On September 4, Wildhorse Knickknacks buys merchandise on account from Pina Supply Company. The selling price of the goods is $1,900 and the cost of goods is $1,350. Both companies use the perpetual inventory systems. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entries before credit entries.) 1. Journalize the transactions on the books of Wildhorse Knickknacks. Date Account Titles and Explanation Sept. 4 2. Journalize the transactions on the books of Pina Supply Company. Date Account Titles and Explanation Sept. 4 (To record credit sale) (To record cost of goods sold) Debit Credit Debit Credit
On September 4, Wildhorse Knickknacks buys merchandise on account from Pina Supply Company. The selling price of the goods is $1,900 and the cost of goods is $1,350. Both companies use the perpetual inventory systems. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entries before credit entries.) 1. Journalize the transactions on the books of Wildhorse Knickknacks. Date Account Titles and Explanation Sept. 4 2. Journalize the transactions on the books of Pina Supply Company. Date Account Titles and Explanation Sept. 4 (To record credit sale) (To record cost of goods sold) Debit Credit Debit Credit
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 5PA: Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of...
Related questions
Question
![On September 4, Wildhorse Knickknacks buys merchandise on account from Pina Supply Company. The selling price of the goods is
$1,900 and the cost of goods is $1,350. Both companies use the perpetual inventory systems.
(Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entries
before credit entries.)
1. Journalize the transactions on the books of Wildhorse Knickknacks.
Date
Account Titles and Explanation
Sept. 4
2. Journalize the transactions on the books of Pina Supply Company.
Date
Account Titles and Explanation
Sept. 4
(To record credit sale)
(To record cost of goods sold)
Debit
Credit
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe16bb1cf-e891-4df5-b5d6-3dba05feea24%2Fac78bb00-7002-4193-ba1a-50fcf0cb22a3%2Fam9d8wl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On September 4, Wildhorse Knickknacks buys merchandise on account from Pina Supply Company. The selling price of the goods is
$1,900 and the cost of goods is $1,350. Both companies use the perpetual inventory systems.
(Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entries
before credit entries.)
1. Journalize the transactions on the books of Wildhorse Knickknacks.
Date
Account Titles and Explanation
Sept. 4
2. Journalize the transactions on the books of Pina Supply Company.
Date
Account Titles and Explanation
Sept. 4
(To record credit sale)
(To record cost of goods sold)
Debit
Credit
Debit
Credit
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781337280570/9781337280570_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial And Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781337902663/9781337902663_smallCoverImage.jpg)
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
![College Accounting (Book Only): A Career Approach](https://www.bartleby.com/isbn_cover_images/9781305084087/9781305084087_smallCoverImage.gif)
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning