This information relates to Sunland Co. 1. On April 5, purchased merchandise on account from Sarasota Company for $ 22,400, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $ 950 on merchandise purchased from Sarasota Company. 3. On April 7, purchased equipment on account for $ 27,800. 4. On April 8, returned some of April 5 merchandise, which cost $ 3,200, to Sarasota Company. 5. On April 15, paid the amount due to Sarasota Company in full. (a) Prepare the journal entries to record these transactions on the books of Sunland Co. using a periodic inventory system. (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 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 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 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 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 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 enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: unlimited (b) Assume that Sunland Co. paid the balance due to Sarasota Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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 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

This information relates to Sunland Co. 1. On April 5, purchased merchandise on account from Sarasota Company for $ 22,400, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $ 950 on merchandise purchased from Sarasota Company. 3. On April 7, purchased equipment on account for $ 27,800. 4. On April 8, returned some of April 5 merchandise, which cost $ 3,200, to Sarasota Company. 5. On April 15, paid the amount due to Sarasota Company in full. (a) Prepare the journal entries to record these transactions on the books of Sunland Co. using a periodic inventory system. (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 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 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 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 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 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 enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: unlimited (b) Assume that Sunland Co. paid the balance due to Sarasota Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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 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

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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(a)

Prepare the journal entries to record these transactions on the books of Sunland Co. using a periodic inventory system. (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
choose a transaction date

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

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

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

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

enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Attempts: unlimited

(b)

Assume that Sunland Co. paid the balance due to Sarasota Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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
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

eTextbook and Media

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1.		On April 5, purchased merchandise on account from Sarasota Company for $ 22,400, terms 2/10, net/30, FOB shipping point.
2.		On April 6, paid freight costs of $ 950 on merchandise purchased from Sarasota Company.
3.		On April 7, purchased equipment on account for $ 27,800.
4.		On April 8, returned some of April 5 merchandise, which cost $ 3,200, to Sarasota Company.
5.		On April 15, paid the amount due to Sarasota Company in full.