Prepare the journal entries to record the following transactions on Carla Vista Company's books using 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.) (a) (b) (c) On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565.700. On March 6, Tamarisk Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. On March 12, Carla Vista Company received the balance due from Tamarisk Company. Date 11 Account Titles and Explanation (To record sale of merchandise on account) (To record cost of goods sold) (To record return of merchandise) (To record cost of goods returned) Debit 111000 Credit

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Prepare the journal entries to record the following transactions on Carla Vista Company's books using 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.)
(a)
(b)
(c)
On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10, n/30. The
cost of the merchandise sold was $565,700.
On March 6, Tamarisk Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise
returned was $63,600.
On March 12, Carla Vista Company received the balance due from Tamarisk Company.
Date
Account Titles and Explanation
(To record sale of merchandise on account).
(To record cost of goods sold)
(To record return of merchandise)
(To record cost of goods returned)
Debit
Credit
Transcribed Image Text:Prepare the journal entries to record the following transactions on Carla Vista Company's books using 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.) (a) (b) (c) On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565,700. On March 6, Tamarisk Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. On March 12, Carla Vista Company received the balance due from Tamarisk Company. Date Account Titles and Explanation (To record sale of merchandise on account). (To record cost of goods sold) (To record return of merchandise) (To record cost of goods returned) Debit Credit
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