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 May 18 (To record the sales revenue.) I Debit Credit

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 May 18 (To record the sales revenue.) I 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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Journalize the following merchandise 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 merchandise on account, $74,200 with terms 2/10, n/30. The cost of the merchandise sold was $43,300. 9 Received payment less the discount. 13 Issued a $2,500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
Whispering Company 'sells one product. Presented below is information for January for Whispering Company. Jan. 1 4 11 13 20 27 Inventory 111 90 159 130 149 85 Sale Purchase Sale Purchase Sale Whispering uses the FIFO cost flow assumption. All purchases and sales are on account. Assume Whispering uses a perpetual system. Prepare all necessary journal entries. (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. List all debit entries before credit entries.) units at $5 each units at $8 each units at $6 each units at $9 each units at $7 each units at $11 each Date Account Titles and Explanation (To record the sale) (To record the cost of inventory) (To record the sale) Debit Credit
On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440
Crane Company has the following merchandise account balances at its September 30 year end: Cost of goods sold Delivery expense Merchandise inventory Salaries expense Date Sept. 30 $120,000 Sept. 30 2,300 22,000 40,000 Sales Sales discounts Sales returns and allowances Supplies Prepare the entries to close the appropriate accounts to the Income Summary account. (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. List all debit entries before credit entries.) Account Titles and Explanation | $187,500 (To close income statement account with credit balance.) 970 3,100 2,300 Debit Credit TOU
On June 10, Riverbed Company purchased $7,850 of merchandise on account from Pronghorn Company, FOB shipping point, terms 2/10, n/30. Riverbed pays the freight costs of $490 on June 11. Goods totaling $650 are returned to Pronghorn for credit on June 12. On June 19, Riverbed pays Pronghorn Company in full, less the discount. Both companies use a perpetual inventory system.
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On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. 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 joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Journalize the following transactions that occurred in September 2018 for Faucet, assuming the perpetual inventory system is being used.. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Faucet estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assune the company records sales at the net amount.) More info Purchased merchandise inventory on account from Sidecki Wholesalers, $4,000. Terms 2/15, n/EOM, FOB shipping point. Sep. 3 Sep. 4 Paid freight bill of $70 on September 3 purchase. Sep. 4 Purchase merchandise inventory for cash of $2,300. Sep. 6 Returned $900 of inventory from September 3 purchase. Sold merchandise inventory to Harvey Company, $5.800, on account. Terms 1/15, n/35. Cost of goods, $2,726. Purchased merchandise inventory on account from Thomas Wholesalers, $7,500. Terms 3/10, n/30, FOB destination. Made payment to Sidecki…
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…
Carla Vista Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) January 5 April 15 August 21 October 5 Date Sold merchandise to Ryan Seacrest for $2,800, terms n/15. Received $480 from Ryan Seacrest on account. Wrote off as uncollectible the balance of the Ryan Seacrest account when he declared bankruptcy. Unexpectedly received a check for $690 from Ryan Seacrest. V Account Titles and Explanation (To reverse write-off of Ryan Seacrest account) (To record collection from Ryan Seacrest account) Debit Credit
Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit
Instructions: Please show work and detailed explanations on how you got your answer. 1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023. 3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note. 3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.