**Journal Entry Example for Educational Purposes****Scenario:**Assume that Sheffield Co. paid the balance due to Skysong Company on May 4 instead of April 15. Prepare the journal entry to record this payment.*Note: 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 Table:**| Date | Account Titles and Explanation | Debit | Credit ||-------|--------------------------------|-------|--------|| May 4 | | | || | | | |**Explanation:**This is an example of a journal entry template commonly used in accounting to record financial transactions. The table includes columns for the date, account titles and explanation, and the amounts to be debited and credited. ### Information related to Sheffield Co.1. **April 5:** Purchased merchandise on account from Skysong Company for $29,500 with terms 4/10, net/30, FOB shipping point.2. **April 6:** Paid freight costs of $960 on merchandise purchased from Skysong.3. **April 7:** Purchased equipment on account for $45,200.4. **April 8:** Returned damaged merchandise to Skysong Company and received a $5,800 credit.5. **April 15:** Paid the amount due to Skysong Company in full.### Instructions for Journal EntriesPrepare the journal entries to record these transactions for Sheffield Co. under a perpetual inventory system. **Note:** Credit account titles are automatically indented when an amount is entered. Do not indent manually.#### Journal Entry Table| No. | Date | Account Titles and Explanation | Debit | Credit ||-----|------|--------------------------------|-------|--------|| 1 | | | | || 2 | | | | || 3 | | | | || 4 | | | | || 5 | | | | |

The journal entries are prepared to record daily transactions of the business.

Information related to Sheffield Co. is presented below. On April 5, purchased merchandise on account from Skysong Company for $ 29,500, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $ 960 on merchandise purchased from Skysong. On April 7, purchased equipment on account for $ 45,200. 1. 2. 3. On April 8, returned damaged merchandise to Skysong Company and was granted a $ 5,800 credit for returned merchandise. 4. On April 15, paid the amount due to Skysong Company in full. 5.

Information related to Sheffield Co. is presented below. On April 5, purchased merchandise on account from Skysong Company for $ 29,500, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $ 960 on merchandise purchased from Skysong. On April 7, purchased equipment on account for $ 45,200. 1. 2. 3. On April 8, returned damaged merchandise to Skysong Company and was granted a $ 5,800 credit for returned merchandise. 4. On April 15, paid the amount due to Skysong Company in full. 5.

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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