Homework Answers
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| Able Company | |||
| Date | Account | Debit $ | Credit $ |
| 1-Jun | Maya | 6,000.00 | |
| Sales | 6,000.00 | ||
| 1-Jun | Cost of goods sold | 5,000.00 | |
| Merchandise Inventory | 5,000.00 | ||
| 9-Jun | Cash | 5,880.00 | |
| Sales Discount | 120.00 | ||
| Maya | 6,000.00 | ||
| 20-Jun | Cash | 6,000.00 | |
| Maya | 6,000.00 |
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On June 1, Able Company sold merchandise in the amount of $6,000 to Maya's, with credit...
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On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anders, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Shilling uses the perpetual inventory system and the gross method. The journal entry or entries that Shilling will make on May 1 is:
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2 pts Question 16 On July 1, Ferguson Company sold merchandise in the amount of $5,000...
2 pts Question 16 On July 1, Ferguson Company sold merchandise in the amount of $5,000 to Tracey Company, with credit terms of 2/10, 1/30. The cost of the items sold is $1,000. Ferguson uses the perpetual inventory system and the gross method. On July 5, Tracey returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Ferguson must make on July 5...
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