The following transactions are for Tamarisk Company
The following transactions are for Tamarisk Company
1. On December 3, Tamaris Company sold $545,300 of merchandise to Carla Vista Co, on account, terms 3/10, 1/30. The cost of the merchandise sold was $327,100
2. On December 8, Carla Vista Co. was granted an allowance of $25.100 for merchandise purchased on December 3
3. On December 13, Tamaris Company received the balance due from Carla Vista Co
Prepare the journal entries to record these transactions on the books of Tamarisk. Tamarisk uses a perpetual inventory system.
Assume that Tamaris Company received the balance due from Carla Vista Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.
Homework Answers
The following transactions are for Tamarisk Company.
The following transactions are for Tamarisk Company. 1. On December 3, Tamarisk Company sold $545,300 of merchandise to Carla Vista Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $327,100. 2. On December 8, Carla Vista Co. was granted an allowance of $25,100 for merchandise purchased on December 3. 3. On December 13, Tamarisk Company received the balance due from Carla Vista Co. (a) Prepare the journal entries to record these transactions on the books of Tamarisk. Tamarisk uses a...
Presented below are transactions related to Blossom Company.
Presented below are transactions related to Blossom Company. 1. On December 3, Blossom Company sold $591,000 of merchandise on account to Sunland Co, terms 4/10,30, FOB shipping point. The cost of the merchandise sold was $354,400. 2. On December 8, Sunland Co. was granted an allowance of $25.700 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Sunland Co. Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual...
Exercise 5-05 a-b (Video) Presented below are transactions related to Carla Vista Company, . 1. On...
Exercise 5-05 a-b (Video) Presented below are transactions related to Carla Vista Company, . 1. On December 3, Carla Vista Company sold $618,600 of merchandise on account to Martinez Co., terms 2/10,n/30, FOB destination. Carla Vista paid $410 for freight charges. The cost of the merchandise sold was $367,900. 2. On December 8, Martinez Co. was granted an allowance of $28,200 for merchandise purchased on December 3. 3. On December 13, Carla Vista Company received the balance due from Martinez...
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...
Prepare the journal entries to record the following transactions on Carla Vista Company's books using a perpetual inventory system
Brief Exercise 5-04 Prepare the journal entries to record the following transactions on Carla Vista 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, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10,...
Presented below are transactions related to Bogner Company. 1. On December 3, Bogner Company sold $570,000...
Presented below are transactions related to Bogner Company.
1. On December 3, Bogner Company sold $570,000 of merchandise
on account to Maris Co., terms 2/10, n/30, FOB shipping point. The
cost of the merchandise sold was $350,000.
2. On December 8, Maris Co. was granted an allowance of
$20,000 for merchandise purchased on December 3.
3. On December 13, Bogner Company received the balance due
from Maris co.
Prepare the journal entries to record these transactions on the books of...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland Company sold $473,800 of merchandise to Blossom Co., terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland...
Exercise 5-5 Presented below are transactions related to Bogner Company 1. On December 3, Bogner Company...
Exercise 5-5 Presented below are transactions related to Bogner Company 1. On December 3, Bogner Company sold $611,600 of merchandise to Maris Co., terms 3/10, 1/30, FOB shipping point The cost of the merchandise sold was $360,900. 2. On December 8, Maris Co. was granted an allowance of $26,900 for merchandise purchased on December 3. 3. On December 13, Bogner Company received the balance due from Maris Co. Prepare the journal entries to record these transactions on the books of...
Presented below are transactions related to Pharoah Company. 1. On December 3, Pharoah Company sold $618,600...
Presented below are transactions related to Pharoah Company. 1. On December 3, Pharoah Company sold $618,600 of merchandise on account to Wildhorse Co., terms 3/10, n/30, FOB shipping point. The cost of the merchandise sold was $396,800. 2. On December 8, Wildhorse Co. was granted an allowance of $22,900 for merchandise purchased on December 3. 3. On December 13, Pharoah Company received the balance due from Wildhorse Co. Assume that Pharoah Company received the balance due from Wildhorse Co., on...
he following transactions are for Ivanhoe Company. 1) On December 3 Ivanhoe Company sold $535,000 of...
he following transactions are for Ivanhoe Company. 1) On December 3 Ivanhoe Company sold $535,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $326,000. (2) On December 8 Thomson Co. was granted an allowance of $18,000 for merchandise purchased on December 3, (3) On December 13 lvanhoe Company received the balance due from Thomson Co. (a) Prepare the journal entries to record these transactions on the books of Ivanhoe Company. Ivanhoe uses a...
Exercise 5-05 a-b (Video) Presented below are transactions related to Carla Vista Company, . 1. On December 3, Carla Vista Company sold $618,600 of merchandise on account to Martinez Co., terms 2/10,n/30, FOB destination. Carla Vista paid $410 for freight charges. The cost of the merchandise sold was $367,900. 2. On December 8, Martinez Co. was granted an allowance of $28,200 for merchandise purchased on December 3. 3. On December 13, Carla Vista Company received the balance due from Martinez...
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...
Presented below are transactions related to Bogner Company.
1. On December 3, Bogner Company sold $570,000 of merchandise
on account to Maris Co., terms 2/10, n/30, FOB shipping point. The
cost of the merchandise sold was $350,000.
2. On December 8, Maris Co. was granted an allowance of
$20,000 for merchandise purchased on December 3.
3. On December 13, Bogner Company received the balance due
from Maris co.
Prepare the journal entries to record these transactions on the books of...
Exercise 5-3 The following transactions are for Sunland Company. 1. 2. 3. On December 3, Sunland Company sold $473,800 of merchandise to Blossom Co., terms 2/10, n/30. The cost of the merchandise sold was $320,000. On December 8, Blossom Co. was granted an allowance of $22,800 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland...
Exercise 5-5 Presented below are transactions related to Bogner Company 1. On December 3, Bogner Company sold $611,600 of merchandise to Maris Co., terms 3/10, 1/30, FOB shipping point The cost of the merchandise sold was $360,900. 2. On December 8, Maris Co. was granted an allowance of $26,900 for merchandise purchased on December 3. 3. On December 13, Bogner Company received the balance due from Maris Co. Prepare the journal entries to record these transactions on the books of...
he following transactions are for Ivanhoe Company. 1) On December 3 Ivanhoe Company sold $535,000 of merchandise to Thomson Co., terms 1/10, n/30. The cost of the merchandise sold was $326,000. (2) On December 8 Thomson Co. was granted an allowance of $18,000 for merchandise purchased on December 3, (3) On December 13 lvanhoe Company received the balance due from Thomson Co. (a) Prepare the journal entries to record these transactions on the books of Ivanhoe Company. Ivanhoe uses a...
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