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.)
Homework Answers
Marigold company:
Merchandise Inventory 830
To Accounts payable 830
Whispering wind corp:
Accounts Receivable 830
To Sales 830
Cost of Goods Sold 480
To Merchandise Inventory 480
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Brief Exercise 5-03
Marigold Company buys merchandise on account from Whispering
Winds Corp.. The selling price...
Thank you. thumbs up! Brief Exercise 5-03 Radomir Company buys merchandise on account from Lemke Company....
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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 5-4 Prepare the journal entries to record the following transactions on Whispering Winds Corp.'s...
Brief Exercise 5-4 Prepare the journal entries to record the following transactions on Whispering Winds Corp.'s books using a perpetual inventory system. On March 2, Whispering Winds Corp. sold $815,000 of merchandise on account to Martinez Company, terms 4/10, 1/30. The cost of the merchandise sold was $603,000. (Credl manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 815000 Sales Commissions Expense 815000...
CALCULATOR BACK NEXT Brief Exercise 5.03 Wildhorse Company buys merchandise on account from Novak Company. The...
CALCULATOR BACK NEXT Brief Exercise 5.03 Wildhorse Company buys merchandise on account from Novak Company. The selling price of the goods is 51,330, and the cost of the goods is $90. Both companies use perpetual Inventory systems Journalize the transaction on the books of both companies. (Credit account trties are automatically indented when amount is entered. Do not indent manually Account Tities and Explanation Debit Credit Wildhorse Company (To record credit purchase of inventory) Novak Company (To record credit sale)...
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...
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...
Canada Ac- ng Weekly Up- The following merchandise transactions occurred in December. Both companies use a...
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Brief Exercise 3-11 Whispering Winds Corp. has the following transactions during August of the current year...
Brief Exercise 3-11 Whispering Winds Corp. has the following transactions during August of the current year Aug. 1 Issues shares of common stock to investors in exchange for $10,800. 4 Pays insurance in advance for 3 months, $1,200. 16 Receives $730 from clients for services rendered. 27 Pays the secretary $580 salary Joumalize the transactions (ar no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount...
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.
Exercise 5-05 a-b (Part Level Submission) Presented below are transactions related to Blue Spruce Corp.. 1....
Exercise 5-05 a-b (Part Level Submission) Presented below are transactions related to Blue Spruce Corp.. 1. On December 3, Blue Spruce Corp. sold $593,100 of merchandise on account to Whispering Winds Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was $386,700. 2. On December 8, Whispering Winds Co. was granted an allowance of $28,400 for merchandise purchased on December 3. 3. On December 13, Blue Spruce Corp. received the balance due from Whispering Winds Co....
On October 5, Monty Corporation buys merchandise for resale on account from Grouper Corporation. The selling...
On October 5, Monty Corporation buys merchandise for resale on account from Grouper Corporation. The selling price of the goods is $4,570, and the cost to Grouper Company is $2,730. On October 8, Monty returns defective goods with a selling price of $680 and a cost of $250. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $250, if not more. Both companies use a...
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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 5-4 Prepare the journal entries to record the following transactions on Whispering Winds Corp.'s books using a perpetual inventory system. On March 2, Whispering Winds Corp. sold $815,000 of merchandise on account to Martinez Company, terms 4/10, 1/30. The cost of the merchandise sold was $603,000. (Credl manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 815000 Sales Commissions Expense 815000...
CALCULATOR BACK NEXT Brief Exercise 5.03 Wildhorse Company buys merchandise on account from Novak Company. The selling price of the goods is 51,330, and the cost of the goods is $90. Both companies use perpetual Inventory systems Journalize the transaction on the books of both companies. (Credit account trties are automatically indented when amount is entered. Do not indent manually Account Tities and Explanation Debit Credit Wildhorse Company (To record credit purchase of inventory) Novak Company (To record credit sale)...
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...
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...
Canada Ac- ng Weekly Up- The following merchandise transactions occurred in December. Both companies use a perpetual Inventory system ook PLUS Support Dec. 3 Whispering Winds Ltd. sold goods to Ayayal Corp. for $61,500,terms 2/10, 1/30, FOB shipping point. The inventory had cost Whispering Winds $37,600. 7 Shipping costs of $920 were paid by the appropriate company 8 Ayayal returned unwanted merchandise to Whispering Winds. The returned merchandise has a sales price of $2.000, and a cost of $1.080. It...
Brief Exercise 3-11 Whispering Winds Corp. has the following transactions during August of the current year Aug. 1 Issues shares of common stock to investors in exchange for $10,800. 4 Pays insurance in advance for 3 months, $1,200. 16 Receives $730 from clients for services rendered. 27 Pays the secretary $580 salary Joumalize the transactions (ar no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount...
On October 5, Monty Corporation buys merchandise for resale on account from Grouper Corporation. The selling price of the goods is $4,570, and the cost to Grouper Company is $2,730. On October 8, Monty returns defective goods with a selling price of $680 and a cost of $250. It is anticipated that these goods can be resold at a discount at some point in the future for at least their cost of $250, if not more. Both companies use a...
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