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
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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...
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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
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
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