The following transactions are for Carla Vista Company. 1. On December 3, Carla Vista Company sold $552,200 of merchandise to Kingbird Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $352,100. 2. On December 8, Kingbird Co. was granted an allowance of $25,300 for merchandise purchased on December 3. 3. On December 13, Carla Vista Company received the balance due from Kingbird Co. (a)
The following transactions are for Carla Vista Company. 1. On December 3, Carla Vista Company sold $552,200 of merchandise to Kingbird Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $352,100. 2. On December 8, Kingbird Co. was granted an allowance of $25,300 for merchandise purchased on December 3. 3. On December 13, Carla Vista Company received the balance due from Kingbird Co. (a)
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 4PB: The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of...
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The following transactions are for Carla Vista Company.
| 1. | On December 3, Carla Vista Company sold $552,200 of merchandise to Kingbird Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $352,100. | |
| 2. | On December 8, Kingbird Co. was granted an allowance of $25,300 for merchandise purchased on December 3. | |
| 3. | On December 13, Carla Vista Company received the balance due from Kingbird Co. |
(a)
Prepare the journal entries to record these transactions on the books of Carla Vista Company 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 0 for the amounts.)
|
No.
|
Date
|
Account Titles and Explanation
|
Debit
|
Credit
|
|
|---|---|---|---|---|---|
| 1. | 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)
|
|||||
| 2. | 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
|
|||
| 3. |
|
enter an account title for the journal entry on December 13
|
enter a debit amount
|
enter a credit amount
|
|
|
enter an account title for the journal entry on December 13
|
enter a debit amount
|
enter a credit amount
|
|||
|
enter an account title for the journal entry on December 13
|
enter a debit amount
|
enter a credit amount
|
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