The following transactions are for Windsor Company. 1. On December 3, Windsor Company sold $475,800 of merchandise to Wildhorse Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $326,400. 2. On December 8, Wildhorse Co. was granted an allowance of $22,200 for merchandise purchased on December 3. 3. On December 13, Windsor Company received the balance due from Wildhorse Co. (a) Prepare the journal entries to record these transactions on the books of Windsor. Windsor 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.)

The following transactions are for Windsor Company. 1. On December 3, Windsor Company sold $475,800 of merchandise to Wildhorse Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $326,400. 2. On December 8, Wildhorse Co. was granted an allowance of $22,200 for merchandise purchased on December 3. 3. On December 13, Windsor Company received the balance due from Wildhorse Co. (a) Prepare the journal entries to record these transactions on the books of Windsor. Windsor 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.)

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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Presented below are selected transactions of Pina Colada Company. Pina Colada sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $13,600, terms 6/10, n/30. 3- Dodson Company returned merchandise worth $1,200 to Pina Colada. Pina Colada collected the amount due from Dodson Company from the March 1 sale. Pina Colada sold merchandise for $3,000 in its retail outlet. The customer used his Pina Colada credit card. Pina Colada added 1.0% monthly interest to the customer's credit card balance. 9 15 31 Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 111
Accounting for Sale on Credit: Net Versus Gross Methods. On December 29, 20X5, Sable Company sold merchandise for P20,000 on credit terms, 3/10, n/60. The accounting period ends December 31.Required:1. Give the following entries under the net method and the gross method: a. To record the 20X5 sale.b. To record collection of the account:• assumption A, on January 5, 20X6;• assumption B, on April l, 20X6. 2. Show what should be reported on the 20X5 and 20X6 statement of financial position and income statements under each approach and for each assumption for the-above transactions.
Ali Co. purchased $2,600 of merchandise from Murad Co. on April 10 with terms 2/10, n/30. On April 27, it retumed S300 worth of merchandise. On May 6, it paid the full amount due to Murad Co. The journal entry to record the payment on May 6 is Debit Accounts Payable S2,300; credit Cash $2,300 A O Debit Accounts Payable $2,600; credit Cash $2,600 .B O Debit Merchandise Inventory $2.300; credit Cash S2,300 .C O Debit Accounts Payable $2,300; credit Merchandise Inventory $46; credit Cash $2,254.D O
On June 3, Pearl Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 3/10, n/60, f.o.b. shipping point. An invoice totaling $95, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Pearl Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.
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.
Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, n/15. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16 Beartooth Co. paid Summit Company for purchase of August 1. 20 Summit Company paid Beartooth Co. a cash refund of $1,000 for defective merchandise purchased on August 1. Beartooth Co. kept the merchandise. 31 Beartooth Co. paid Summit Company on…
The following transactions are for Wildhorse Company. 1. On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2. On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3. On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty 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.
^ 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
American Steel accepted returned merchandise purchased on account by Sky Builders for, $14,450, plus sales tax of $1,100. What is the journal entry for American Steel to record this transaction? Debit Sales, $15,550; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100; Credit Accounts Receivable/Sky Builders, $15,550. O Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales Returns and Allowances, $14,450, Sales Tax Payable, $1,100. Debit Accounts Receivable/Sky Builders, $15,550; Credit Sales, $15,550. %24
Entity J sold merchandise to Entity X on account, P23,000, terms 3/15, net 45. The cost of the merchandise sold is P18,500. Entity J issued a credit memorandum for P2,500 for merchandise returned that originally cost P1,900. Entity X paid the invoice within the discount period. What is the amount of net sales from the above transaction? A. 20,090 B. 20,467 О с. 19,885 O D. 16,102
Dana Co. purchased S2,600 of merchandise from Mona 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 Mona Co. The journal entry to record the merchandise return on April 27 is: Debit Merchandise Inventory $300; credit Sales Returns $300 Debit Merchandise Inventory $2,300; credit Cash $2,300 O A. В. Debit Merchandise Inventory $300; credit Accounts Payable $300 Debit Accounts Payable $300; credit Merchandise Inventory $300 O C. OD. Activate Windows « Go to Settings to activate Winddws. > A Moving to another question will save this response.