ZuoTi.Pro
Question

On June 10, Crane Company purchased $ 6,100 of merchandise from Sheridan Company, terms 2/10, n/30. Crane Company pays the freight costs of 360 on June 11. Goods totaling $400 are returned to Sheridan Company for credit on June 12. On June 19, Crane Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system. You Answered Correct Answer Your answer is partially correct Prepare separate entries for each transaction on the books of Crane Company.(f no entry is required, select No Entry for the account titles and enter 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.) Date Account Titles and Explanation Debit Credit June 10 Inventory 6,100 Accounts Payable 6,100 1Inventory 360 Cash 360 400 June 12 Accounts Payable
June 12 Accounts Payable 400 Inventory 400 June 19 Accounts Payable 5,700 Cash 5,586 Sales Discounts 114 List of Accounts eTextbook and Media Solution You Answered Correct Answer Your answer is partially correct Prepare separate entries for each transaction for Sheridan Company. The merchandise purchased by Crane Company on June 10 cost Sheridan Company $ 2.000, and the goods returned cost Sheridan Company $200. (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 i
Date Account Titles and Explanation Debit Credit June 10 Accounts Receivable 6,100 Sales Revenue To record credit sale) Cost of Goods Sold 6,100 2,000 Inventory (To record cost of goods sold) June 11 No Entry No Entry June 12 Sales Returns and Allowances 400 Accounts Receivable 400 To record credit sale) Inventory 200 Cost of Goods Sold 200 To record cost of goods returned)
To record cost of goods sold) June 11: | | No Entry 0 No Entry June 12 + Sales Returns and Allowances 400 Accounts Receivable 400 (To record credit sale) Inventory 200 Cost of Goods Sold 200 To record cost of goods returned) June 19 Ch 5,586 Sales Discounts 114 Accounts Receivable 5,700Can you correct the blank or red boxes? Thank you i’m very lost on those
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1


ㄣ on June lor Game Corn any pus chae 6 100.0 Herch rdie 6,J00 rods puxchoue.am budit) DebitGLudit JuneIl Cpuight jaid in tash) dit Mane Acount a DO on-Tune 19-Crane ull the puchase distourt Both lomponuis

June 19 Acounk lay abá Cash 5200 586 114 amnt) Anchlonahom Acount PayabsAuhor CtoU Oredi 6,loo. Sals Rerenuc 100 Cto Themehandise Aurchaue by siae mp fast sheidon Lampony $2.000 any on June lo ,000 Tune lo 0 rocla sold ,000

360 on Jinel heaidan Cmjony Gadi4 Jüne ance Inrenlory une as 5586 un Ant -Rece raba 5,200 clou

0 0
Add a comment
Know the answer?
Add Answer to:
Can you correct the blank or red boxes? Thank you i’m very lost on those On...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • On June 10,Crane Company purchased $ 6,100 of merchandise from Sheridan Company, terms 2/10, n/30. Crane...

    On June 10,Crane Company purchased $ 6,100 of merchandise from Sheridan Company, terms 2/10, n/30. Crane Company pays the freight costs of 360 on June 11. Goods totaling $400 are returned to Sheridan Company for credit on June 12.On June 19, Crane Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Crane Company.( no entry is required, select "No Entry' for the...

  • On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10,...

    On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...

  • On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping...

    On June 10, Tamarisk, Inc. purchased $7,350 of merchandise on account from Culver Company, FOB shipping point, terms 3/10, n/30. Tamarisk, Inc. pays the freight costs of $500 on June 11. Goods totaling $650 are returned to Culver for credit on June 12. On June 19. Tamarisk, Inc. pays Culver Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Culver Company. The merchandise purchased by Tamarisk, Inc. on...

  • On October 5, Sheridan Company buys merchandise on account from Skysong Company. The selling price of...

    On October 5, Sheridan Company buys merchandise on account from Skysong Company. The selling price of the goods is $5,680, and the cost to Skysong Company is $3,500. On October 8, Sheridan returns defective goods with a selling price of $690 and a scrap value of $250. Record the transactions on the books of Skysong Company, assuming a perpetual approach. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account...

  • Current Allempl II Progress On June 10, Skysong Company purchased $6,600 of merchandise from Sheridan Company,...

    Current Allempl II Progress On June 10, Skysong Company purchased $6,600 of merchandise from Sheridan Company, on account, terms 4/10, n/30. Skysong pays the freight costs of $350 on June 11. Goods totaling $300 are returned to Sheridan for credit on June 12. On June 19, Skysong Company pays Sheridan Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Skysong Company. (If no entry is...

  • Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost...

    Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June, (1) the company purchased 338 units at $77 each on account, (2) returned 14 units for credit, and (3) sold 281 units at $113 each. Journalize the June transactions. (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...

  • I got ALL the accounts wrong. on both situations! can you please help me? re.com/c /9534/modules/items/234125...

    I got ALL the accounts wrong. on both situations! can you please help me? re.com/c /9534/modules/items/234125 Show Attempt History Current Attempt in Progress On June 10, Pharoah Company purchased $7.600 of merchandise from Cullumber Company, terms 1/10.30. Pharoan Company pays the freight costs of $390 on June 11. Goods totaling $500 are returned to Cullumber Company for credit on June 12. On June 19, Pharoah Company pays Cullumber Company in full less the purchase discount. Both companies use a perpetual...

  • Thank you. thumbs up! Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of...

    Thank you. thumbs up! Exercise 5-04 a-b (Video) On June 10, Tuzun Company purchased $8,000 of merchandise on account from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for credit on June 12 The fair value of these goods is $70. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare...

  • hello, can you please correct the red box? Thanks The question is in the second picture,...

    hello, can you please correct the red box? Thanks The question is in the second picture, please correct the red box, thanks! of $8,520 (credit). During the period, it had credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period. (Omit cost...

  • YPLUS Assignments Question 1 of 6 0.95/1 Show Attempt History Current Attempt in Progress On June...

    YPLUS Assignments Question 1 of 6 0.95/1 Show Attempt History Current Attempt in Progress On June 10, Kingbird Company purchased $6,000 of merchandise from Blossom Company, on account, terms 2/10, 1/30. Kingbird pays the freight costs of $350 on June 11. Goods totaling $200 are returned to Blossom for credit on June 12. On June 19, Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system. Your answer is partially correct. Prepare...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT