The following transactions are for Carla Vista Company. 1. On December 3, Carla Vista Company sold $552,200 of merchandise to Kingbird Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $352,100. 2. On December 8, Kingbird Co. was granted an allowance of $25,300 for merchandise purchased on December 3. 3. On December 13, Carla Vista Company received the balance due from Kingbird Co. (a)
The following transactions are for Carla Vista Company. 1. On December 3, Carla Vista Company sold $552,200 of merchandise to Kingbird Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $352,100. 2. On December 8, Kingbird Co. was granted an allowance of $25,300 for merchandise purchased on December 3. 3. On December 13, Carla Vista Company received the balance due from Kingbird Co. (a)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following transactions are for Carla Vista Company.
| 1. | On December 3, Carla Vista Company sold $552,200 of merchandise to Kingbird Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $352,100. | |
| 2. | On December 8, Kingbird Co. was granted an allowance of $25,300 for merchandise purchased on December 3. | |
| 3. | On December 13, Carla Vista Company received the balance due from Kingbird Co. |
(a)
Prepare the journal entries to record these transactions on the books of Carla Vista Company 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 0 for the amounts.)
|
No.
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|
|---|---|---|---|---|---|
| 1. | choose a transaction date |
enter an account title to record credit sale
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title to record credit sale
|
enter a debit amount
|
enter a credit amount
|
|||
|
(To record credit sale)
|
|||||
| choose a transaction date |
enter an account title to record cost of merchandise sold
|
enter a debit amount
|
enter a credit amount
|
||
|
enter an account title to record cost of merchandise sold
|
enter a debit amount
|
enter a credit amount
|
|||
|
(To record cost of merchandise sold)
|
|||||
| 2. | choose a transaction date |
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|||
| 3. |
|
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
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education