Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 658,300 Sales Revenue 658,300 (To record credit sale) Dec. 3 Cost of Goods Sold 380,200 Inventory 380,200 (To record cost of merchandise sold) Dec. 3 330 Cash 330 (To record freight charges) Dec. 8 Sales Returns and Allowances 22,700 Accounts Receivable 22,700 Dec. 13 v Cash Sales Discounts Accounts Receivable

Prepare the journal entries to record these transactions on the books of Cullumber Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 3 Accounts Receivable 658,300 Sales Revenue 658,300 (To record credit sale) Dec. 3 Cost of Goods Sold 380,200 Inventory 380,200 (To record cost of merchandise sold) Dec. 3 330 Cash 330 (To record freight charges) Dec. 8 Sales Returns and Allowances 22,700 Accounts Receivable 22,700 Dec. 13 v Cash Sales Discounts Accounts Receivable

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...

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Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows: Instructions 1. Determine the estimated cost of the merchandise inventory of Jaffe Co. on February 28 by the retail method, presenting details of the computations. 2. a. Estimate the cost of the merchandise inventory of Coronado Co. on October 31 by the gross profit method, presenting details of the computations. b. Assume that Coronado Co. took a physical inventory on October 31 and discovered that 366,500 of merchandise was on hand. What was the estimated loss of inventory due to theft or damage during May through October?
Toby 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.
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