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+A Use a tabular summary to record the following transactions for Wildhorse Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Wildhorse Company sold $976,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $658,800. On March 6, Blossom Company returned $170,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $114,680. On March 12, Wildhorse Company received the balance due from Blossom Company. -Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. Liabilities Accts. Pay. CA Common Stock ·CA Rev. Stockholders' Equity CA Retained Earnings Exp. Use a tabular summary to record the following transactions for Wildhorse Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Wildhorse Company sold $976,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $658,800. On March 6, Blossom Company returned $170,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $114,680. On March 12, Wildhorse Company received the balance due from Blossom Company. ⚫Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. (a) Mar. 2 (b) 6 +A $ Cash (c) 12 + Assets +A $ Accts. Rec. + +A Inv. $ JUU

+A Use a tabular summary to record the following transactions for Wildhorse Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Wildhorse Company sold $976,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $658,800. On March 6, Blossom Company returned $170,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $114,680. On March 12, Wildhorse Company received the balance due from Blossom Company. -Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. Liabilities Accts. Pay. CA Common Stock ·CA Rev. Stockholders' Equity CA Retained Earnings Exp. Use a tabular summary to record the following transactions for Wildhorse Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Wildhorse Company sold $976,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $658,800. On March 6, Blossom Company returned $170,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $114,680. On March 12, Wildhorse Company received the balance due from Blossom Company. ⚫Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. (a) Mar. 2 (b) 6 +A $ Cash (c) 12 + Assets +A $ Accts. Rec. + +A Inv. $ JUU

FINANCIAL ACCOUNTING
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 Use a tabular summary to record the following transactions for Wildhorse Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Wildhorse Company sold $976,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $658,800. On March 6, Blossom Company returned $170,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $114,680. On March 12, Wildhorse Company received the balance due from Blossom Company. -Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. Liabilities Accts. Pay. CA Common Stock ·CA Rev. Stockholders' Equity CA Retained Earnings Exp.
Transcribed Image Text:+A Use a tabular summary to record the following transactions for Wildhorse Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Wildhorse Company sold $976,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $658,800. On March 6, Blossom Company returned $170,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $114,680. On March 12, Wildhorse Company received the balance due from Blossom Company. -Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. Liabilities Accts. Pay. CA Common Stock ·CA Rev. Stockholders' Equity CA Retained Earnings Exp.
Use a tabular summary to record the following transactions for Wildhorse Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Wildhorse Company sold $976,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $658,800. On March 6, Blossom Company returned $170,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $114,680. On March 12, Wildhorse Company received the balance due from Blossom Company. ⚫Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. (a) Mar. 2 (b) 6 +A $ Cash (c) 12 + Assets +A $ Accts. Rec. + +A Inv. $ JUU
Transcribed Image Text:Use a tabular summary to record the following transactions for Wildhorse Company using a perpetual inventory system. Include margin explanations for the changes in revenues and expenses. (a) (b) (c) On March 2, Wildhorse Company sold $976,000 of merchandise to Blossom Company on account. The cost of the merchandise sold was $658,800. On March 6, Blossom Company returned $170,800 of the merchandise purchased on March 2. The cost of the merchandise returned was $114,680. On March 12, Wildhorse Company received the balance due from Blossom Company. ⚫Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. -Increases in expenses require a negative sign or parentheses. - Reductions in revenues require a negative sign or parentheses. (a) Mar. 2 (b) 6 +A $ Cash (c) 12 + Assets +A $ Accts. Rec. + +A Inv. $ JUU
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