On June 10, Metlock Company purchased $7.400 of merchandise from Ivanhoe Company, on account, terms 3/10, n/30. Metlock pays the freight costs of $400 on June 11. Goods totaling $700 are returned to Ivanhoe for credit on June 12. On June 19, Metlock Company pays Ivanhoe Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Metlock Company. (If no entry is required, select "No Entry" for the account titles and enter o 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. List all debit entries before credit entries.) Account Titles and Explanation Date June 10 June 10 June 11 June 12 Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Accounts Payable Debit 7400 400 Credit 7400 400
On June 10, Metlock Company purchased $7.400 of merchandise from Ivanhoe Company, on account, terms 3/10, n/30. Metlock pays the freight costs of $400 on June 11. Goods totaling $700 are returned to Ivanhoe for credit on June 12. On June 19, Metlock Company pays Ivanhoe Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Metlock Company. (If no entry is required, select "No Entry" for the account titles and enter o 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. List all debit entries before credit entries.) Account Titles and Explanation Date June 10 June 10 June 11 June 12 Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Accounts Payable Debit 7400 400 Credit 7400 400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Prepare separate entries for each transaction on the books of Metlock Company. (If no entry is required, select "No Entry" for the
account titles and enter O 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. List all debit entries before credit entries.)
Date
June 10
June 10
June 11
June 12
Account Titles and Explanation
Accounts Receivable
Sales Revenue
Cost of Goods Sold
Inventory
Accounts Payable
Debit
7400
400
Credit
7400
400
Transcribed Image Text:On June 10, Metlock Company purchased $7.400 of merchandise from Ivanhoe Company, on account, terms 3/10, n/30. Metlock pays
the freight costs of $400 on June 11. Goods totaling $700 are returned to Ivanhoe for credit on June 12. On June 19, Metlock
Company pays Ivanhoe Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction on the books of Metlock Company. (If no entry is required, select "No Entry" for the
account titles and enter o 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. List all debit entries before credit entries.)
Account Titles and Explanation
Date
June 10
June 10
June 11
June 12
Accounts Receivable
Sales Revenue
Cost of Goods Sold
Inventory
Accounts Payable
Debit
7400
400
Credit
7400
400
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