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.
Homework Answers
| Cullumber Company | ||
| Account title and explanation | Debit | Credit |
| Merchandise inventory | 1415 | |
| Account payable | 1415 | |
| Marin | ||
| Account title and explanation | Debit | Credit |
| Account receivable | 1415 | |
| Sales revenue | 1415 | |
| (To record sale of merchandise) | ||
| Cost of goods sold | 790 | |
| Merchandise inventory | 790 | |
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.
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)...
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.)
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10,...
On June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...
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...
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...
*Brief Exercise 218 On September 4, Roberta's Knickknacks buys merchandise on account from Dolan Company. The...
*Brief Exercise 218 On September 4, Roberta's Knickknacks buys merchandise on account from Dolan Company. The selling price of the goods is $900 and the cost of goods is $600. Both companies use the perpetual inventory system. Use a tabular summary for each company to record the transactions for both companies. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Roberta's knickknacks: Assets = Liabilities + Stockholder's Equity Retained Earnings Rev. ....
Current Attempt in Progress The following transactions are for Marin Company. 1. On December 3, Marin Company sold $516...
Current Attempt in Progress The following transactions are for Marin Company. 1. On December 3, Marin Company sold $516,800 of merchandise to Cullumber Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $310,100. 2. On December 8, Cullumber Co. was granted an allowance of $23.300 for merchandise purchased on December 3. 3. On December 13, Marin Company received the balance due from Cullumber Co. (a) Prepare the journal entries to record these transactions on the books of...
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, ABC Company buys merchandise on account from XYZ Hill Company. The selling price...
On October 5, ABC Company buys merchandise on account from XYZ Hill Company. The selling price of the goods is $5,000, and the cost to XYZ Hill Company is $3,000. On October 8, ABC returns defective goods with a selling price of $900 and a scrap value of $330. Record the transactions in the order presented in the problem on the books of XYZ Hill Company, assuming a perpetual approach. If no entry is required, write "No Entry".
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 June 10, Marin Company purchased $6,200 of merchandise from Cullumber Company, on account, terms 4/10, 1/30. Marin pays the freight costs of $100 on June 11. Goods totale $300 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Culumber Company in full less the purchase discount. Both companies use a perpetual Inventory system Your answer is partially correct. Prepare separate entries for each transaction on the books of Marin Company. (If no entry...
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...
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...
*Brief Exercise 218 On September 4, Roberta's Knickknacks buys merchandise on account from Dolan Company. The selling price of the goods is $900 and the cost of goods is $600. Both companies use the perpetual inventory system. Use a tabular summary for each company to record the transactions for both companies. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Roberta's knickknacks: Assets = Liabilities + Stockholder's Equity Retained Earnings Rev. ....
Current Attempt in Progress The following transactions are for Marin Company. 1. On December 3, Marin Company sold $516,800 of merchandise to Cullumber Co., on account, terms 3/10,n/30. The cost of the merchandise sold was $310,100. 2. On December 8, Cullumber Co. was granted an allowance of $23.300 for merchandise purchased on December 3. 3. On December 13, Marin Company received the balance due from Cullumber Co. (a) Prepare the journal entries to record these transactions on the books 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...
Most questions answered within 3 hours.
-
A 0.25μF capacitor is charged to 50 V . It is then connected in
series with...
asked 9 minutes ago -
Calculate the current, I, through the batteries for:
- a 2-bulb parallel circuit
- How does...
asked 10 minutes ago -
Choose the sentence that uses correct punctuation.
1a. The prefatory parts of a report include the...
asked 16 minutes ago -
For the element arsenic, which one of the following sets of
quantum numbers could not apply...
asked 25 minutes ago -
Compare and contrast the architectures of 3 types of ADCs:
Flash, SAR, and pipelined. Use the...
asked 26 minutes ago -
Given P(A) = 0.40, P(B) = 0.50, P(A ∩ B) = 0.15. Which of the
following...
asked 31 minutes ago -
Explain changes in workforce participation for women with
children. What legislation exists related to work and...
asked 33 minutes ago -
How high must a pointed arch be if it is to span a
space 4.2 m...
asked 38 minutes ago -
A housepainter who weighs 750 N stands 0.6 m from one end of a
2.0 m...
asked 40 minutes ago -
Implement Singly Linked List detectLoop in Java.
It would check whether the linked list contains a...
asked 43 minutes ago -
A small mailbag is released from a helicopter that is descending
steadily at 2.10 m/s.
After...
asked 44 minutes ago -
Write a C – program that calls a user-defined function from
within main() that determines the...
asked 47 minutes ago