The following transactions are for Skysong Company. 1. On December 3, Skysong Company sold $513,500 of merchandise to Sheridan Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $318,300. 2. On December 8, Sheridan Co. was granted an allowance of $24,700 for merchandise purchased on December 3. 3. On December 13, Skysong Company received the balance due from Sheridan Co. (a)Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system. (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.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount (To record sale of merchandise on account) Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold on account) 2. Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for the third journal entry enter a debit amount enter a credit amount Enter an account title for the third journal entry enter a debit amount enter a credit amount 3. Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount (b)Assume that Skysong Company received the balance due from Sheridan Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (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.) Date Account Titles and Explanation Debit Credit Jan. 2 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

The following transactions are for Skysong Company. 1. On December 3, Skysong Company sold $513,500 of merchandise to Sheridan Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $318,300. 2. On December 8, Sheridan Co. was granted an allowance of $24,700 for merchandise purchased on December 3. 3. On December 13, Skysong Company received the balance due from Sheridan Co. (a)Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system. (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.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount (To record sale of merchandise on account) Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold on account) 2. Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for the third journal entry enter a debit amount enter a credit amount Enter an account title for the third journal entry enter a debit amount enter a credit amount 3. Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount (b)Assume that Skysong Company received the balance due from Sheridan Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (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.) Date Account Titles and Explanation Debit Credit Jan. 2 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

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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The following transactions are for Skysong Company.

1.		On December 3, Skysong Company sold $513,500 of merchandise to Sheridan Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $318,300.
2.		On December 8, Sheridan Co. was granted an allowance of $24,700 for merchandise purchased on December 3.
3.		On December 13, Skysong Company received the balance due from Sheridan Co.

(a)

Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system. (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.)

No.

Date

Account Titles and Explanation

Debit

Credit

Choose a transaction date for number 1

Dec. 3Dec. 8Dec. 13Jan. 2

Enter an account title for journal entry 1 to record credit sale

enter a debit amount

enter a credit amount

Enter an account title for journal entry 1 to record credit sale

enter a debit amount

enter a credit amount

(To record sale of merchandise on account)

Choose a transaction date for number 1

Dec. 3Dec. 8Dec. 13Jan. 2

Enter an account title for journal entry 2 to record cost of merchandise sold

enter a debit amount

enter a credit amount

Enter an account title for journal entry 2 to record cost of merchandise sold

enter a debit amount

enter a credit amount

(To record cost of merchandise sold on account)

Choose a transaction date for number 2

Dec. 3Dec. 8Dec. 13Jan. 2

Enter an account title for the third journal entry

enter a debit amount

enter a credit amount

Enter an account title for the third journal entry

enter a debit amount

enter a credit amount

Choose a transaction date for number 2

Dec. 3Dec. 8Dec. 13Jan. 2

Enter an account title for the journal entry on December 13

enter a debit amount

enter a credit amount

Enter an account title for the journal entry on December 13

enter a debit amount

enter a credit amount

Enter an account title for the journal entry on December 13

enter a debit amount

enter a credit amount

(b)

Assume that Skysong Company received the balance due from Sheridan Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (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.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 2	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

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