The following information pertains to Sage Hill Solar Panels, Inc.- **July 1** Sold $144,000 of solar panels to Oriole Company with terms 2/15, n/30. Sage Hill uses the gross method to record cash discounts. Sage Hill estimates allowances of $1,500 will be honored on this sale.- **July 12** Sold $88,000 of solar panels to Cheyenne Corp. with terms of 3/10, n/60. Sage Hill expects no allowances related to this sale.- **July 18** Cheyenne Corp. paid Sage Hill for its July 12 purchase.- **July 20** Oriole calls to indicate that the panels purchased on July 1 work well, but the color is not quite right. Sage Hill grants a credit of $2,000 as compensation.- **July 29** Oriole Company paid Sage Hill for its July 1 purchase.- **July 31** Sage Hill expects allowances of $4,380 to be granted in the future related to solar panel sales in July.Prepare the necessary journal entries for Sage Hill. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)| Date | Account Titles and Explanation | Debit | Credit ||----------|--------------------------------|-------|--------|| [Dropdown: July 1, July 12] | | | |Note: The dropdown menu offers date selections for entering transactions. The image displays a structured table layout commonly used for filling out information in forms or databases. It consists of multiple rows and columns with empty fields designed for data entry. Each row contains dropdown menus on the left side, and adjacent to these are empty text boxes waiting for input. This layout is typically used for organizing data systematically, allowing for easy input, retrieval, and analysis. In an educational context, such formats may be used for student data entry, assignment tracking, or survey forms, highlighting their importance for orderly data management.

Journal entries are used to record the transactions and are also helpful in preparing the financial…

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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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Kingbird Inc. sold $16,200 of its designer tables to Santos Furniture and Design Studios on account. Kingbird estimates that $1,800 of these sales will either be returned or an allowance will be granted. Prepare the entries when (a) Kingbird makes the sale (use the gross method), and (b) Kingbird grants an allowance of $1,000 when some of the tables do not meet exact specifications but still could be sold by Santos. (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.) No. Account Titles and Explanation Debit Credit (a) (b)
Shaw Company purchased 2000 units of a merchandise (called XOM) at $10 per unit from Reynold Company on account. Sales taxes was 6% which was not included in the price. Shaw Company was charged $150 for shipping and handling. Terms were 2/10, n/30. Company paid Reynold Company in full within discount period. Provide the journal entry that Shaw Company must make to record the payment.
Presented below is information from Larkspur Computers Incorporated. July 1 Sold $19,200 of computers to Robertson Company with terms 3/15, n/60. Larkspur uses the gross method to record cash discounts. Larkspur estimates allowances of $1,248 will be honored on these sales. 10 Larkspur received payment from Robertson for the full amount owed from the July transactions. 17 Sold $192,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Larkspur for its purchase of July 17. Prepare the necessary journal entries for Larkspur Computers.
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 54 televisions at a cost of $148 each. Century received a 15/3/3 chain discount. Shipping terms were FOB shipping point. ACME prepaid the $99 freight. Terms were 410 EOM. When Century received the goods, 4 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $265 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Do not round intermediate calculations. Round your answer to the nearest cent.
Robinson's, an electrical supply company, sold $6,800 of equipment to Jim Coates Wiring, Inc. Coates signed a promissory note May 12 with 4,0% interest. The due date was August 10. Short of funds, Robinson's contacted Capital One Bank on July 20; the bank agreed to take over the note at a 5.7% discount. (Use Days in a year table) What proceeds will Robinson's receive? (Use 360 days a year. Do not round intermediate calculations. Round your final answer to the nearest cent.) Proceeds received
Described below are certain transactions of Pharoah Company for 2021: On May 10, the company purchased goods from Fox Company for $74,900, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on May 18. 1. On June 1, the company purchased equipment for $96,000 from Rao Company, paying $31,200 in cash and giving a one- year, 9% note for the balance. 2. On September 30, the company discounted at 11% its $220,000, one-year zero-interest-bearing note at Virginia State Bank, receiving $198,000. 3.
Harwell Company manufactures automobile tires. On July 15, 2021, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accountingfor cash discounts.Required:1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2021.2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2021.
On May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Happy Sales; terms 1/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $25,000. Wilson paid $2,000 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $5,000 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $4,200. On May 20, Wilson mailed a cheque to Happy for the amount owed on that date. Happy received and recorded the cheque on May 21. Required: a. Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual inventory system. View transaction list 1 Record the purchase of merchandise on credit; terms 1/10, n/90. 2 Record the payment of shipping charges on purchased merchandise. 3 Record the return of unacceptable merchandise. 4 Record the payment of balance within the discount period. b. Present the journal entries that Happy Sales…
Serene Company purchases fountains for its inventory from Kirkland Inc. The following transactions take place during the current year. A. On July 3, the company purchases 30 fountains for $1,700 per fountain, on credit. Terms of the purchase are 2/10, n/30, invoice dated July 3. B. On August 3, Serene does not pay the amount due and renegotiates with Kirkland. Kirkland agrees to convert the debt owed into a short-term note, with an 10% annual interest rate, payable in two months from August 3. C. On October 3, Serene Company pays its account in full. Record the journal entries to recognize the initial purchase, the conversion, and the payment. If an amount box does not require an entry, leave it blank. When required, round your answers to the nearest dollar. July 3 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 Aug. 3 fill in the blank 8 fill in the blank 9 fill in the blank 11 fill in the blank 12 Oct. 3 fill in the blank 14…
Macy of New York sold LeeCo. of Chicago office equipment with a $5,600 list price. Sale terms were 5/10, n/30 FOB New York. Macy agreed to prepay the $80 freight. LeeCo. pays the invoice within the discount period. What does LeeCo. pay Macy? Payable amount
J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 FOB Boston. J.C. Penney has agreed to prepay freight $300. Assuming Lee's pays within the discount period, how much will Lee's pay J.C. Penney?
On March 30, Century Link received an invoice dated March 28 from ACME Manufacturing for 59 televisions at a cost of $125 each. Century received a 12/2/5 chain discount. Shipping terms were FOB shipping point. ACME paid the $119 freight. Terms were 3/10 EOM. When Century received the goods, 2 sets were defective. Century returned these sets to ACME. On April 8, Century sent a $ 250 partial payment. Century will pay the balance on May 6. What is Century's final payment on May 6? Assume no taxes. Note: Round your intermediate calculations and final answers to the nearest cent.

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