Prepare separate entries for each transaction for Carla Vista Company. The merchandise purchased by Tamarisk on June 10 costCarla Vista $2,620, and the goods returned cost Carla Vista $200. (If no entry is required, select "No entry" for the accounttitles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do notindent manually. Record journal entries in the order presented in the problem. List all debit entries before creditentries.)DateAccount Titles and Explanation(To record credit sale)(To record cost of goods sold)I(To record credit for receipt of goods returned)(To record cost of goods returned)DebitCredit On June 10, Tamarisk Company purchased $7,900 of merchandise from Carla Vista Company, on account, terms 4/10, n/30. Tamariskpays the freight costs of $390 on June 11. Goods totaling $600 are returned to Carla Vista for credit on June 12. On June 19, TamariskCompany pays Carla Vista Company in full, less the purchase discount. Both companies use a perpetual inventory system.(a)Your answer is correct.Prepare separate entries for each transaction on the books of Tamarisk Company. (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 amount isentered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entriesbefore credit entries.)DateJune 10June 11June 12June 19Account Titles and ExplanationInventoryAccounts PayableInventoryCashAccounts PayableInventoryAccounts PayableInventoryCashDebit79003906007:300Credit

Perpetual Inventory System: It is often defined as a method that is used by a business for managing…

Prepare separate entries for each transaction for Carla Vista Company. The merchandise purchased by Tamarisk on June 10 cost Carla Vista $2,620, and the goods returned cost Carla Vista $200. (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 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 O Account Titles and Explanation (To record credit sale) (To record cost of goods sold) I (To record credit for receipt of goods returned) (To record cost of goods returned) Debit 1080 Credit

Prepare separate entries for each transaction for Carla Vista Company. The merchandise purchased by Tamarisk on June 10 cost Carla Vista $2,620, and the goods returned cost Carla Vista $200. (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 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 O Account Titles and Explanation (To record credit sale) (To record cost of goods sold) I (To record credit for receipt of goods returned) (To record cost of goods returned) Debit 1080 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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