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

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

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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Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.
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.
Guardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?
The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
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.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
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
On March 1, Pearl Industries sold merchandise on account to Amelia Company for $30,300, terms 2/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,200. On March 11, Pearl Industries receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Pearl Industries's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 11
Record the following transactions on the books of Bramble Corp. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) On July 1, Bramble Corp. sold merchandise on account to Stacey Inc. for $20,800, terms 2/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,500 to Bramble Corp.. (c) On July 11, Stacey Inc. paid for the merchandise. No. Date Account Titles and Explanation Debit Credit |(a) (b) (c) July 11
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 1, Lincoln sold merchandise on account to Marigold Company for $29,000, terms 1/10, net 45. On March 6, Marigold returns merchandise with a sales price of $2,400. On March 11, Lincoln receives payment from Marigold for the balance due. Prepare journal entries to record the March transactions on Lincoln's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit UND Credit
Record the following transactions on the books of Vaughn Manufacturing (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) On July 1, Vaughn Manufacturing sold merchandise on account to Stacey Inc. for $22,600, terms 3/10, n/30. (a) On July 8, Stacey Inc. returned merchandise worth $2,500 to Vaughn Manufacturing. On July 11, Stacey Inc. paid for the merchandise. (b) (c) No. Date Account Titles and Explanation Debit Credit (a) (b) (c) July 11 10