The following are selected transactions of Whispering Winds Company. Whispering Winds sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 Sold merchandise on account to Dodson Company for $11,000, terms 6/10, n/30. Dodson Company returned merchandise worth $500 to Whispering Winds Whispering Winds collected the amount due from Dodson Company from the March 1 sale Whispering Winds sold merchandise for $2.250 in its retail outlet. The customer used his Whispering Winds credit card. 31 Whispering Winds added 1.6% 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 ally #fon entry is required select "No Entry for the account titles

The following are selected transactions of Whispering Winds Company. Whispering Winds sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 3 9 15 Sold merchandise on account to Dodson Company for $11,000, terms 6/10, n/30. Dodson Company returned merchandise worth $500 to Whispering Winds Whispering Winds collected the amount due from Dodson Company from the March 1 sale Whispering Winds sold merchandise for $2.250 in its retail outlet. The customer used his Whispering Winds credit card. 31 Whispering Winds added 1.6% 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 ally #fon entry is required select "No Entry for the account titles

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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Hh1. calculate net sales, cost of goods sold and gross profit from sales
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Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.