On June 12, Crane Company returned $730 of merchandise previously purchased from Larkspur Produce on account. Prepare the journal entry to record the return on Crane Company's books. Crane uses a perpetual inventory system. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Jun, 4 Debit Credit

On June 12, Crane Company returned $730 of merchandise previously purchased from Larkspur Produce on account. Prepare the journal entry to record the return on Crane Company's books. Crane uses a perpetual inventory system. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Jun, 4 Debit Credit

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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of Goods Sold year-end account balances of Sales Revenue $833,235, Interest Revenue $12,7 Administrative Expenses $203,880, Income Tax Expense $32,408, and Dividends $20,388. Prepare the year-end closing 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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation 1 (To close revenue accounts.) (To close expense accounts.) Debit Credit [
Required information [The following information applies to the questions displayed below] Laker Company reported the following January purchases and sales data for its only product. For specific identification, ending inventory consists of 380 units from the January 30 purchase, 5 units from the January 20 purchase, and 25 units from beginning inventory Date January 1 January 10 January 20 January 25 January 30 View transaction list Activities Beginning inventory Sales Purchase Sales. Purchase Totals Journal entry worksheet 1 < 3 Record journal entries for Laker Company's sales and purchases transactions. Assume for this assignment that the company uses a perpetual inventory system and FIFO, All sales and purchases are made on account, and no discounts are offered. Record the sale of goods. 4 5 Units Acquired at Cost 240 units @ $16.50- 170 units @ $15.50 380 units @ $ 15.00- 790 units 6 $ 3,960 2,635 5,700 $ 12,295 Units sold at Retail 190 units 0 $25.50 e $25.50 190 units 380 units
Credit Prepare separate entries for each transaction for Sandhill Company. The merchandise purchased by Teal Mountain on June 10 cost Sandhill $2,090, and the goods returned cost Sandhill $280. (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 く Account Titles and Explanation > (To record credit sale) > (To record cost of goods sold) > Debit To record credit for recoint of goods returned)
Splish Company sold $8,950 of its specialty shelving to Elkins Office Supply Co. on account. Prepare the entries ignoring cost of goods sold entries when (a) Splish makes the sale. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) (b) Splish grants an allowance of $658 when some of the shelving does not meet exact specifications but still could be sold by Elkins. (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 the amount is entered. Do not indent manually. List debit entry before credit entry.) (c) at year-end; Splish estimates that an additional $200 in allowances will be granted to Elkins. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account…
Sandhill Company buys merchandise on account from Teal Mountain Company. The selling price of the goods is $1,410 and the cost of the goods sold is $690. Both companies use perpetual inventory systems.Journalize the transactions on the books of both companies. (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.)
Prepare the journal entries to record the following sales transactions in Blue Spruce Corp's books. Blue Spruce uses a perpetual inventory system. (List all debit entries before credit 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 O for the amounts. Record journal entries in the order presented in the problem.) Jan. 2 5 6 Feb. 11 Blue Spruce sold $54,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $30,240. Blue Spruce expected a return rate of 15%. The appropriate company paid freight costs of $1,080. Xtra returned $6,600 of the merchandise purchased from Blue Spruce on January 2, because it was not needed. The cost of the merchandise returned was $3,696, and it was restored to inventory. Blue Spruce received the balance due from Xtra.
OnOctober10,201X,CarrolCo. issued debit memorandum no. 1 for $440 to RogerCo. for merchandise returned from invoice no. 312. The merchandise was purchased on account. Your task is to journalize, record, and post this transaction as appropriate. Use the perpetual inventory system. Journalize the transaction. (Record debits first, then credits. Exclude explanations from journal entries. Ignore posting references for purposes of this problem.) Journal Entry Date Accounts PR Dr. Cr. Oct. 10 Record the transaction to the subsidiary ledger account and post to the general ledger accounts. (Select the appropriate account names for each ledger. Ignore posting references for purposes of this problem.) Accounts Payable Subsidiary Ledger General Ledger
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On June 10, Pharoah Company purchased $8,500 of merchandise on account from Flounder Company, FOB shipping point, terms 2/10, n/30. Pharoah pays the freight costs of $520 on June 11. Damaged goods totaling $500 are returned to Flounder for credit on June 12. The fair value of these goods is $70. On June 19, Pharoah pays Flounder Company in full, less the purchase discount. Both companies use a perpetual inventory system.
On April 5, a customer returns 25 bicycles with a sales price of $300 per bike to Barrio Bikes. Each bike cost Barrio Bikes $120. The customer had yet to pay on their account. The bikes are in sellable condition. Assume the perpetual and periodic methods are used. A. Prepare the journal entries to recognize this return if the company uses the perpetual inventory system. If an amount box does not require an entry, leave it blank.