Prepare the journal entries to record the following sales transactions in Flint Corp's books. Flint uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manuall If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Jan. 2 Date Jan. 2 5 6 11 Flint sold $49,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $27,440. Flint expected a return rate of 15%. The appropriate company paid freight costs of $980. Xtra returned $6,100 of the merchandise purchased from Flint on January 2, because it was not needed. The cost of the merchandise returned was $3,416, and it was restored to inventory. Flint received the balance due from Xtra. Account Titles and Explanation Inventory Debit Credit

Prepare the journal entries to record the following sales transactions in Flint Corp's books. Flint uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manuall If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Jan. 2 Date Jan. 2 5 6 11 Flint sold $49,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $27,440. Flint expected a return rate of 15%. The appropriate company paid freight costs of $980. Xtra returned $6,100 of the merchandise purchased from Flint on January 2, because it was not needed. The cost of the merchandise returned was $3,416, and it was restored to inventory. Flint received the balance due from Xtra. Account Titles and Explanation Inventory Debit Credit

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Description: Please do not give solution in image format ? Prepare the journal entries to record the following sales transactions in Flint Corp.'s books. Flint uses a perpetual inventory system.(List all debit entries before credit entries. Credit account titles

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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Current Attempt in Progress Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Świfty uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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.) Jan. 2 Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $20,720. Swifty expected a return rate of 15%. The appropriate company paid freight costs of $740. Xtra returned $4,900 of the merchandise purchased from Świfty on January 2, because it was not needed. The cost of the merchandise returned was $2,744, and it was restored to inventory. 11 Świfty received the balance due from Xtra. Date Account Titles and Explanation Debit Credit Jan. 2 (To record credit sale) 2 (To record cost of goods sold)
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