**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

See similar textbooks

Similar questions

This information relates to Windsor Co. 1. On April 5, purchased merchandise on account from Wildhorse Company for $25,100, terms 2/10, n/30. 2. On April 6, paid freight costs of $530 on merchandise purchased from Wildhorse. 3. On April 7, purchased equipment on account for $32,500. 4. On April 8, returned $3,600 of April 5 merchandise to Wildhorse Company. 5. On April 15, paid the amount due to Wildhorse Company in full. (a) Prepare the journal entries to record the transactions listed above on Windsor Co.'s books. Windsor Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
This information relates to Sage Hill Co. 1. On April 5, purchased merchandise from Oriole Company for $27,900, terms 4/10, n/30. 2. On April 6, paid freight costs of $520 on merchandise purchased from Oriole. 3. On April 7, purchased equipment on account for $32,700. 4. On April 8, returned $4,800 of April 5 merchandise to Oriole Company. 5. On April 15, paid the amount due to Oriole Company in full. (a)Prepare the journal entries to record the transactions listed above on Sage Hill Co.’s books. Sage Hill Co. uses a perpetual inventory system. (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.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date April 5April 6April 7April 8April 15May 4 enter an account title…
This information relates to Marin Co. 1. 2. 3. 4. 5. (a) On April 5, purchased merchandise on account from Cullumber Company for $27,900, terms 2/10, n/30. On April 6, paid freight costs of $670 on merchandise purchased from Cullumber. On April 7, purchased equipment on account for $31,600. On April 8, returned $3,700 of April 5 merchandise to Cullumber Company. On April 15, paid the amount due to Cullumber Company in full. - Your answer is partially correct. Prepare the journal entries to record the transactions listed above on Marin Co's books. Marin Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O 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. List all debit entries before credit entries.) Date April 5 April 6 V Account Titles and Explanation 100 Debit Credit
July 1 Purchased merchandise from Carter Company for $11,200 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Martin Company for $3,500 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $2,100. July 3 Paid $1,165 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $4,100 for $6,900 cash. July 9 Purchased merchandise from Walker Company for $4,800 under credit terms of 2/15, n/60, FOB destination, invoice dated July sukrale cab the th 9. July 11 Returned $1,000 of merchandise purchased on July 9 from Walker Company and debited its account payable for that amount. July 12 Received the balance due from Martin Company for the invoice dated July 2, net of the discount. July 16 Paid the balance due to Carter Company within the discount period. July 19 Sold merchandise that cost $4,500 to Ryan Company for $6,400 under credit terms of 2/15, n/60, FOB…
Petra Co. returned defective goods costing $25,000 to Irbid Company on April 19, for credit. The goods were purchased April 10, on credit, terms 3/10, n/30. The entry by Petra Co. on April 19, in receiving full credit is(using perpetual system) Accounts Payable........................ 25,000 Purchase Discounts.............................750 Merchandise Inventory........................24,250 Accounts Payable............................25,000 Merchandise Inventory......................... 750 Cash....................................................24,250 Accounts Payable................................. 25,000 Merchandise Inventory.............................. 750 Cash.................................... 5,750 Accounts Payable............................... 25,000 Merchandise Inventory............................25,000
On June 10, Blue Spruce Company purchased $8,400 of merchandise on account from Ayayai Company, FOB shipping point, terms 3/10, n/30. Blue Spruce pays the freight costs of $460 on June 11. Goods totaling $700 are returned to Ayayai for credit on June 12. On June 19, Blue Spruce pays Ayayai Company in full, less the discount. Both companies use a perpetual inventory system.
What did you guys get on this one?
Presented below are selected transactions for Flounder Company during September and October of the current year. Flounder uses a periodic inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $49,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $2,240 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $116,900, terms 2/10, n/30, FOB destination. 16 The correct company paid $2,500 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5,600 for returned goods. These goods had cost Flounder Company $3,000 and were returned to inventory. 25 Received the balance owing from Irvine Company for the September 15 sale. 30 Paid Hillary Company the balance…
This information relates to Swifty Corporation. 1. 2. 3. 4. 5. On April 5, purchased merchandise from Blue Spruce Inc. for $30,500, terms 2/10, n/30. On April 6, paid freight costs of $1,140 on merchandise purchased from Blue Spruce. On April 7, purchased equipment on account for $36,600. On April 8, returned some of April 5 merchandise to Blue Spruce that cost $4,900. On April 15, paid the amount due to Blue Spruce in full. Swifty uses a periodic inventory system. Prepare the journal entries to record the transactions listed above on the books of Swifty Corporation. (Credit account titles are automatically indented when the 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. Round answers to the nearest whole dollar, e.g. 5,725. List all debit entries before credit entries.) Date Account Titles and Explanation Debit DOOT 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.) Date Account Titles and Explanation No. 1. N 2. 3. 4. 5. Debit Credit
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…
Thatcher Inc. had the following transactions: March 1: Purchased cars on account from Blitz Inc. for Tk.40,00,000, FOB shipping point, terms 2/10, n/30. 2: Freight cost paid on March 1 purchase of Tk.50,000 by concerned party. 4: Received Tk.10,00,000 credit for defective cars returned to Blitz Inc. 9: Paid Blitz Inc. in full, less discount. Journalize the transactions for the month of March using the periodic inventory system (ignore explanations).