merchandise for cash, $18,700. May 19: Paid $33,450 to Buttons Co. on account May 20: Paid Korman Co. a cash refund of $13,230 for returned merchandise from sale of May 6. The invoice amount of the returned merchandise was $13,500 and the cost of the returned merchandise was $8,000. May 20: Sold merchandise on account to…
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