fill all blank space 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.

To prepare the tabular summaries to record the transactions in Wildhorse's records, follow the…

Answered: Prepare separate tabular summaries to…

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...

See similar textbooks

Similar questions

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.
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. There needs to be two charts done for blue star co and shore co
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…
This information relates to Marin Co. 1. 2. 3. 4. 5. (a) On April 5, purchased merchandise on account from Cullumber Company for $27,900, terms 2/10, n/30. On April 6, paid freight costs of $670 on merchandise purchased from Cullumber. On April 7, purchased equipment on account for $31,600. On April 8, returned $3,700 of April 5 merchandise to Cullumber Company. On April 15, paid the amount due to Cullumber Company in full. - Your answer is partially correct. Prepare the journal entries to record the transactions listed above on Marin Co's books. Marin Co. uses a perpetual inventory system. (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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date April 5 April 6 V Account Titles and Explanation 100 Debit Credit
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.
A company purchased $2.700 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $295 worth of merchandise. On July B. it paid the full amount due. The amount of the cash paid on July 8 equals Mutiple Choice $2.357 $2.351 $295. $2,400 42700
Ali Co. purchased $2,600 of merchandise from Murad Co. on April 10 with terms 2/10, n/30. On April 27, it retumed S300 worth of merchandise. On May 6, it paid the full amount due to Murad Co. The journal entry to record the payment on May 6 is Debit Accounts Payable S2,300; credit Cash $2,300 A O Debit Accounts Payable $2,600; credit Cash $2,600 .B O Debit Merchandise Inventory $2.300; credit Cash S2,300 .C O Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.D O
On June 21, Marble Company purchased goods from Steel Company for $30,000, terms 2/10, n/30. The invoice was paid on June 27. The company uses a perpetual inventory system and records purchases gross. The June 27 journal entry to record payment of the account would include: Select one: a credit to Cash for $30,000. а. O b. a debit to Accounts Payable for $29,400. O c. a credit to Purchases Discounts for $60O. O d. a credit to Inventory for $600.
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

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS