I desperately need help with this accounting homework please! in the problem.)No.DateAccount Titles and ExplanationDebit(1)June 3Accounts ReceivableSales RevenueJune 12CashSales DiscountsAccounts Receivable(2)June 3Accounts ReceivableJune 12ToytheolSales RevenueCashAccounts Receivable219621544221542154Cre On June 3, Sheridan Company sold to Chester Company merchandise having a sale price of $2,100 with terms of 2/10, n/60, f.o.b.shipping point. An invoice totalling $96, terms n/30, was received by Chester on June 8 from John Booth Transport Service for thefreight cost. On June 12, the company received a check for the balance due from Chester Company.(a)Your answer is partially correct.Prepare journal entries on the Sheridan Company books to record all the events noted above under each of the following bases.(1)Sales and receivables are entered at gross selling price.(2)Sales and receivables are entered at net of cash discounts.

Details:Sales price: $2,100Terms: 2/10, n/60 (2% discount if paid within 10 days, net amount due in…

Answered: in the problem.) No. Date Account…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....

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Similar questions

Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
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.
n On June 3, Swifty Company sold to Chester Company merchandise having a sale price of $5,200 with terms of n/60, f.o. b. shipping point. An invoice totalling $95, terms was received by Chester on June 8 from John 4 10' Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Swifty Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.
On June 3, Sandhill Company sold to Chester Company merchandise having a sale price of $2,200 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $97, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Partially correct answer iconYour answer is partially correct. Prepare journal entries on the Sandhill Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.
On June 3, Sunland Company sold to Chester Company merchandise having a sale price of $5,200 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totalling $98, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company.
On June 3, Marigold Company sold to Chester Company merchandise having a sale price of $3,800 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totalling $91, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Marigold Company books to record all the events noted above under each of the following bases. (1) (2) No. Your answer is partially correct. (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 the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) (1) (2) Sales and receivables are entered at gross selling price. Sales and receivables are entered at net of cash discounts. Date June 3 June 3 June 12 June 3…
On June 3, Pearl Company sold to Chester Company merchandise having a sale price of $5,500 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $99, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Pearl Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. (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.)
On June 3, Concord Company sold to Chester Company merchandise having a sale price of $3,300 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $94, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Concord Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.
On June 3, Oriole Company sold to Chester Company merchandise having a sale price of $6,000 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $93, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Oriole Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.
On June 3, Larkspur Company sold to Chester Company merchandise having a sale price of $6,000 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totaling $93, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. Prepare journal entries on the Larkspur Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts. No. Date Account Titles and Explanation Debit Credit
on june 3, concord comoany sold to chester merchandise having a sale price of $5,500 with terms 2/10,n/60,F.O.B. shipping point. An invoice totalling $99, terms n/30, was received by chester on june 8 from john booth transportservice for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the concord company books to record all the events noted above under each of the following basis. (1) sales and receivable are entered at gross selling price. (2). sales and receivable are entered at net cash discounts.
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