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 a 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, 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 a 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

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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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.
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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.
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) Inventory Accounts Payable (c) eTextbook and Media List of Accounts ✓ Your answer is correct. Account Titles and Explanation Accounts Payable Inventory 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) e Textbook and Media List of Accounts ------------- - Your answer is partially correct. Account Titles and Explanation Accounts…
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
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