Presented below are selected transactions of Splish Company. Splish sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $7,600, terms 4/10, n/30. Dodson Company returned merchandise worth $1,000 to Splish. Splish collected the amount due from Dodson Company from the March 1 sale. Splish sold merchandise for $250 in its retail outlet. The customer used his Splish credit card. Splish added 1.60% monthly interest to the customer's credit card balance. Assess a full month of interest. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Presented below are selected transactions of Splish Company. Splish sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 31 Sold merchandise on account to Dodson Company for $7,600, terms 4/10, n/30. Dodson Company returned merchandise worth $1,000 to Splish. Splish collected the amount due from Dodson Company from the March 1 sale. Splish sold merchandise for $250 in its retail outlet. The customer used his Splish credit card. Splish added 1.60% monthly interest to the customer's credit card balance. Assess a full month of interest. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $510,000 of merchandise to Crane Co. on account. The cost of the merchandise sold was $336,600. 2. On December 8, Crane Co. returned $25,500 of merchandise purchased on December 3. The cost of the goods was $16,320. 3. On December 13, Blossom Company received the balance due from Crane Co. Prepare a tabular summary to record these transactions for Blossom Company using a perpetual inventory system.
Record the transactions on the books of Martinez corporation.
Prepare the journal entries for the Brady Corporation in the general journal provided. Oct 1 Sold merchandise to Hannah Company, $40,000, terms FOB Shipping Point, 1/10, n/30. The cost of merchandise sold was $27,000. 3 Sold merchandise for $12,000 plus 5% sales tax to retail cash customers. The cost of the merchandise sold was $8,000. The goods were picked up by the customers. 6 Sold merchandise to Welker Industries, $35,000, terms FOB Destination Point, 2/10, n/eom. The cost of the merchandise sold was $23,000. 8 Paid the freight invoice of $450 related to the Welker Industries sale. 11 Received payment from Hannah Company for the October 1 invoice. 16 Received payment from Welker Industries for the October 6 sale. 19 Paid the sales tax to the government…
The following merchandise transactions occurred in December. Both companies use a perpetual inventory system.Dec. 3.Cullumber Company sold merchandise to Ivanhoe Co. for $41,000, terms 2/10, n/30, FOB destination. This merchandise cost Cullumber Company $18,000.4.The correct company paid freight charges of $850.8.Ivanhoe Co. returned unwanted merchandise to Cullumber. The returned merchandise had a sale price of $2,300 and a cost of $990. It was restored to inventory.13.Cullumber Company received the balance due from Ivanhoe Co.(a)Prepare the journal entries to record these transactions on the books of Cullumber Company. (Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)DateAccount Titles and ExplanationDebitCredit(To record sales on…
On June 10, Sage Hill Company purchased $7,500 of merchandise from Oriole Company, on account, terms 2/10, n/30. Sage Hill pays the freight costs of $360 on June 11. Goods totaling $300 are returned to Oriole for credit on June 12. On June 19, Sage Hill Company pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is partially correct. Prepare separate entries for each transaction on the books of Sage Hill Company. (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.)
On June 10, Sheffield Corp. purchased $8,700 of merchandise on account from Concord Company, FOB shipping point, terms 3/10, n/30. Sheffield Corp. pays the freight costs of $600 on June 11. Goods totaling $700 are returned to Concord for credit on June 12. On June 19, Sheffield Corp. pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Sheffield Corp.. (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. Record journal entries in the order presented in the problem.) Rate Account Titles and Explanation ما Debit Credit
On March 2, Blossom Company sold $960,000 of merchandise on account to Pina Company, terms 3/10, n/30. The cost of the merchandise sold was $562,000. On March 6, Pina Company returned $96,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000. On March 12, Blossom Company received the balance due from Pina Company. (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 0 for the amounts) Account Titles and Explanation Debit Credit
On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system (b) Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Blossom Company on June 10 cost McGiver $3,180, and the goods returned cost Blossom Company $210. (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.) Date Account Titles and Explanation Debit Credit choose a transaction date…
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: January 6 Sold goods for $260 to Wizard Incorporated with terms 2/30, n/60. The goods cost Solitare $78. January 6 Sold goods to Spyder Corporation for $104 with terms 2/10, n/30. The goods cost Solitare $68. January 14 Collected cash for the amount due from Wizard Incorporated. February 28 Collected cash for the amount due from Spyder Corporation. Required: Compute the Net Sales Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales 132 H 11 **** 1 +
The following are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 6 Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30. Dodson Company returned merchandise with a sales price of $500 to Molina. Molina collected the amount due from Dodson Company from the March 1 sale. 15 Molina sold merchandise for $400 in its retail outlet. The customer used his Molina credit card. 31 Molina added 1.5% monthly interest to the customer's credit card balance. Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation March 1 く Accounts Receivable Sales Revenue March 3 く Sales Returns and Allowances Accounts Receivable Debit Credit
Sd
ABC Company is a merchandising firm. On June 3, the company sells, on account, merchandise for $2,200, credit terms 2/10, n/30. The cost of merchandise sold is $1,200. On June 8, ABC Company collects the amount due from June 3 sale. Which of the following is correct regarding the journal entry to record the transaction on June 8: