Presented below are transactions related to Concord Corporation. 1. 2. 3. (a) On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. On December 13, Concord Corporation received the balance due from Sarasota Co. Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 3 Dec. 8 Account Titles and Explanation (To record credit sale) Debit Credit
Presented below are transactions related to Concord Corporation. 1. 2. 3. (a) On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. On December 13, Concord Corporation received the balance due from Sarasota Co. Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 3 Dec. 8 Account Titles and Explanation (To record credit sale) Debit Credit
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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Dec. 3
Dec. 8
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Account Titles and Explanation
(To record credit sale)
(To record cost of merchandise sold)
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Transcribed Image Text:^
Presented below are transactions related to Concord Corporation.
1.
2.
3.
(a)
On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB
shipping point. The cost of the merchandise sold was $351,200.
On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3.
On December 13, Concord Corporation received the balance due from Sarasota Co.
Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system.
(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"
for the account titles and enter O for the amounts.)
Date
Dec. 3
Dec. 8
>
Account Titles and Explanation
(To record credit sale)
norcal_archives_20....zip
W
QCA 5.docx
W
Debit
response essay.docx
1
Credit
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