Prepare the journal entries to record these transactions on the books of Blossom Co. using a periodic inventory system. manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Prepare the journal entries to record these transactions on the books of Blossom Co. using a periodic inventory system. manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 3CE

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This information relates to Monty Co. 1. 2. 3. 4. 5. (a) (b) On April 5, purchased merchandise from Martinez Company for $45,000, on account, terms 4/10, net/30, FOB shipping point. On April 6, paid freight costs of $1,150 on merchandise purchased from Martinez Company. On April 7, purchased equipment on account for $32,800. On April 8, returned $3,900 of the April 5 merchandise to Martinez Company. On April 15, paid the amount due to Martinez Company in full. Assume that Monty Co. paid the balance due to Martinez Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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.) Date Account Titles and Explanation Debit Credit
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June 10 11 12 19 Culver sold $4,500 of merchandise to Pronghorn, terms n/30, FOB shipping point. The merchandise cost Culver $2,700 when it was originally purchased. Culver has historically experienced a return rate of 10%. Freight costs of $225 were paid by the appropriate company. Culver received damaged goods returned by Pronghorn for credit. The goods were originally sold for $450; the cost of the returned merchandise was $270. The merchandise was not returned to inventory. Culver received full payment from Pronghorn.
Blossom Company purchases various types of beach toys for sale to consumers. Listed below are the transactions for the month of June. Blossom uses a perpetual inventory system. June 1 Purchased 25 water tubes for $260 each terms n/30 FOB destination. 8 Returned 4 tubes purchased on June 1 due to defects. Received a full refund for the defective tubes. 10 Freight charges of $100 for the June 1 transaction are paid by the responsible party. 11 Made a complaint about competitive pricing. Received a $400 credit for the water tubes purchased on June 1. 15 Purchased 110 water tubes for $235 each on account, terms 2/10 n/30. 18 Made payment for the amount owing for the June 1 transaction. 20 Made payment for the amount owing for the June 15 transaction.
Information related to Bramble Co. is presented below. 1. 2. 3. 4. 5. (a) Prepare the journal entries to record these transactions on the books of Bramble Co. under a perpetual inventory system. (List all debit entries before credit entries. 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.) No. 1. 2. 3. 4. On April 5, purchased merchandise on account from Kingbird Company for $25,100, terms 2/10, net/30, FOB shipping point. On April 6, paid freight costs of $790 on merchandise purchased from Kingbird. On April 7, purchased equipment on account for $26,100. On April 8, returned $4,100 of merchandise to Kingbird Company. On April 15, paid the amount due to Kingbird Company in full. 5. Date April 5 April 6 April 7 April 8 V April 15 Account Titles and Explanation Accounts Receivable Sales Revenue Cost of Goods Sold Inventory Sales Returns and…
Prepare the journal entries to record the following transactions on Cullumber Company's books under 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, Marin Company sold $928,800 of merchandise to Cullumber Company on account, terms 2/10, n/30. The cost of the merchandise sold was $511,500. On March 6, Cullumber Company returned $108,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,800. On March 12, Marin Company received the balance due from Cullumber Company. Date Account Titles and Explanation Toxtbookand Media Debit Credit
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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…
Gary Moss, owner of Moss Interiors, is negotiating for the purchase of Cullumber Galleries. The balance sheet of Cullumber is given in an abbreviated form below. Cullumber Gallaries Balance Sheet As of December 31, 2020 Assets Liabilities and Stockholders' Equity Cash $124,000 Accounts payable $50,900 Land 71,900 Notes payable (long-term) 301,900 Buildings (net) 201,900 Total liabilities 352,800 Equipment (net) 176,900 Common stock Copyrights (net) 31,900 Retained earnings 253,800 Total assets $606,600 Total liabilities and stockholders' equity $606,600 Moss and Cullumber agree that: 1. Land is undervalued by $30,000. 2. Equipment is overvalued by $5,000. Cullumber agrees to sell the gallery to Moss for $350,000. $232,900 20,900
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