Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual...
Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual inventory system.
(a) On March 2, Pharoah Company sold $824,000 of merchandise on account to Sheffield Company, terms 4/10, 1/30. The cost of the merchandise sold was $615,000. (Credit account titles are automatically indented when amount is entered Do not indent manually.)
Homework Answers
(a)
| Account titles and explanation | Debit | Credit |
| Accounts Receivable | $824,000 | |
| Sales | $824,000 | |
| Cost of Goods Sold | $615,000 | |
| Merchandise Inventory | $615,000 |
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Prepare the journal entries to record the following transactions on Pharoah Company's books using a perpetual...
Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual...
Prepare the journal entries to record the following transactions on Pharoah Company’s books using 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. Record journal entries in the order presented in the problem.) (a) On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost...
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual...
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using 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. Record journal entries in the order presented in the problem.) (a) On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10, n/30. The cost...
question 2 Prepare the journal entries to record the following transactions on Cheyenne Company's books under...
question 2
Prepare the journal entries to record the following transactions on Cheyenne Company's books under a perpetual inventory system. (a) On March 2, Oriole Company sold $932,000 of merchandise on account to Cheyenne Company, terms 3/10, n/30. The cost of the merchandise sold was $581,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Account Titles and Explanation Debit
Prepare the journal entries to record the following transactions on Carla Vista Company's books using a perpetual inventory system
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Prepare the journal entries to record these transactions on the books of Sheffield Co. under a...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Brief Exercise 5-4 Prepare the journal entries to record the following purchase transactions in Oriole Company's...
Brief Exercise 5-4 Prepare the journal entries to record the following purchase transactions in Oriole Company's books. Oriole uses a perpetual inventory system. Jan. 2 4 6 Feb. 1 Oriole purchased $20,300 of merchandise from Feng Company, terms n/30, FOB shipping point. The correct company paid freight costs of $295. Oriole returned $2,100 of the merchandise purchased on January 2 because it was not needed. Oriole paid the balance owing to Feng. (Credit account titles are automatically indented when the...
Prepare the journal entries to record the following transactions on Cullumber Company’s books using a perpetual...
Prepare the journal entries to record the following transactions on Cullumber Company’s books using 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. Record journal entries in the order presented in the problem.) (a) On March 2, Marin Company sold $928,800 of merchandise to Cullumber Company on account, terms 2/10, n/30. The cost...
Please show how you got the answers. Prepare the journal entries to record the following transactions...
Please show how you got the
answers.
Prepare the journal entries to record the following transactions on Ayayai Company's books using a perpetual inventory system Your answer is correct. On March 2, Blossom Company sold £801,000 of merchandise on account to Ayayal Company, terms 2/10,n/30. The cost of the merchandise sold was £521,000. (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...
Prepare the journal entries to record these transactions on Cullumber Company’s books using a periodic inventory...
Prepare the journal entries to record these transactions on Cullumber Company’s books using a periodic 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. Record journal entries in the order presented in the problem.) (a) On March 2, Cullumber Company purchased $886,000 of merchandise from Oriole Company, terms 3/10, n/30. (b) On March 6, Cullumber...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) on March 2, Novak Corp. sold E758,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was E524,000. Account Tities and Explanation Debit Credit (To record the sale) (To record cost of merchandise sold) (b) on March 6, Edgebrook...
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using 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. Record journal entries in the order presented in the problem.) (a) On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10, n/30. The cost...
question 2
Prepare the journal entries to record the following transactions on Cheyenne Company's books under a perpetual inventory system. (a) On March 2, Oriole Company sold $932,000 of merchandise on account to Cheyenne Company, terms 3/10, n/30. The cost of the merchandise sold was $581,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Account Titles and Explanation Debit
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Brief Exercise 5-4 Prepare the journal entries to record the following purchase transactions in Oriole Company's books. Oriole uses a perpetual inventory system. Jan. 2 4 6 Feb. 1 Oriole purchased $20,300 of merchandise from Feng Company, terms n/30, FOB shipping point. The correct company paid freight costs of $295. Oriole returned $2,100 of the merchandise purchased on January 2 because it was not needed. Oriole paid the balance owing to Feng. (Credit account titles are automatically indented when the...
Please show how you got the
answers.
Prepare the journal entries to record the following transactions on Ayayai Company's books using a perpetual inventory system Your answer is correct. On March 2, Blossom Company sold £801,000 of merchandise on account to Ayayal Company, terms 2/10,n/30. The cost of the merchandise sold was £521,000. (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...
Brief Exercise 5-3 Prepare the journal entries to record the following transactions on Novak Corp.'s books using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) on March 2, Novak Corp. sold E758,000 of merchandise to Edgebrook Company, terms 2/10, n/30. The cost of the merchandise sold was E524,000. Account Tities and Explanation Debit Credit (To record the sale) (To record cost of merchandise sold) (b) on March 6, Edgebrook...
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