Prepare the journal entries to record the following sales
transactions on Sarasota Corp.’s books, assuming a periodic
inventory system is used. (Credit account titles are
automatically indented when the 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. Round answers to 0
decimal places, e.g. 125.)
Jan. | 2 | Sarasota sold $48,300 of goods to Xtra Inc., terms 2/10, n/45, FOB destination. The cost of the goods sold was $27,048. | |
5 | The appropriate company paid freight costs of $700. | ||
6 | Xtra returned $5,800 of the merchandise purchased from Sarasota on January 2, because it was not needed. The cost of the merchandise returned was $3,248, and it was restored to inventory. | ||
11 | Sarasota received the balance due from Xtra. |
Journal entry
Date | account and explanation | Debit | Credit |
Jan 2 | Account receivable | 48300 | |
Sales revenue | 48300 | ||
(To record sales) | |||
Jan 5 | Freight out | 700 | |
Cash | 700 | ||
(To record freight paid) | |||
Jan 6 | Sales return and allowance | 5800 | |
Account receivable | 5800 | ||
(To record sales return) | |||
Jan 11 | Cash (42500*98%) | 41650 | |
Sales discount | 850 | ||
Account receivable (48300-5800) | 42500 | ||
(To record amount received) | |||
Prepare the journal entries to record the following sales transactions on Sarasota Corp.’s books, assuming a...
prepare the journal entries to record the following sales
transactions in Martines Corp.'s books. Martines uses a perpetual
inventory system
Jan. 2 5 6 11 Martinez sold $48,500 of goods to Xtra Inc., terms 2/10, n/45, FOB destination. The cost of the goods sold was $27,160. The appropriate company paid freight costs of $800. Xtra returned $6,000 of the merchandise purchased from Martinez on January 2, because it was not needed. The cost of the merchandise returned was $3,360, and...
View Policies Current Attempt in Progress Prepare journal entries to record the following sales transactions in Wildhorse Company's books. Wildhorse uses a perpetual inventory system Jan. 2 4 Wildhorse sold $14,000 of merchandise to Xiaoyan Company, terms 1/30, FOB shipping point. The cost of the merchandise sold was $5.530 The correct company paid freight costs of $245. Xiaoyan returned $1.400 of the merchandise purchased on January 2 because it was not needed. The cost of the merchandise returned was 5550,...
Prepare the journal entries to record the following purchase transactions on Flounder Inc.’s books, assuming a periodic inventory system is used. (Credit account titles are automatically indented when the 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. Round answers to the nearest whole dollar, e.g. 5,275.) Jan. 2 Flounder purchased goods for $48,400 from Fundy Corp., terms 2/10, n/45, FOB destination. 5 The...
Brief Exercise 5-4 Prepare the journal entries to record the following purchase transactions in Oriole Company's books. Oriole uses a perpetual inventory system. Jan. 2 4 6 Feb. 1 Oriole purchased $20,300 of merchandise from Feng Company, terms n/30, FOB shipping point. The correct company paid freight costs of $295. Oriole returned $2,100 of the merchandise purchased on January 2 because it was not needed. Oriole paid the balance owing to Feng. (Credit account titles are automatically indented when the...
Prepare the journal entries to record these transactions on the
books of Sheffield Co. under a perpetual inventory system. (Credit
account titles are automatically indented when amount is entered.
Do not indent manually.)
Exercise 5-02 a-b (Part Level Submission) (Video) Information related to Sheffield Co. is presented below. 1. On April 5, purchased merchandise on account from Skysong Company for $29,500, terms 4/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $960 on merchandise purchased from...
Prepare the journal entries to record the following transactions on Ivanhoe Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10, n/30. The cost...
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...
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...
Prepare the journal entries to record the following transactions on Pharoah Company’s books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Shamrock Company sold $897,900 of merchandise to Pharoah Company on account, terms 2/10, n/30. The cost...
Please show how you got the
answers.
Prepare the journal entries to record the following transactions on Ayayai Company's books using a perpetual inventory system Your answer is correct. On March 2, Blossom Company sold £801,000 of merchandise on account to Ayayal Company, terms 2/10,n/30. The cost of the merchandise sold was £521,000. (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...