Homework Answers
| Date | Account titles and explanation | Debit | Credit |
| March 1 | Accounts receivable | $11800 | |
| Sales revenue | $11800 | ||
| (To record merchandise sold on account) | |||
| March 3 | Sales return and allowances | $400 | |
| Accounts receivable | $400 | ||
| (To record merchandise returned) | |||
| March 9 | Cash (11800-400)*98% | $11172 | |
| Sales discounts (11800-400)*2% | $228 | ||
| Accounts receivable (11800-400) | $11400 | ||
| (To record amount collected) | |||
| March 15 | Accounts receivable | $700 | |
| Sales revenue | $700 | ||
| (To record sold merchandise) | |||
| March 31 | Accounts receivable ($700*2%) | $14 | |
| Interest revenue | $14 | ||
| (To record monthly interest added to the customer's credit card balance) | |||
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Presented below are selected transactions of Bramble Company. Bramble sells in large quantities to other companies...
Presented below are selected transactions of Blossom Company. Blossom sells in large quantities to other companies...
Presented below are selected transactions of Blossom Company. Blossom sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $3,400, terms 4/10, n/30 Dodson Company returned merchandise worth $1,200 to Blossom 9 Blossom collected the amount due from Dodson Company from the 15 Blossom sold merchandise for $1,000 in its retail outlet. The 31 Blossom added 1.6% monthly interest to the customer's credit...
Presented below are selected transactions of Concord Company. Concord sells in large quantities to other companies...
Presented below are selected transactions of Concord Company. Concord sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $8,800, terms 6/10, n/30. 3 Dodson Company returned merchandise worth $700 to Concord. 9 Concord collected the amount due from Dodson Company from the March 1 sale. 15 Concord sold merchandise for $1,000 in its retail outlet. The customer used his Concord credit card....
n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s...
n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) E9.2 (LO 1) Presented below are selected transactions of Molina Company. Molina sells in large quanti- ties to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30. 3 Dodson Company returned merchandise worth...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $1...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Bramble uses a...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing $7,400 from Bole Company on account. 5 7 Received credit of $410 from Carwell Company for merchandise damaged in shipment to Hasselback Issued credit of $400 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $260. Hasselback Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal....
On March 2, Cullumber Company sold $835,000 of merchandise on account to Bramble Company, terms 2/10,...
On March 2, Cullumber Company sold $835,000 of merchandise on
account to Bramble Company, terms 2/10, n/30. The cost of the
merchandise sold was $585,000. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Show List of Accounts
Show Answer
Link to Text
Attempts: 3 of 3 used
(b)
Your answer is partially correct. Try again.
On March 6, Bramble Company returned $83,500 of the merchandise
purchased on March...
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...
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...
Presented below are selected transactions for Bridgeport Company during September and October of the current year. Bridg...
Presented below are selected transactions for Bridgeport Company during September and October of the current year. Bridgeport uses a perpetual inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $45,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $3,000 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased...
Presented below are selected transactions of Blossom Company. Blossom sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $3,400, terms 4/10, n/30 Dodson Company returned merchandise worth $1,200 to Blossom 9 Blossom collected the amount due from Dodson Company from the 15 Blossom sold merchandise for $1,000 in its retail outlet. The 31 Blossom added 1.6% monthly interest to the customer's credit...
n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Jacob Co.'s books to record the sale and related collection. (Omit cost of goods sold entries.) E9.2 (LO 1) Presented below are selected transactions of Molina Company. Molina sells in large quanti- ties to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on account to Dodson Company for $5,000, terms 2/10, n/30. 3 Dodson Company returned merchandise worth...
RE8.11 (LO 2,4) During its first year of operations, Fertig Company had credit sales of $3,000,000, of which S400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables will become uncollectible. zero in Allowance for Doubtful Accounts.) b. Prepare the current assets section of the balance sheet for Fertig Company, assuming that in addi- tion to the receivables it has cash of $90,000, merchandise inventory of $180,000, and supplies of $13,000 iu c. Calculate the accounts...
Bramble Company sells one product. Presented below is information for January for Bramble Company. Jan. 1 4 11 Inventory Sale Purchase Sale Purchase Sale 114 units at $5 each 89 units at $8 each 156 units at $7 each 126 units at $9 each 158 units at $7 each 103 units at $11 each 13 20 27 Bramble uses the FIFO cost flow assumption. All purchases and sales are on account. (a) Your answer is correct. Assume Bramble uses a...
Exercise 7-9 Hasselback Company has the following selected transactions during March. Mar. 2 Purchased equipment costing $7,400 from Bole Company on account. 5 7 Received credit of $410 from Carwell Company for merchandise damaged in shipment to Hasselback Issued credit of $400 to Dempsey Company for merchandise the customer returned. The returned merchandise had a cost of $260. Hasselback Company uses a one-column purchases journal, a sales journal, the columnar cash journals used in the text, and a general journal....
On March 2, Cullumber Company sold $835,000 of merchandise on
account to Bramble Company, terms 2/10, n/30. The cost of the
merchandise sold was $585,000. (Credit account titles
are automatically indented when amount is entered. Do not indent
manually.)
Account Titles and Explanation
Debit
Credit
Show List of Accounts
Show Answer
Link to Text
Attempts: 3 of 3 used
(b)
Your answer is partially correct. Try again.
On March 6, Bramble Company returned $83,500 of the merchandise
purchased on March...
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...
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