need proper answers Prepare separate tabular summaries to record these transactions in Wildhorse's records. (Enter negative amounts using either anegative sign preceding the number e.g. -45 or parentheses e.g. (45).)June 4 $1212AssetsCashInventory$$LiabilitiesAccounts PayableCommon St11700$Wildhorse Company purchased $11,700 worth of merchandise, on account from Hayes Company. The costof the merchandise was $8,190.12Wildhorse returned $650 worth of goods to Hayes. The goods had a costof $455 to Hayes.12Wildhorse paid the account in full.Prepare separate tabular summaries to record these transactions in Wildhorse's records. (Enter negative amounts using either anegative sign preceding the number e.g. -45 or parentheses e.g. (45).)$Common Stock$Stockholder's EquityRetained EarningsExp.Rev.$$Div.Save for LaterLast saved 24 minutes ago.Attempts: 0 of 2 usedSubmit AnswerSaved work will be auto-submitted on the due date. Auto-submission can take up to 10 minutes.

Detailed explanation:Record the transactions in Wildhorse Company's records.June 4. Wildhorse…

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
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journalize entries for the following related transactions of greenville heating & air company: a. purchased $33,000 of merchandise from foster co., on account terms 2/10, n 30 b. paid the amount owed on the invoice within the discount period. c. Discovered that $6,600 of the purchased in (a) was defective and returned items, receiving credit for $6,468 ($6,600-($6,600 x2%) ).d. purchased $5,400 of merchandise from foster co., on account, terms n/30. e. received a refund from foster co., in (c) less the purchase in d.
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Aviles Corporation engaged in the following transactions during June. DATE. TRANSACTIONS June 4, 20X1. Purchased merchandise on account from Eliassen Company; Invoice 100 for 1,145; terms n/30. June 15,20X1. Recorded purchases for cash, 1,630. June 30, 20X1. Paid amount due to Eliassen Company for the purchase on June 4. Required: Record these transactions in a general journal. View transaction list Journal entry worksheet < 1 2 Date June 04, 20X1 Note: Enter debits before credits. 3 Purchased merchandise on account from Eliassen Company; Invoice 100 for $1,145; terms n/30. Record entry Show Transcribed Text 3 General Journal Clear entry c Date. General Journal. Debit. Credit June 04, 20X1 Debit Credit View general journal Journal entry worksheet Purchased merchandise on account from Eliassen Company; Invoice 100 for 1,145; terms n/30
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…
Wise Company, a VAT registered company, sold merchandise totaling P90 000 ( 12% VAT exclusive) under FOB shipping point, freight prepaid: n/30 Lanvin paid transportation cost of P11. 250 to a common carrier company. Customer paid its account in full within the credit penod. How much cash was collected from the customer? 2. The total debit and credit balances of an Income Statement in the worksheet is P451.700 and P715.500 The omitted adjustment was debit Uneamed Rent and credit Rent Revenue of P7.500. What is the corrected balance of Net Income? * 3.The worksheet at the end of October has P4000 in the Trial Balance credit column for Accumulated Depreciation and has P4 750 in the Balance Sheet credit column for Accumulated Depreciation What was the amount of the Depreciation expense adjustment for the month of October?
Prepare the journal entries for the Schilling Corporation in the general journal provided. Sep 1 Purchased merchandise from Nixon Company, $30,000, terms FOB Shipping Point, 1/15, n/45. 3 Purchased $25,000 of merchandise from Rice Company, terms FOB Destination, n/30. 6 Paid the freight invoice of $250 related to the September 1 purchase. 8 Returned $5,000 of September 3 purchase of merchandise back to Rice Company. 11 Purchased merchandise from Burleson Company, $20,000, terms FOB Shipping Point, 2/10, n/30. 15 Paid Nixon Company for the invoice of September 1. 17 Purchased $5,000 of merchandise from Martinez Company, terms FOB Shipping Point, cash on delivery. 21 Paid the freight invoice of $100 related to the September 17 purchase. 31 Paid the amount due Rice Company.
Kiner Corp purchases $36,000 of merchandise from Schell Co. on account, terms 2/10, n/30. What is the entry to record the transaction on Kiner's books? Debit Inventory for $36,000; Credit Cash for $36,000 Debit Accounts Payable for $36,000; Credit Inventory for $36,000 Debit Inventory for $36,000; Credit Accounts Payable for $36,000 Debit Accounts Receivable for $36,000; Credit Sales for $36,000

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