ompany uses ntory system. 1. 2. On January 6, Cullumber Co. sells merchandise on account to Pryor Company for $5,450, terms 2/10, n/30. On January 16, Pryor Company pays the amount due. On January 10, D. Laskowski purchases $7,100 of merchandise from Bramble Co., terms 2/10, n/30. D. Laskowski returns $500 of merchandise to Bramble on January 15. Bramble Co. charges its customers 1% per month on overdue amounts. On March 10, Bramble records interest on D. Laskowski's past-due account. On March 11, D. Laskowski pays his account in full.
ompany uses ntory system. 1. 2. On January 6, Cullumber Co. sells merchandise on account to Pryor Company for $5,450, terms 2/10, n/30. On January 16, Pryor Company pays the amount due. On January 10, D. Laskowski purchases $7,100 of merchandise from Bramble Co., terms 2/10, n/30. D. Laskowski returns $500 of merchandise to Bramble on January 15. Bramble Co. charges its customers 1% per month on overdue amounts. On March 10, Bramble records interest on D. Laskowski's past-due account. On March 11, D. Laskowski pays his account in full.
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 7E: Record the following transactions for a perpetual inventory system in general journal form. a. Sold...
Related questions
Topic Video
Question
i need the answer quickly
![Presented below are two independent situations. Assume each company uses a periodic inventory system.
1.
On January 6, Cullumber Co. sells merchandise on account to Pryor Company for $5,450, terms 2/10, n/30. On January 16,
Pryor Company pays the amount due.
2.
On January 10, D. Laskowski purchases $7,100 of merchandise from Bramble Co., terms 2/10, n/30. D. Laskowski returns
$500 of merchandise to Bramble on January 15. Bramble Co. charges its customers 1% per month on overdue amounts. On
March 10, Bramble records interest on D. Laskowski's past-due account. On March 11, D. Laskowski pays his account in full.
(a)
For item 1, prepare the entries on January 6 and January 16 on Cullumber Co.'s books. Ignore any inventory and cost of goods sold
entries. (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 0 for the amounts. List all debit entries before credit
entries. Record journal entries in the order presented in the problem.)
Date
Account Titles
Jan. 6
Accounts Receivable
Sales
Jan. 10
Accounts Payable
Debit
5,450
Credit
5,450](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6508ba96-d352-4019-8528-9dae9c761829%2F777fc3cf-0816-43ad-aac8-8aa49492ff0a%2Folcpc5j_processed.png&w=3840&q=75)
Transcribed Image Text:Presented below are two independent situations. Assume each company uses a periodic inventory system.
1.
On January 6, Cullumber Co. sells merchandise on account to Pryor Company for $5,450, terms 2/10, n/30. On January 16,
Pryor Company pays the amount due.
2.
On January 10, D. Laskowski purchases $7,100 of merchandise from Bramble Co., terms 2/10, n/30. D. Laskowski returns
$500 of merchandise to Bramble on January 15. Bramble Co. charges its customers 1% per month on overdue amounts. On
March 10, Bramble records interest on D. Laskowski's past-due account. On March 11, D. Laskowski pays his account in full.
(a)
For item 1, prepare the entries on January 6 and January 16 on Cullumber Co.'s books. Ignore any inventory and cost of goods sold
entries. (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 0 for the amounts. List all debit entries before credit
entries. Record journal entries in the order presented in the problem.)
Date
Account Titles
Jan. 6
Accounts Receivable
Sales
Jan. 10
Accounts Payable
Debit
5,450
Credit
5,450
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![Intermediate Accounting: Reporting And Analysis](https://www.bartleby.com/isbn_cover_images/9781337788281/9781337788281_smallCoverImage.jpg)
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
![Survey of Accounting (Accounting I)](https://www.bartleby.com/isbn_cover_images/9781305961883/9781305961883_smallCoverImage.gif)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning