On March 2, Ivanhoe Company sold $890,000 of merchandise on account to Bridgeport Company, terms 2/10,n/30. The cost of the merchandise sold was $522,000. (List all debit entries before credit entries. Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If noentry is required, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and Explanation(b)InventoryAccounts PayableYour Answer Correct Answer (Used)(c)Account Titles and ExplanationAccounts PayableOn March 6, Bridgeport Company returned $89,000 of the merchandise purchased on March 2. The cost of thereturned merchandise was $54,800. (List all debit entries before credit entries. Credit account titlesare automatically indented when amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter 0 for the amounts.)InventoryDebitcount Titles and ExplanationDebit890,000DebitCredit89,000Credit890,00On March 12, Ivanhoe Company received the balance due from Bridgeport Company. (List all debit entriesbefore 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 enterO for the amounts.)Credit89,000

journal entries play a crucial role in maintaining accurate financial records, facilitating…

On March 2, Ivanhoe Company sold $890,000 of merchandise on account to Bridgeport Company, terms 2/10, n/30. The cost of the merchandise sold was $522,000. (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 Inventory Accounts Payable Debit 890,000 Credit 890,00

On March 2, Ivanhoe Company sold $890,000 of merchandise on account to Bridgeport Company, terms 2/10, n/30. The cost of the merchandise sold was $522,000. (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 Inventory Accounts Payable Debit 890,000 Credit 890,00

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 1M

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Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost of the purchase to Window World is $56,200. On September 4, Window World determined that Nile Jenkinss account was uncollectible and wrote off the debt. On December 3, Mr. Jenkins unexpectedly paid in full on his account. Record each Window World transaction with Nile Jenkins. In order to demonstrate the write-off and then subsequent collection of an account receivable, assume in this example that Window World rarely extends credit directly, so this transaction is permitted to use the direct write-off method. Remember, however, that in most cases the direct write-off method is not allowed.
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?
The purchases journal for Newmark Exterior Cleaners Inc. follows. The accounts payable account has a March 1, 2016, balance of 580 for an amount owed to Nicely Co. There were no payments made on creditor invoices during March. a. Prepare a T account for the accounts payable creditor accounts. b. Post the transactions from the purchases journal to the creditor accounts, and determine their ending balances. c. Prepare T accounts for the accounts payable control and cleaning supplies accounts. Post control totals to the two accounts, and determine their ending balances. Cleaning Supplies had a zero balance at the beginning of the month. d. Prepare a schedule of the creditor account balances to verify the equality of the sum of the accounts payable creditor balances and the accounts payable controlling account balance. e. How might a computerized accounting system differ from the use of a purchases journal in recording purchase transactions?
On March 2, Sunland Company sold $995,000 of merchandise on account to Culver Company, terms 3/10, n/30. The cost of the merchandise sold was $583,000. (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 O for the amounts.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit Credit IMM
On March 2, Blossom Company sold $805,000 of merchandise on account to Ayayai Company, terms 2/10, n/30. The cost of the merchandise sold was $521,000. (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 O for the amounts.) Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold)
On May 18, Wildhorse Company sells $820 of merchandise on account with a cost of $460 to Windsor Supply. Prepare the entries for Wildhorse Company to record the sale. (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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit May 18 (To record the sales revenue.) I
On March 2, Monty Corp. sold $932,000 of merchandise on account to Marigold Company, terms 4/10, n/30. The cost of the merchandise sold was $597,000. (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.) Account Titles and Explanation (To record credit sale) (To record cost of merchandise sold) Debit I Credit
Record the following transactions on the books of Wildhorse Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. C. On July 1, Wildhorse Co. sold merchandise on account to Waegelein Inc. for $16,900, terms 2/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $4,700 to Wildhorse Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit
On March 2, Blue Spruce Company sold $997,000 of merchandise on account to Oriole Company, terms 3/10, n/30. The cost of the merchandise sold was $553,000. ( 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 Inventory 997000 Accounts Payable 997000 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT VIDEO TUTORIAL v (b) On March 6, Oriole Company returned $99,700 of the merchandise purchased on March 2. The cost of the returned merchandise was $55,300. (Credit account titles ar 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
On March 2, Riverbed Company sold $832,000 of merchandise on account to Swifty Corporation, terms 2/10, n/30. The cost of the merchandise sold was $603,000. (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) Account Titles and Explanation (b) Your answer is correct. (c) Inventory Accounts Payable e Textbook and Media List of Accounts ✓ Your answer is correct. Inventory eTextbook and Media On March 6, Swifty Corporation returned $83,200 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300. (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) Account Titles and Explanation Accounts Payable List of Accounts ➡ Your answer is partially correct. Account Titles and Explanation…
Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit