On June 3, 2022, Marigold Company sold to Ann Mount merchandise having a sales price of $7,600 (cost $6,840) with terms of n/60, fo.b. shipping point. Marigold estimates that merchandise with a sales value of $760 will be returned. An invoice totaling $100 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount returned to Marigold $300 of merchandise containing flaws. Marigold expects the returned items to be resold at a profit. The freight on the returned merchandise was $22, paid by Marigold on June 8. On July 16, the company received a check for the balance due from Mount. No further returns are expected. Prepare journal entries for Marigold Company to record all the events in June and July. (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)
On June 3, 2022, Marigold Company sold to Ann Mount merchandise having a sales price of $7,600 (cost $6,840) with terms of n/60, fo.b. shipping point. Marigold estimates that merchandise with a sales value of $760 will be returned. An invoice totaling $100 was received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount returned to Marigold $300 of merchandise containing flaws. Marigold expects the returned items to be resold at a profit. The freight on the returned merchandise was $22, paid by Marigold on June 8. On July 16, the company received a check for the balance due from Mount. No further returns are expected. Prepare journal entries for Marigold Company to record all the events in June and July. (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)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject - account
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Transcribed Image Text:Prepare journal entries for Marigold Company to record all the events in June and July. (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)
Date
Account Titles and Explanation
(To record sales)
(To record cost of goods sold)
(To record sales returns)
(To record cost of goods returned)
(To record the freight cost)
I
Debit
Credit
Transcribed Image Text:On June 3, 2022, Marigold Company sold to Ann Mount merchandise having a sales price of $7,600 (cost $6,840) with terms of n/60,
fo.b. shipping point. Marigold estimates that merchandise with a sales value of $760 will be returned. An invoice totaling $100 was
received by Mount on June 8 from Olympic Transport Service for the freight cost. Upon receipt of the goods, on June 8, Mount
returned to Marigold $300 of merchandise containing flaws. Marigold expects the returned items to be resold at a profit. The freight
on the returned merchandise was $22, paid by Marigold on June 8. On July 16, the company received a check for the balance due from
Mount. No further returns are expected.
Prepare journal entries for Marigold Company to record all the events in June and July. (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)
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