2.3.(To record sale of merchandise on account)(To record cost of merchandise sold) The following transactions are for Shamrock Company.1. On December 3, Shamrock Company sold $533,400 of merchandise to Pharoah Co., on account, terms 2/10, n/30. The cost ofthe merchandise sold was $312,100.On December 8, Pharoah Co. was granted an allowance of $24,700 for merchandise purchased on December 3.3. On December 13, Shamrock Company received the balance due from Pharoah Co.2.NPrepare the journal entries to record these transactions on the books of Shamrock Company. Shamrock uses a perpetualinventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles areautomatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)Account Titles and ExplanationNo.1.DateDebitCredi

Journal entries are the primary reporting of the business transactions in the books of accounts.…

The following transactions are for Shamrock Company. On December 3, Shamrock Company sold $533,400 of merchandise to Pharoah Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $312,100. On December 8, Pharoah Co. was granted an allowance of $24,700 for merchandise purchased on December 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 1. 2. 3. (a) Prepare the journal entries to record these transactions on the books of Shamrock Company. Shamrock uses a perpetual inventory system. (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. List all debit entries before credit entries) Date Account Titles and Explanation No. 1. Debit Credi

The following transactions are for Shamrock Company. On December 3, Shamrock Company sold $533,400 of merchandise to Pharoah Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $312,100. On December 8, Pharoah Co. was granted an allowance of $24,700 for merchandise purchased on December 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 1. 2. 3. (a) Prepare the journal entries to record these transactions on the books of Shamrock Company. Shamrock uses a perpetual inventory system. (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. List all debit entries before credit entries) Date Account Titles and Explanation No. 1. Debit Credi

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

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box, does not require an entry, leave it blank. Sale Credit Memo Payment 00 00 00 00 00 00 00 00 00 00 00 00
On June 10, Blue Spruce Company purchased $8,400 of merchandise on account from Ayayai Company, FOB shipping point, terms 3/10, n/30. Blue Spruce pays the freight costs of $460 on June 11. Goods totaling $700 are returned to Ayayai for credit on June 12. On June 19, Blue Spruce pays Ayayai Company in full, less the discount. Both companies use a perpetual inventory system.
On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of P300,000. The goods were shipped by YGS on December 31, 20x1 and were received by the buyer on January 2, 20x2. The related shipping costs amounted to P200. YGS Co. collected the receivable on January 5, 20x2. If the term of the sale is FOB destination, freight collect, how much net cash is collected on January 5, 20x27
HOW DO I PREPARE A TRANSACTION CHART? On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Wildhorse pays the freight costs of $590 on June 11. Damaged goods totaling $350 are returned to Novak for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system.
^ Presented below are transactions related to Concord Corporation. 1. 2. 3. (a) On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. On December 13, Concord Corporation received the balance due from Sarasota Co. Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system. (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.) Date Dec. 3 Dec. 8 > Account Titles and Explanation (To record credit sale) norcal_archives_20....zip W QCA 5.docx W Debit response essay.docx 1 Credit
am. 103.
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…
Record Baker’s November transactions, including the cost of goods sold entries for each sale. Calculate the net realizable value of accounts receivable as of November 30.
Please answer the question correctly. Thank you.
Company X sold merchandise for $50,000 with terms 3/30, n/90 on January 1. On January 29, Company X received half the payment in cash. On March 1, they received the remaining half. Prepare the journal entries to record the sale and the receipt of cash under (1) the gross method and (2) the net method. What effect does using the gross method vs. the net method have on the company’s current ratio after the sale? After the receipt of cash?
On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms 2/10, n30. The cost of the items sold is $4,500. Klein uses PERPETUAL inventory system and the GROSS METHOD of accounting for sales. Babson pays the invoice on March 17th and takes the appropriate discount. What is the journal entry Klein makes on March 17th?
Abdulla Co. purchased $2,600 of merchandise from Adel Co. on April 10 with terms 2/10, n/30. On April 27, it returned $300 worth of merchandise. On May 6, it paid the full amount due to Adel Co. The journal entry to record the purchase on April 10 is: O A. Dr. Merchandise Inventory $2,600; Cr. Accounts Payable $2,600 Dr. Merchandise Inventory $2,600; Cr. Sales Returns $300; credit Cash $2,300 Dr. Accounts Payable $2,600; Cr. Merchandise Inventory $2,600 В. OC. D. Dr. Merchandise Inventory $2,300; Cr. Cash $2,300 Activate Windows « Go to Settihgs to activate Windov Moving to another question will save this response. Close Window