Fill out the missing boxes below No.DateAccount Titles and ExplanationDebitCredit1.Dec. 3 vAccounts Receivable654,200Sales Revenue654,200(To record credit sale)Dec. 3 vCost of Goods Sold373,500CostInventory373,500(To record cost of merchandise sold)Dec. 3 v Freight-Out390Cash390(To record freight charges)2.Dec. 8 vSales and Returns Allowances23,900Accounts Receivable23,9003.Dec. 13 vCash605,088Sales Discounts25,212Accounts Receivable630,300Assume that Sunland Company received the balance due from Marigold 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. (Credit account titles are automatically indennot indent manually.)DateAccount Titles and ExplanationDebitCreditJan. 2 v

As the discount is valid till Dec 13, payment after Dec 13 will not be eligible for a 4% discount…

Assume that Sunland Company received the balance due from Marigold 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. (Credit account titles are automatically inden not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 v

Assume that Sunland Company received the balance due from Marigold 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. (Credit account titles are automatically inden not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 v

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2P: Sales-related transactions The- following selected transactions were completed by Affordable...

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Sales-related transactions The- following selected transactions were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 6. Sold merchandise on account, $14,000. terms FOB shipping point, n/com. The cost of merchandise sold was $8,400. 8. Sold merchandise on account. $20,000. terms FOB destination. 1/10. n/30. The cost of merchandise sold was $14,000. 16. Sold merchandise on account, $19-500. terms FOB shipping point, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destination. 31. Received cheek for amount due for sale of January 6. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Affordable Supplies Co. Identify each transaction by date.
Record the following transactions in general journal form. a. Sold merchandise on account to D. North, invoice no. 4556, 2,515.25. b. Sold merchandise on account to NexStar Industries, invoice no. 4557, 775.00. c. NexStar Industries returned 225.50 worth of the merchandise. Issued credit memo no. 101.