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.
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.
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?
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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A company purchased inventory for $3,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record the payment of the invoice within 15 days of the invoice date by the purchaser would include ________. (Assume a perpetual inventory system.) A. a debit to Accounts Payable for $2,910 and a credit to Cash for $2,910 B. a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $100, and a credit to Cash for $2,900 C. a debit to Accounts Payable for $2,910, a debit to Merchandise Inventory for $90, and a credit to Cash for $3,000 D. a debit to Accounts Payable for $3,000, a credit to Merchandise Inventory for $90, and a credit to Cash for
how do i prepare the journal entry ? Assume that Sunland Company received the balance due from Culver Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2 Presented below are transactions related to Sunland Company. 1. On December 3, Sunland Company sold $650,000 of merchandise on account to Culver Co., terms 2/10, n/30, FOB destination. Sunland paid $300 for freight charges. The cost of the merchandise sold was $353,600. 2. On December 8, Culver Co. was granted an allowance of $29,500 for merchandise purchased on December 3. 3. On December 13, Sunland Company received the balance due from Culver Co.
Presented below are transactions related to Bramble, Inc. May 10 (a) 11 19 24 Purchased goods billed at $15,200 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $11,800 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $12,300 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
A company purchased $8,800 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $440 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: Multiple Choice O O C O $8,109. $8,536. $8,800. $8,360. $8,153.

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