Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (On January 6, Novak Co. sells merchandise on account to Pryor Inc. for $13,500, terms 2/10, n/30. On a January 16, Pryor Inc. pays the amount due. Prepare the entries on Novak's books to record the sale and ) related collection. On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. (for $16,600. On February 10, Farley is billed for the amount due of $16,600. On February 12, Farley pays $8,300 on the balance due. On March 10, Farley is billed for the amount due, including interest at 4% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.'s books related to the transactions that occurred on January 10, February 12, and March 10. b )
Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (On January 6, Novak Co. sells merchandise on account to Pryor Inc. for $13,500, terms 2/10, n/30. On a January 16, Pryor Inc. pays the amount due. Prepare the entries on Novak's books to record the sale and ) related collection. On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. (for $16,600. On February 10, Farley is billed for the amount due of $16,600. On February 12, Farley pays $8,300 on the balance due. On March 10, Farley is billed for the amount due, including interest at 4% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.'s books related to the transactions that occurred on January 10, February 12, and March 10. b )
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 10E: Kelley Company has completed the following October sales and purchases journals: a. Total and post...
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