n March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the erchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent anually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

n March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of the erchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indent anually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Name: Aplesh On March 2, Borst Company sold $800,000 of merchandise on accou
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Aplesh On March 2, Borst Company sold $800,000 of merchandise on account to McLeena Company, terms 2/10, n/30. The cost of themerchandise sold was $540,000. (Credit account titles are automatically indented when amount is entered. Do not indentmanual

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 17E: Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of...

See similar textbooks

Similar questions

Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded 5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Companys net income have been under the direct write-off method than under the allowance method?
Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost of the purchase to Window World is $56,200. On September 4, Window World determined that Nile Jenkinss account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, however, that in most cases the direct write-off method is not allowed.
Post the following November transactions to T-accounts for Accounts Payable, Inventory, and Cash, indicating the ending balance. Assume no beginning balances in Accounts Payable and Inventory, and a beginning Cash balance of $21,220. A. purchased merchandise inventory on account, $9,900 B. paid vendors for part of inventory purchased earlier in month, $6,500 C. purchased merchandise inventory for cash, $4,750
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
On March 2, Monty Corp. sold $932,000 of merchandise on account to Marigold Company, terms 4/10, n/30. The cost of the merchandise sold was $597,000. (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.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit I Credit
On March 2, Sunland Company sold $995,000 of merchandise on account to Culver Company, terms 3/10, n/30. The cost of the merchandise sold was $583,000. (List all debit entries before credit entries. 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.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit IMM
On March 2, Blue Spruce Company sold $997,000 of merchandise on account to Oriole Company, terms 3/10, n/30. The cost of the merchandise sold was $553,000. ( entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Inventory 997000 Accounts Payable 997000 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT VIDEO TUTORIAL v (b) On March 6, Oriole Company returned $99,700 of the merchandise purchased on March 2. The cost of the returned merchandise was $55,300. (Credit account titles ar indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit
Please complete section (a).
On May 18, Wildhorse Company sells $820 of merchandise on account with a cost of $460 to Windsor Supply. Prepare the entries for Wildhorse Company to record the sale. (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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit May 18 (To record the sales revenue.) I
1
On January 6, Concord Corporation sells merchandise on account to Harley Inc. for $11,600, terms 3/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Concord Corporation's books to record the sale and related collection. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Jan. 16 Account Titles and Explanation Debit Credit
On March 1, Pearl Industries sold merchandise on account to Amelia Company for $30,300, terms 2/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,200. On March 11, Pearl Industries receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Pearl Industries's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 11