On March 6, Sarasota Company returned $84,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $63,300. (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 O for the amounts.) Account Titles and Explanation (To record merchandise returned) (To record cost of merchandise returned) Debit Credit

On March 6, Sarasota Company returned $84,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $63,300. (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 O for the amounts.) Account Titles and Explanation (To record merchandise returned) (To record cost of merchandise returned) Debit Credit

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1M

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Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (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 O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit
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.) Jan. 2 5 e to search 6 11 Sarasota sold $39,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $21,840. Sarasota expected a return rate of 15%. The appropriate company paid freight costs of $780. Xtra returned $5,100 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $2,856, and it was restored to inventory. Sarasota received the balance due from Xtra. Date Account Titles and Explanation Jan. 2 Accounts Receivable (To record credit cale) JU! Debit 39000 Credit 22°C Sunny AGE
A credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. (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.) Date Account Titles and Explanation July 19 Debit Credit
Prepare separate entries for each transaction for Sheridan Company. The merchandise purchased by Skysong on June 10 cost Sheridan $3,050, and the goods returned cost Sheridan $210. (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 Account Titles and Explanation (To record credit sale) (To record cost of goods sold) (To record credit for receipt of goods returned) (To record cost of goods returned) Debit Credit
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (a) On March 2, Ivanhoe Company sold $840,000 of merchandise on account to Sarasota Company, terms 3/10, n/30. The cost of the merchandise sold was $603,000. (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 O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit
On March 2, Sunland Company sold $995,000 of merchandise on account to Culver Company, terms 3/10, n/30. The cost of the merchandise sold was $583,000. (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 O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit IMM
On May 18, Wildhorse Company sells $820 of merchandise on account with a cost of $460 to Windsor Supply. Prepare the entries for Wildhorse Company to record the sale. (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.) Date Account Titles and Explanation Debit Credit May 18 (To record the sales revenue.) I
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Kingbird Company sells one product. Presented below is information for January for Kingbird Company. Jan. 1 4 11 13 20 27 Inventory 121 units at $4 each 100 units at $8 each 159 units at $6 each 126 units at $9 each 175 units at $7 each 114 units at $11 each Sale Purchase Sale Purchase Sale
Journalize the entries to record the following selected transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Mar. 1 Sold $63,300 of merchandise on account, subject to a sales tax of 6%. The cost of the merchandise sold was $37,540. 23 Paid $38,530 to the state sales tax department for taxes collected.
On March 2, Ivanhoe Company sold $890,000 of merchandise on account to Bridgeport Company, terms 2/10, n/30. The cost of the merchandise sold was $522,000. (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.) Account Titles and Explanation (b) Inventory Accounts Payable Your Answer Correct Answer (Used) (c) Account Titles and Explanation Accounts Payable On March 6, Bridgeport Company returned $89,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,800. (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.) Inventory Debit count Titles and Explanation Debit 890,000 Debit Credit…