Homework Answers
| Account Titles and explanation | Debit | Credit |
| Wildhorse Company | ||
| Inventory | 1330 | |
| Accounts payable | 1330 | |
| Novak Company | ||
| Accounts receivable | 1330 | |
| Sales revenue | 1330 | |
| (To record credit sale) | ||
| Cost of goods sold | 980 | |
| Inventory | 980 | |
| (To record cost of merchandise sold) |
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CALCULATOR BACK NEXT Brief Exercise 5.03 Wildhorse Company buys merchandise on account from Novak Company. The...
Thank you. thumbs up! Brief Exercise 5-03 Radomir Company buys merchandise on account from Lemke Company....
Thank you. thumbs up!
Brief Exercise 5-03 Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (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.) Debit...
Brief Exercise 5-03 Marigold Company buys merchandise on account from Whispering Winds Corp.. The selling price...
Brief Exercise 5-03 Marigold Company buys merchandise on account from Whispering Winds Corp.. The selling price of the goods is $830, and the cost of the goods is $480. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (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 0 for the amounts.)
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...
Cullumber Company buys merchandise on account from Marin Company
Cullumber Company buys merchandise on account from Marin Company. The selling price of the goods is $1.415 and the cost of the goods sold is $790. Both companies use perpetual inventory systems.Journalize the transactions on the books of both companies.
On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB shipping...
On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB shipping point terms 2/10, 1/30. Wildhorse pays the freight costs of $570 on June 11. Damaged goods totaling $450 are returned to Swifty for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Swifty Company in fullless the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Swifty Company. The...
Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is...
Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies.
PART A. Presented below are transactions related to Wildhorse Company. Prepare the journal entries to record...
PART A.
Presented below are transactions related to Wildhorse Company.
Prepare the journal entries to record these transactions on the
books of Wildhorse Company using a perpetual inventory system.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
1. On December 3, Wildhorse Company sold $593,600 of merchandise on
account to Novak Co., terms 4/10, n/30, FOB destination. Wildhorse
paid $430 for freight charges. The cost of the merchandise sold was
$383,200.
2. On December...
On October 5, Crane Company buys merchandise on account from Blue Company. The selling price of...
On October 5, Crane Company buys merchandise on account from Blue Company. The selling price of the goods is $4,940, and the cost to Blue Company is $3,340.On October 8, Crane returns defective goods with a selling price of $670 and a fair value of $95. Blue Company uses the perpetual inventory system. Record the transactions on the books of Blue Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
SIR System Announcements CALCATE PRINTER VERSION 4 Аск NE aces Brief Exercise 5-04 a-c (Part Level...
SIR System Announcements CALCATE PRINTER VERSION 4 Аск NE aces Brief Exercise 5-04 a-c (Part Level Submission) Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system (a) On March 2, Sheridan Company sold $940,000 of merchandise on account to Concord Company, terms 3/10, 1/30. The cost of the merchandise sold was 5584,000. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Account Tities and Explanation Debit...
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...
Thank you. thumbs up!
Brief Exercise 5-03 Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (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.) Debit...
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...
On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB shipping point terms 2/10, 1/30. Wildhorse pays the freight costs of $570 on June 11. Damaged goods totaling $450 are returned to Swifty for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Swifty Company in fullless the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction for Swifty Company. The...
PART A.
Presented below are transactions related to Wildhorse Company.
Prepare the journal entries to record these transactions on the
books of Wildhorse Company using a perpetual inventory system.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
1. On December 3, Wildhorse Company sold $593,600 of merchandise on
account to Novak Co., terms 4/10, n/30, FOB destination. Wildhorse
paid $430 for freight charges. The cost of the merchandise sold was
$383,200.
2. On December...
On October 5, Crane Company buys merchandise on account from Blue Company. The selling price of the goods is $4,940, and the cost to Blue Company is $3,340.On October 8, Crane returns defective goods with a selling price of $670 and a fair value of $95. Blue Company uses the perpetual inventory system. Record the transactions on the books of Blue Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in...
SIR System Announcements CALCATE PRINTER VERSION 4 Аск NE aces Brief Exercise 5-04 a-c (Part Level Submission) Prepare the journal entries to record the following transactions on Sheridan Company's books using a perpetual inventory system (a) On March 2, Sheridan Company sold $940,000 of merchandise on account to Concord Company, terms 3/10, 1/30. The cost of the merchandise sold was 5584,000. (Credit account tities are automatically indented when amount is entered. Do not indent manually. Account Tities and Explanation Debit...
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...
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