HW Q 2 Current Attempt in Progress On June 10, Sunland Company purchased $ 10,000 of merchandise on account from Marigold Company, FOB shipping point, terms 1/10, n/30. Sunland pays the freight costs of $ 420 on June 11. Damaged goods totaling $ 300 are returned to Marigold for credit on June 12. The fair value of these goods is $ 75. On June 19, Sunland pays Marigold Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Sunland Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) Prepare separate entries for each transaction for Marigold Company. The merchandise purchased by Sunland on June 10 had cost Marigold $ 4,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) choose a transaction date enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold) choose a transaction date enter an account title to record merchandise returned enter a debit amount enter a credit amount enter an account title to record merchandise returned enter a debit amount enter a credit amount (To record merchandise returned) choose a transaction date enter an account title to record cost of merchandise returned enter a debit amount enter a credit amount enter an account title to record cost of merchandise returned enter a debit amount enter a credit amount (To record cost of merchandise returned) choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
HW Q 2 Current Attempt in Progress On June 10, Sunland Company purchased $ 10,000 of merchandise on account from Marigold Company, FOB shipping point, terms 1/10, n/30. Sunland pays the freight costs of $ 420 on June 11. Damaged goods totaling $ 300 are returned to Marigold for credit on June 12. The fair value of these goods is $ 75. On June 19, Sunland pays Marigold Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Sunland Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount eTextbook and Media List of Accounts Attempts: 0 of 3 used (b) Prepare separate entries for each transaction for Marigold Company. The merchandise purchased by Sunland on June 10 had cost Marigold $ 4,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) choose a transaction date enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount enter an account title to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold) choose a transaction date enter an account title to record merchandise returned enter a debit amount enter a credit amount enter an account title to record merchandise returned enter a debit amount enter a credit amount (To record merchandise returned) choose a transaction date enter an account title to record cost of merchandise returned enter a debit amount enter a credit amount enter an account title to record cost of merchandise returned enter a debit amount enter a credit amount (To record cost of merchandise returned) choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount
Financial & Managerial Accounting
13th Edition
ISBN:9781285866307
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5.2BPR: Sales-related transactions using perpetual inventory system The following selected transactions were...
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HW Q 2
Current Attempt in Progress
On June 10, Sunland Company purchased $ 10,000 of merchandise on account from Marigold Company, FOB shipping point, terms 1/10, n/30. Sunland pays the freight costs of $ 420 on June 11. Damaged goods totaling $ 300 are returned to Marigold for credit on June 12. The fair value of these goods is $ 75. On June 19, Sunland pays Marigold Company in full, less the purchase discount. Both companies use a perpetual inventory system.
(a)
Prepare separate entries for each transaction on the books of Sunland Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
| choose a transaction date |
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
| choose a transaction date |
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
| choose a transaction date |
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
| choose a transaction date |
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
eTextbook and Media
List of Accounts
Attempts: 0 of 3 used
(b)
Prepare separate entries for each transaction for Marigold Company. The merchandise purchased by Sunland on June 10 had cost Marigold $ 4,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|---|---|---|---|
| choose a transaction date |
|
enter an account title to record credit sale
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|
|
enter an account title to record credit sale
|
enter a debit amount
|
enter a credit amount
|
|
|
(To record credit sale)
|
|||
| choose a transaction date |
|
enter an account title to record cost of merchandise sold
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|
|
enter an account title to record cost of merchandise sold
|
enter a debit amount
|
enter a credit amount
|
|
|
(To record cost of merchandise sold)
|
|||
| choose a transaction date |
|
enter an account title to record merchandise returned
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|
|
enter an account title to record merchandise returned
|
enter a debit amount
|
enter a credit amount
|
|
|
(To record merchandise returned)
|
|||
| choose a transaction date |
|
enter an account title to record cost of merchandise returned
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|
|
enter an account title to record cost of merchandise returned
|
enter a debit amount
|
enter a credit amount
|
|
|
(To record cost of merchandise returned)
|
|||
|
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
|---|---|---|---|---|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
||
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
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