Dn March 2, Metlock Company sold $936,300 of merchandise to Ivanhoe Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571,700, On March 6, Ivanhoe Company returned $110,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,200, On March 12, Metlock Company received the balance due from Ivanhoe Company. Account Titles and Explanation Debit Credit Date ck if vou vwould like to Show Work for this question: Open Show Work

Dn March 2, Metlock Company sold $936,300 of merchandise to Ivanhoe Company on account, terms 2/10, n/30. The cost of the merchandise sold was $571,700, On March 6, Ivanhoe Company returned $110,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,200, On March 12, Metlock Company received the balance due from Ivanhoe Company. Account Titles and Explanation Debit Credit Date ck if vou vwould like to Show Work for this question: Open Show Work

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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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.
Smith Company is required to charge customers an 8% sales tax on all goods it sells. At the time of sale, Smith includes the combined amount of both sales and sales tax in the sales account. At the end of May, Smiths sales account for May has a credit balance of 540,000. Prepare the sales tax adjusting journal entry for the end of May.
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded 5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Companys net income have been under the direct write-off method than under the allowance method?
On March 2, Blossom Company sold $960,000 of merchandise on account to Pina Company, terms 3/10, n/30. The cost of the merchandise sold was $562,000. On March 6, Pina Company returned $96,000 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000. On March 12, Blossom Company received the balance due from Pina Company. (List all debit entries before credit entries. 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) Account Titles and Explanation Debit Credit
The following transactions are for Windsor Company. 1. On December 3, Windsor Company sold $475,800 of merchandise to Wildhorse Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $326,400. 2. On December 8, Wildhorse Co. was granted an allowance of $22,200 for merchandise purchased on December 3. 3. On December 13, Windsor Company received the balance due from Wildhorse Co. (a) Prepare the journal entries to record these transactions on the books of Windsor. Windsor uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date 1 く Account Titles and Explanation (To record sale of merchandise on account) 2. (To record cost of merchandise sold on account) 3. く Debit Credit (b) Assume that Windsor Company received the balance due from Wildhorse Co. on January 2 of the following year instead of…
The following transactions are for Shamrock Company. 1. On December 3, Shamrock Company sold $533,400 of merchandise to Pharoah Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $312,100. On December 8, Pharoah Co. was granted an allowance of $24,700 for merchandise purchased on December 3. 3. On December 13, Shamrock Company received the balance due from Pharoah Co. 2. N Prepare the journal entries to record these transactions on the books of Shamrock Company. Shamrock uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation No. 1. Date Debit Credi
The following transactions are for Skysong Company. 1. On December 3, Skysong Company sold $513,500 of merchandise to Sheridan Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $318,300. 2. On December 8, Sheridan Co. was granted an allowance of $24,700 for merchandise purchased on December 3. 3. On December 13, Skysong Company received the balance due from Sheridan Co. (a)Prepare the journal entries to record these transactions on the books of Skysong. Skysong uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount…
Current Attempt in Progress Presented below are transactions related to Concord Corporation. 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. 3. On December 13, Concord Corporation received the balance due from Sarasota Co. 1. 2. (a) ✓ Your answer is correct. 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 Account Titles and Explanation Accounts Receivable norcal_archives_20....zip W QCA 5.docx W Debit 662,200 response essay.docx Credit
Presented below are transactions related to Splish Brothers Inc.. 1. On December 3, Splish Brothers Inc. sold $586,700 of merchandise on account to Sheffield Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $391,300. 2. On December 8, Sheffield Co. was granted an allowance of $28,000 for merchandise purchased on December 3. 3. On December 13, Splish Brothers Inc. received the balance due from Sheffield Co. Prepare the journal entries to record these transactions on the books of Splish Brothers Inc. using a perpetual inventory system.
The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold $521,300 of merchandise to Blossom Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $313,500. 2. On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3. 3. On December 13, Kingbird Company received the balance due from Blossom Co. (a)Prepare the journal entries to record these transactions on the books of Kingbird. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 1 to record credit…
Presented below are transactions related to Star Company. On June 4, Star Company sold OMR670,000 of merchandise to Ahmed Co., terms 2/10, n/30, FOB shipping point. The cost of the merchandise sold was OMR450,000. On June 9, Ahmed Co. was granted an allowance of OMR30,000 for merchandise purchased on June 4. On June 14, Star Company received the balance due from Ahmed Co. Instructions: Prepare the journal entries to record these transactions on Star Company’ records. using a perpetual inventory system. Assume that Star Company received the balance due from Ahmed Co. on July 2 of the following year instead of June 14. Prepare the journal entry to record the receipt of payment on July 2.
The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $499,800 of merchandise to Sunland Co., terms 2/10, n/30. The cost of the merchandise sold was $317,400. 2. On December 8, Sunland Co. was granted an allowance of $23,300 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Sunland Co. (a)Prepare the journal entries to record these transactions on the books of Blossom Company. Blossom Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Enter an account title for journal entry 1 to record credit sale enter a debit amount…