Question

YouTube Maps Course Home Cengage WileyPLUS New Tab IS WileyPLUS: MyWileyPLUS I Help Weygandt, Financial and Managerial, 3e Contact Us INTRODUCTION TO ACCOUNTING (ACCT 200 Practice Assignment Gradebook ORION Downloadable eTextbook signment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK Brief Exercise 5-05 a-c Prepare the journal entries to record the following transactions on Whispering Winds Corp.'s books using a perpetual inventory system. On March 2, Martinez Company sold $869,000 of merchandise on account to Whispering Winds Corp., terms 3/10, 1/30. The cost of the merchandise sold was $544,000. (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 o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT -tudy. On March 6, Whispering Winds Corp. returned $86,900 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,400. (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 o for the amounts.) Account Titles and Explanation Credit Debit

Answer 1

	Journal Entries
Date	Particulars			Debit	Credit
2-Mar	Accounts Receivable - Whispering Winds			$ 869,000.00
	To Sales				$ 869,000.00
	Cost of Goods sold			$ 544,000.00
	To Merchandise Inventory				$ 544,000.00
	(Entries to record sale and cost of goods
	sold)
6-Mar	Sales Returns			$   86,900.00
	To Accounts Receivable - Whispering Winds				$   86,900.00
	Merchandise Inventory			$   54,000.00
	To Cost of Goods sold				$   54,000.00
	(Entries to record sales return)