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 $562,00 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 Debit Account Titles and Explanation Credit

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 $562,00 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 Debit Account Titles and Explanation Credit

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 2CE: Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is...

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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?
Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
On 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 $571.70o. 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. Debit Credit Date Account Titles and Explanation ck if you would like to Show Work for this question: Open Show Work Versia I Q 2000-2021 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. %23 3/1 hp 米 fe 4+ pr IOI 144 & 24 4. 6. L. 8. { E R T. Y U D F G H K C alt ctrl V Σ 3.
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…
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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…
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…
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