On June 10, Ayayai Company purchased $8,900 of merchandise on account from Whispering Winds Company, FOB shipping point, terms 2/10, n/30. Ayayai pays the freight costs of $510 on June 11. Goods totaling $700 are returned to Whispering Winds for credit on June 12. On June 19, Ayayai pays Whispering Winds Company in full, less the discount. Both companies use a perpetual inventory system. (a) Your answer is partially correct. Prepare separate entries for each transaction on the books of Ayayai Company. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation June 10 Accounts Receivable Sales Revenue June 10 Cost of Goods Sold Inventory Debit 8900 4900 Credit 8900 4900

On June 10, Ayayai Company purchased $8,900 of merchandise on account from Whispering Winds Company, FOB shipping point, terms 2/10, n/30. Ayayai pays the freight costs of $510 on June 11. Goods totaling $700 are returned to Whispering Winds for credit on June 12. On June 19, Ayayai pays Whispering Winds Company in full, less the discount. Both companies use a perpetual inventory system. (a) Your answer is partially correct. Prepare separate entries for each transaction on the books of Ayayai Company. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation June 10 Accounts Receivable Sales Revenue June 10 Cost of Goods Sold Inventory Debit 8900 4900 Credit 8900 4900

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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Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
On December 31, Marchant Company took a physical count of its merchandise inventory. It operates under the perpetual inventory system. The physical count amounted to 185,294. The Merchandise Inventory account shows a balance of 187,936. Journalize the adjusting entry.
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.
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
On June 10, Sheffield Corp. purchased $8,700 of merchandise on account from Concord Company, FOB shipping point, terms 3/10, n/30. Sheffield Corp. pays the freight costs of $600 on June 11. Goods totaling $700 are returned to Concord for credit on June 12. On June 19, Sheffield Corp. pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Sheffield Corp.. (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. Record journal entries in the order presented in the problem.) Rate Account Titles and Explanation ما Debit Credit
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.
On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Sunland Company. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a…
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On June 10, Culver Company purchased $8,700 of merchandise on account from Concord Company, FOB shipping point, terms 3/10, n/30. Culver pays the freight costs of $600 on June 11. Goods totaling $700 are returned to Concord for credit on June 12. On June 19, Culver pays Concord Company in full, less the discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Culver Company. (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 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit…
On June 10, Oriole Company purchased $9,500 of merchandise on account from Sheffield Company, FOB shipping point, terms 2/10, n/30. Oriole pays the freight costs of $550 on June 11. Goods totaling $400 are returned to Sheffield for credit on June 12. On June 19, Oriole pays Sheffield Company in full, less the discount. Both companies use a perpetual inventory system. 1. Prepare separate entries for each transaction on the books of Oriole Company. (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 0 for the amounts.) 2. Prepare separate entries for each transaction for Sheffield Company. The merchandise purchased by Oriole on June 10 cost Sheffield $5,200, and the goods returned cost Sheffield $200. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered.…
On June 10, Cullumber Company purchased $7,300 of merchandise from Oriole Company, terms 3/10, n/30. Cullumber Company pays the freight costs of $360 on June 11. Goods totaling $500 are returned to Oriole Company for credit on June 12. On June 19, Cullumber Company pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Oriole Company. The merchandise purchased by Cullumber Company on June 10 cost Oriole Company $2,400, and the goods returned cost Oriole Company $210. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter…
On June 10, Sunland Company purchased $10,000 of merchandise on account from Marigold Company, FOB shipping point, terms 1/10, n/30. Sunland pays the freight costs of $420 on June 11. Goods totaling $300 are returned to Marigold for credit on June 12. On June 19, Sunland pays Marigold Company in full, less the discount. Both companies use a perpetual inventory system. 1. Prepare separate entries for each transaction on the books of Sunland Company 2. Prepare separate entries for each transaction for Marigold Company. The merchandise purchased by Sunland on June 10 cost Marigold $4,500, and the goods returned cost Marigold $160.