Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 658,300 Sales Revenue 658,300 (To record credit sale) Dec. 3 Cost of Goods Sold 380,200 Inventory 380,200 (To record cost of merchandise sold) Dec. 3 330 Cash 330 (To record freight charges) Dec. 8 Sales Returns and Allowances 22,700 Accounts Receivable 22,700 Dec. 13 v Cash Sales Discounts Accounts Receivable

Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 658,300 Sales Revenue 658,300 (To record credit sale) Dec. 3 Cost of Goods Sold 380,200 Inventory 380,200 (To record cost of merchandise sold) Dec. 3 330 Cash 330 (To record freight charges) Dec. 8 Sales Returns and Allowances 22,700 Accounts Receivable 22,700 Dec. 13 v Cash Sales Discounts Accounts Receivable

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sales-related transactions Sayers Co. sold merchandise on account to a customer for $86,000 terms 1/10, n/30. The cost of the goods sold was $66,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it bla b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. Previous Next Check My Work All work saved. Email Instructor Save and Exit Submit Assignment for Gr APR étv
p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1
Prepare the journal entries to record the following transactions on Wildhorse Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 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.) (a) On March 2, Windsor Company sold $947,600 of merchandise to Wildhorse Company on account, terms 3/10, n/30. The cost of the merchandise sold was $534,200. (b) On March 6, Wildhorse Company returned $105,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,600. (c) On March 12, Windsor Company received the balance due from Wildhorse Company. No. Date Account Titles and Explanation Debit Credit (a) choose a transaction date March 2March 6March 12 enter an account title…
Retro Clothes uses a perpetual inventory system. Journalize the following transactions for Retro Clothes. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company uses the gross method to record sales. Round all numbers to the nearest whole dollar.) View the transactions. Aug. 1: Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Date Aug. 1 Accounts Debit Credit Transactions Aug. 1 Aug. 5 Aug. 7 Aug. 8 Purchased $6,600 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping point from NYC Clothes. Returned $400 of defective merchandise purchased on August 1. Paid freight bill of $250 on August 1 purchase. Sold merchandise inventory on account for $2,400 to Youth Outfitters. Payment terms were 2/15, n/30. These goods cost the company $1,100. Aug. 10 Paid amount owed on credit purchase of August 1, less the return and the…
Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
i need help August 15 to august 30 please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $12,900, with terms 2/10, net 30. The cost of the merchandise sold was $8,385. Sale Cost b. Received payment within the discount period.
Journalize the following merchandise transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Mar. 1 Sold merchandise on account, $74,200 with terms 2/10, n/30. The cost of the merchandise sold was $43,300. 9 Received payment less the discount. 13 Issued a $2,500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
Instructions In this assignment you will record eight transactions related to the sale and purchase of merchandise. You will record each transaction according to the procedures of a periodic inventory system. You will record each transaction according to the procedures of a perpetual inventory system. Include the date for each transaction. Include a brief explanation for each entry similar to the sample entry example. Please skip a line between each transaction entry. You may use the journals provided or create your own journals. If you create your own journals they must have a date column, description column, a debit column and a credit column. You may hand write the journal entries or type them. Transactions to Record Sample Ace Company issues a $200 Sales Allowance to a customer who received damaged merchandise purchased in Feb from Ace. Mar 1 Ace Company sells merchandise totaling $1,500 on account with terms 2/15, n/30, FOB destination. Cost of goods is…
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Create General Journal entries