On June 1, 2025, Sandhill Company sells $165,000 of shelving units to a local retailer, Sweet Acacia, which is planning to expand its stores in the area. Under the agreement, Sweet Acacia asks Sandhill to retain the shelving units at its factory until the new stores are ready for installation. Title passes to Sweet Acacia at the time the agreement is signed. The shelving units are delivered to the stores on September 1, 2025, and Sweet Acacia pays in full. Prepare the journal entries for this bill-and-hold arrangement (assuming that conditions for recognizing the sale as a bill-and-hold sale have been met) for Sandhill on June 1 and September 1, 2025. The cost of the shelving units to Sandhill is $83,000. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

On June 1, 2025, Sandhill Company sells $165,000 of shelving units to a local retailer, Sweet Acacia, which is planning to expand its stores in the area. Under the agreement, Sweet Acacia asks Sandhill to retain the shelving units at its factory until the new stores are ready for installation. Title passes to Sweet Acacia at the time the agreement is signed. The shelving units are delivered to the stores on September 1, 2025, and Sweet Acacia pays in full. Prepare the journal entries for this bill-and-hold arrangement (assuming that conditions for recognizing the sale as a bill-and-hold sale have been met) for Sandhill on June 1 and September 1, 2025. The cost of the shelving units to Sandhill is $83,000. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

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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2. Prepare the General Journal for January 11–29, page 2. If an amount box does not require an entry, leave it blank. Diane Bernick has opened Bernick's Consulting. Journalize the following transactions that occurred during January of the current year. Use the following chart of accounts: Jan. 1 Bernick invested cash in the business, $12,000. 2 Paid office rent, $750. 3 Purchased office equipment on account, $1,300. 5 Received cash for services rendered, $950. 8 Paid phone bill, $85. 10 Paid for a magazine subscription (miscellaneous expense), $20. 11 Purchased office supplies on account, $250. 15 Made a payment on account (see Jan. 3 transaction), $200. 18 Paid part-time employee, $600. 21 Received cash for services rendered, $800. 25 Paid utilities bill, $105. 27 Bernick withdrew cash for personal use, $400. 29 Paid part-time employee, $600. Page: 2 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Jan. 11 Office Supplies 1 2…
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