Information related to Cheyenne Co. is presented below. On April 5, purchased merchandise on account from Skysong Company for $ 41,800, terms 2/10, net/30, FOB shipping point. 1. 2. On April 6, paid freight costs of $ 790 on merchandise purchased from Skysong. 3. On April 7, purchased equipment on account for $ 30,500. On April 8, returned damaged merchandise to Skysong Company and was granted a $ 4. 4,800 credit for returned merchandise. 5. On April 15, paid the amount due to Skysong Company in full. (a) Prepare the journal entries to record these transactions on the books of Cheyenne Co. under a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit 1. 2. 3. 4. 5.

Q: Describe an account and its use in recording transactions.

A: Accounting reports are papers and books used to manage records.

Q: Define letter of credit.

A: Credit refers to the concept, is defined as the financial agreement where the borrowers receive…

Q: in managing accounts receivables, objectives must be achieved?

A: Working capital is calculated as the difference between the value of current assets and current…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Describe how to report and analyze receivables.

A: Receivables are the assets for the company and may include trade receivables, other debtors or bills…

Q: What type of function models a savings account

A: The saving accounts contain compound interest charge on their balances which indicates the…

Q: Briefly described the differences between a credit, charger , debit & smart card

A: Credit card is the types of plastic cards which are generally issued by the banks for purchasing…

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: Identify the following users as either an internal (I) or an external (E) user. Creditor

A:

Q: What should be in the credit file

A: Following is the contains in credit file

Q: Describe accounts receivable and how they occur and are recorded.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Where i can used credit union

A: Whenever a group of people collect deposits and use those deposits to give loans, it is known as…

Q: Define the ECL model for accounts receivable. How does it differ from the CECL model?

A: Accounts receivable (AR) is the amount of cash yet to be received by a firm for products or services…

Q: what is Debit balance and Credit balance in ledger?

A: Introduction: A ledger account is a record of commercial transactions. It is a discrete record…

Q: What is debit and credit note?

A: A debit note is a document that is issued by a seller to a buyer. The debit note is used to inform…

Q: What is a schedule for accounts receiveable?

A: AR stands for Accounts Receivable which is defined as the balance of amount due to the company for…

Q: How is Accounts Receivable audited?

A: Accounts receivable is one of the largest assets that a company has; therefore auditors tend to…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: How did you get Accounts Receivable and Sales?

A: Account receivable is the amount which is to be received from the customers or the customers who…

Q: ow to record credit sale in an entrie?

A: Credit sales mean the amount which is delayed to paid but agreed to pay in future by the consumer.

Q: Explain additional accounting issues related to accounts and notes receivable.

A: Accounts receivable refers to the amount that is owed to the company as a result of providing goods…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Define Receivable Management and Credit Policies

A: Receivable Management : managing the outstanding   Credit Policies  : Selling on credit to parties…

Q: How receivables ledger works with double entry accounting

A: A Receivable ledger is a fundamental tool for managing a company's credit sales and ensuring that it…

Q: Define financial assets, trade and other receivables and financial liabilities Thanks tutor

A: Financial assets and trade and other receivables are different types of assets that are part of…

Q: Identify and explain the techniques and methods to manage receivables.

A: Accounts receivable management is critical for any firm, as day-to-day operations rely heavily on…

Q: Why creditors control account may have debit balance

A: The creditor's control account displays the amount a firm has to give to the suppliers.

Q: why is a note receivable moved to accounts receivable prior to being written up and sent to…

A: Notes receivable indicates the promissory notes issued by the client for making due payment on a…

Q: Briefly explain the methods used for valuing accounts receivables.

A: In the given question, we need to briefly explain the methods used for valuing accounts receivables.…

Q: Billed customers in which Account (A/c) debited ?

A: Once you send an invoice (or bill), it becomes part of your accounts receivable – until it's paid.…

Q: how is credit check in advance technology is different from credit check in basic technology

A:

Q: what is procedure to posting account receivable ledger and inventory system . Explain with entry

A: Accounts receivable ledger shows the balances of the debtors to whom the stocks were Sold on credit.…

Q: What is the purpose of a bookkeeping system?

A: This question explains about the purpose of a bookkeeping system

Q: Which accounts commonly requires both debit and credit entries?

A: Debit and credit sides are two sides of a general ledger account. Normally all assets and expenses…