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Selected transactions follow for Runner Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,145 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Runner $768. Andrew Noren returned for credit $141 of the merchandise purchased on February 2. The goods had cost Runner $84 and they were returned to inventory. Sold $767 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Runner $491. Sold $837 of merchandise to Michael Collins for cash. The goods had cost Runner $623. Sold $929 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Runner $685. Dong Corporation paid its account in full. Andrew Noren purchased an additional $693 of merchandise on account, terms n/30. The goods had cost Runner $410. Sold $1,737 of merchandise to Batstone Corporation, terms n/30. The goods had cost Runner $1,108. Andrew Noren paid $1,004 on account. (a) - 4 5 8 10 22 24 27 28 Your answer is partially correct. Prepare the journal entries to record each of the above transactions. (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. Record entries in the order displayed in the problem statement. Round answers to the nearest whole dollar, e.g. 5,275.) Date Feb. 2 Account Titles and Explanation (To record sales) Debit Credit

Selected transactions follow for Runner Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,145 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Runner $768. Andrew Noren returned for credit $141 of the merchandise purchased on February 2. The goods had cost Runner $84 and they were returned to inventory. Sold $767 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Runner $491. Sold $837 of merchandise to Michael Collins for cash. The goods had cost Runner $623. Sold $929 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Runner $685. Dong Corporation paid its account in full. Andrew Noren purchased an additional $693 of merchandise on account, terms n/30. The goods had cost Runner $410. Sold $1,737 of merchandise to Batstone Corporation, terms n/30. The goods had cost Runner $1,108. Andrew Noren paid $1,004 on account. (a) - 4 5 8 10 22 24 27 28 Your answer is partially correct. Prepare the journal entries to record each of the above transactions. (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. Record entries in the order displayed in the problem statement. Round answers to the nearest whole dollar, e.g. 5,275.) Date Feb. 2 Account Titles and Explanation (To record sales) Debit Credit

FINANCIAL ACCOUNTING
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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Selected transactions follow for Runner Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,145 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Runner $768. Andrew Noren returned for credit $141 of the merchandise purchased on February 2. The goods had cost Runner $84 and they were returned to inventory. Sold $767 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Runner $491. Sold $837 of merchandise to Michael Collins for cash. The goods had cost Runner $623. Sold $929 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Runner $685. Dong Corporation paid its account in full. Andrew Noren purchased an additional $693 of merchandise on account, terms n/30. The goods had cost Runner $410. Sold $1,737 of merchandise to Batstone Corporation, terms n/30. The goods had cost Runner $1,108. Andrew Noren paid $1,004 on account. (a) - 4 5 8 10 22 24 27 28 Your answer is partially correct. Prepare the journal entries to record each of the above transactions. (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. Record entries in the order displayed in the problem statement. Round answers to the nearest whole dollar, e.g. 5,275.) Date Feb. 2 Account Titles and Explanation (To record sales) Debit Credit
Transcribed Image Text:Selected transactions follow for Runner Sports Ltd. during the company's first month of business. The company expects a return rate of 8% and uses a perpetual inventory system. Feb. 2 Sold $1,145 of merchandise to Andrew Noren on account, terms n/30. The goods had cost Runner $768. Andrew Noren returned for credit $141 of the merchandise purchased on February 2. The goods had cost Runner $84 and they were returned to inventory. Sold $767 of merchandise to Dong Corporation on account, terms n/30. The goods had cost Runner $491. Sold $837 of merchandise to Michael Collins for cash. The goods had cost Runner $623. Sold $929 of merchandise to Rafik Kurji on account, terms n/30. The goods had cost Runner $685. Dong Corporation paid its account in full. Andrew Noren purchased an additional $693 of merchandise on account, terms n/30. The goods had cost Runner $410. Sold $1,737 of merchandise to Batstone Corporation, terms n/30. The goods had cost Runner $1,108. Andrew Noren paid $1,004 on account. (a) - 4 5 8 10 22 24 27 28 Your answer is partially correct. Prepare the journal entries to record each of the above transactions. (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. Record entries in the order displayed in the problem statement. Round answers to the nearest whole dollar, e.g. 5,275.) Date Feb. 2 Account Titles and Explanation (To record sales) Debit Credit
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