Prepare separate entries for each transaction for Pronghorn Company. The merchandise purchased by Riverbed on June 10 cost Pronghorn $4,600, and the goods returned cost Pronghorn $262. (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. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date June 10 (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) Debit Credit

Prepare separate entries for each transaction for Pronghorn Company. The merchandise purchased by Riverbed on June 10 cost Pronghorn $4,600, and the goods returned cost Pronghorn $262. (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. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date June 10 (To record credit sale) (To record cost of merchandise sold) (To record merchandise returned) (To record cost of merchandise returned) 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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Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
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