Carla Vista Company buys merchandise on account from Flint Company. The selling price of the goods is $ 840, 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.)
Q: On June 10, Culver Company purchased $8,700 of merchandise on account from Concord Company, FOB…
A: Journal entries are used by the management to record the transactions in the books of accounts.…
Q: Monty Company buys merchandise on account from Sunland Company. The selling price of the goods is…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Sunland Company buys merchandise on account from Marigold Company. The selling price of the goods is…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Reta company buys merchandise on account from Zeta company. The selling price of the goods is…
A: Journal entries are used to record transactions which was performed by the business during its…
Q: On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30.…
A: Journal Entries - Journal Entries are the primary record of the transaction entered into by the…
Q: The following selected transactions were completed by Amsterdam Supply Co., which sells office…
A: In order to journalize the above transactions, let us first do some basic calculations as per the…
Q: Blossom Company buys merchandise on account from Kingbird Company. The selling price of the goods is…
A: Jounal entry in the books of Blossom Company:
Q: Carla Vista Company buys merchandise on account from Tamarisk Company. The selling price of the…
A: Journalize the transaction in the books of Carla Vista.
Q: Ivanhoe Company buys merchandise on account from Metlock Company. The selling price of the goods is…
A: Journal Entry: Journal entry has two effects for every transaction. The journal entry is passed by…
Q: Sheridan Company buys merchandise on account from Skysong Company. The selling price of the goods is…
A: Given, Sheridan is the buyer Skysong is the seller For Sheridan, Inventory is increased and…
Q: Cha Company buys merchandise on account from Wirtz Company. The selling price of the goods is $780,…
A: Buyer - Cha Company Seller - Wirtz Company Under the perpetual inventory system, the cost of goods…
Q: The following is the transaction of the trading company "Mars" in December 2020 by using the…
A: Adjusting entries - those entries which are passed when the accounts have been closed, in order to…
Q: On October 5, Kingbird Company buys merchandise on account from Blossom Company. The selling price…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Prepare the journal entries to record the following transactions on Carla Vista Company’s books…
A: In perpetual inventory system, inventory records are maintained up to date in order to reflect the…
Q: Newman Hardware Store completed the following transactions in December 2019. It uses perpetual…
A: a) Required journal entries:
Q: Rita Company buys merchandise on account from Linus Company. The selling price of the goods is $900,…
A: Journal entry in the books of buyer and seller are as follows
Q: Prepare the journal entries to record the following sales transactions in Swifty Corp's books.…
A: Solution:- Journal entries to record sales transactions in Swifty Corp's books :- Date Account…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Ms. Sumaya is an Accountant in a Wholesale merchandise business. The business uses periodic…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Prepare the journal entries to record the following transactions on Cullumber Company's books using…
A: What is meant by Journal Entries? It is the first step to record the financial transaction in the…
Q: Prepare the necessary journal entries to record the following transactions, assuming Dakin Company…
A: Perpetual inventory system: It is a method of inventory management that records real-time…
Q: Green Plants & Things, Inc. buys merchandise from Palm Tree, LLC. Both companies use perpetual…
A: Green Plants & Things buys / purchase goods from Palm Tree , LLC which means Green Plants &…
Q: Monty Company has the following account balances: Sales Revenue $240,400, Sales Discounts $3,510,…
A: Closing entries are passed to close all the expenses and income to the income summary. Assets and…
Q: An item of merchandise was sold for RO 1600 cash by a business using the perpetual inventory system.…
A: Cost of goods sold is RO 1200. Inventory (asset) of RO 1200 has been decreased and cost of goods…
Q: olesalers issued the following credit note: RG WHOLESALERS
A: Given: Date: 24 February 2021 CREDIT NOTE No: 5859 To: Africa Traders, 499 Tshwane Drive…
Q: Avtosh LLC is an car dealer company established in Baku, Azerbaijan. The Company uses perpetual…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Africa Traders is a registered VAT vendor that buys and sells furniture. The business makes use of…
A: Cost of Sales: - Cost of Sales is the total amount of expenses incurred to sell the output of the…
Q: Sandhill Company buys merchandise on account from Teal Mountain Company. The selling price of the…
A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…
Q: A company purchased $3,700 of merchandise on July 5 with terms 2/10, n/30 on July 7, it returned…
A: Inventory Purchased = $ 3700 Inventory returned = $ 850 Inventory is purchased on account Terms for…
Q: Waterway Inc. is a retailer operating in British Columbia. Waterway uses the perpetual inventory…
A: Calculation under LIFO Date Units Amount Amount Jan 1 Opening 100 21 2,100…
Q: ovak Company buys merchandise on account from Bramble Corp.. The selling price of the goods is…
A: Solution Given Novak Company buys merchandise on account from Bramble Corp The selling price of the…
Q: Orange Co. is a customer of Watermelon Co. On June 17, 2022 Orange Co. returned back the merchandise…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Blossom Company buys merchandise on account from Pina Company. The selling price of the goods is…
A: Journal entries are used to record various transactions which was performed by the business during…
Q: Prepare the journal entries to record the following transactions on Blossom Company's books using a…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: Prepare the journal entries to record the following transactions on Wildhorse Company’s books using…
A: Journal entry refers to an entry that records the transactions which are financial in nature.
Q: Steria corporation buys merchandise on account from Pinacle corporation. Selling price of the goods…
A: Merchandise inventory = 1140
Q: Levine Company uses the perpetual inventory system and allows customers to use two credit cards in…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Carla Vista Company buys merchandise on account from Tamarisk Company. Th selling price of the goods…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold…
A: Funds refers to an amount of money which is set aside or saved by individuals, government,…
Q: Prepare the journal entries to record these transactions on the books of Cullumber Company using a…
A: Given that: Sales value = $658300 Sales Returns = $22700
Q: unland Company buys merchandise on account from Splish Brothers Company. The selling price of the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Centex Sound Systems purchased merchandise inventory costing $8,000 from Flower Co. on account.…
A: The appropriate answer is option (c). The recording of purchase of merchandise inventory on account…
Q: Take me to the text The following information was taken from the financial records of Thornhill…
A: Cost of sales :— It represents cost of goods sold. It is the total cost of manufacturing of product…
Q: Prepare the journal entries to record the following transactions on Blossom Company's books using a…
A: Journal: Recording of a business transactions in a chronological order.
Q: On April 5, a customer returns 16 bicycles with a sales price of $270 per bike to Barrio Bikes. Each…
A: A. Date Accounts Debit Credit April 5 Sales return and allowances (16 bicycles x $270 per bike)…
Q: Prepare the journal entries to record the following transactions on Blossom Company’s books using a…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: A Ltd Company buys merchandise on account from P Ltd. The selling price of the goods is $1,140, and…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods soldToby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals and prove the equality of the debit and credit totals.
- Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for July, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
- Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.Record the following transactions for a perpetual inventory system in general journal form. a. Sold merchandise on account to Southridge Manufacturing, Inc., invoice no. 6910, 1,815.24. The cost of merchandise was 1,320. b. Issued credit memorandum no. 56 to Southridge Manufacturing, Inc., for merchandise returned, 622. The cost of the merchandise was 485. c. Bought merchandise on account from Michals Inc., invoice no. 1685, 850; terms 1/10, n/30; dated April 14; FOB Dallas, freight prepaid and added to the invoice, 65.00 (total 915). d. Received credit memorandum no. 219 from Michals Inc. for merchandise returned, 210.
- Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory.Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.Sunrise Flowers sells flowers to a customer on credit for $130 on October 18, with a cost of sale to Sunrise of $50. What entry to recognize this sale is required if Sunrise Flowers uses a perpetual inventory system?