<><>On February 6, Blossom Home sold $98,500 of merchandise to A1 Interiors Company, terms 2/10, net/30. The cost of themerchandise sold was $72,000. On February 8, A1 returned $19,700 of the merchandise purchased on February 6. The cost of themerchandise returned was $14,700. On February 16 Blossom Home received the balance due from A1.Prepare the journal entries to record the above transactions on Blossom Home Company's books using a perpetual inventory system.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entriesin the order presented in the problem. List debit entries before credit entries.)<>DateAccount Titles and Explanation(To record credit sale)(To record cost of goods sold)(To record goods returned)(To record cost of goods returned)DebitCredit

Step 1: February 6: Sale of merchandise to A1 Interiors CompanyDetails:Merchandise sold:…

Answered: <> <> On February 6, Blossom Home sold…

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 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
Refer to the following merchandising transactions for Scout Systems. 1 Scout Systems purchases merchandise for $4,400 on credit with terms of 2/10, n/30. 5 Scout Systems pays for the previous purchase. 7 Scout Systems receives payment for returned defective merchandise of $500 that was purchased on November 1. 10 Scout Systems pays $480 to transport merchandise to its store. 13 Scout Systems sells merchandise for $6,500 on account. The cost of the merchandise was $4, 200. Nov. 16 A customer returns merchandise from the November 13 transaction. The returned item sold for $1,200 and cost $780. The item will be returned to inventory. a. Journalize the above transactions for Scout Systems assuming a perlodic system. (If no entry Is requlred for a transaction/event, select "No journal entry required" In the first account field.) View transaction list Journal entry worksheet 3 4 5 6 7 8 1 2 Record purchases on account for $ 4,400; credit terms of 2/10, n/30. Note: Enter debits before…
Following are the merchandising transactions of Dollar Store. 1 Dollar Store purchases merchandise for $1,900 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $250 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. Nov. 10 Dollar Store pays $95 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $2,052 with terms n/30. The cost of the merchandise is $1, 026. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $230 and cost $115; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.
On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a cost of $20,000. v What is the entry to record this sale? A. Dr. Account receivable 20,000; Cr. Sales 20,000 B. Dr. Account receivable 50,000; Cr. Sales 50,000 Dr. Cost of good sold 20,000; Cr. Merchandise inventory 20,000 C. Dr. Sales 50,000; Cr. Account receivable 50,000 D. Dr. Cash 50,000; Cr. Sales 50,000 Activate Wine « Question Go to Settings to Moving to another question will save this response.
On March 2. Metlock Company sold $936,300 of merchandise to Ivanhoe Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571.70o. On March 6, Ivanhoe Company returned $110,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,200. On March 12, Metlock Company received the balance due from Ivanhoe Company. Debit Credit Date Account Titles and Explanation ck if you would like to Show Work for this question: Open Show Work Versia I Q 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. %23 3/1 hp 米 fe 4+ pr IOI 144 & 24 4. 6. L. 8. { E R T. Y U D F G H K C alt ctrl V Σ 3.
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On March 2, Sandhill Company sold $815,000 of merchandise on account to Monty Company, terms 4/10, n/30. The cost of the merchandise sold was $521,000On March 6, Monty Company returned $81,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300 (Those are for reference, part one and part two) The picture is part 3 and needs to be answered
Presented below are transactions related to Splish Brothers Inc.. 1. On December 3, Splish Brothers Inc. sold $586,700 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $391,300. 2. On December 8, Sheffield Co. was granted an allowance of $28,000 for merchandise purchased on December 3. 3. On December 13, Splish Brothers Inc. received the balance due from Sheffield Co. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. using a perpetual inventory system.
On March 2, Sandhill Company sold $815,000 of merchandise on account to Monty Company, terms 4/10, n/30. The cost of the merchandise sold was $521,000On March 6, Monty Company returned $81,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300 (Those are for reference, part one and part two) The picture is part 3 and needs to be answered

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