GW sold merchandise to Mulligans for $10,000, offering term of 1/15, n/30. mulligans paid for the merchandise within the discount period. both companies use perpetual inventory system. I need a. Prepare the journal entries in the accounting records of GW to accounts for this sale and the subsequent collection. Assume  the original cost of merchandise to GW had been $6,500 b. Prepare jurnal entire in the accounting records of mulligans accounts for the purchase and subsequent paymen.t Mulligans records purchase merchandise at net cost. c. Assume that, because of a change in personnel, Mulligans failed to pay for this mechandise within the discount period. prepare journal entry in the accounting records of Mulligans to record payment after the discount period.

On June 10, Sage Hill Company purchased $7,500 of merchandise from Oriole Company, on account, terms 2/10, n/30. Sage Hill pays the freight costs of $360 on June 11. Goods totaling $300 are returned to Oriole for credit on June 12. On June 19, Sage Hill Company pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is partially correct. Prepare separate entries for each transaction on the books of Sage Hill Company. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)

Bramble Corp. made a $26200 sale on account with the following terms: 3/10, n/30. If the company uses the gross method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? O Debit Accounts Receivable for $26200. O Debit Accounts Receivable for $25414 and Sales Discounts for $786. O Debit Accounts Receivable for $25414. O Debit Accounts Receivable for $26200 and Sales Discounts for $786. Save for Later Attempts: 0 of 1 used Submit Answer

On June 10, Wildhorse Company purchased $9,500 of merchandise on account from Novak Company, FOB shipping point, terms 2/10, n/30. Wildhorse pays the freight costs of $590 on June 11. Damaged goods totaling $350 are returned to Novak for credit on June 12. The fair value of these goods is $75. On June 19, Wildhorse pays Novak Company in full, less the purchase discount. Both companies use a perpetual inventory system.   how do i prepare a entrie transaction for the items that i have attached?

On June 10, Sheffield Corp. purchased $8,700 of merchandise on account from Concord Company, FOB shipping point, terms 3/10, n/30. Sheffield Corp. pays the freight costs of $600 on June 11. Goods totaling $700 are returned to Concord for credit on June 12. On June 19, Sheffield Corp. pays Concord Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Sheffield Corp.. (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. Record journal entries in the order presented in the problem.) Rate Account Titles and Explanation ما Debit Credit

On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system     (b)     Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Blossom Company on June 10 cost McGiver $3,180, and the goods returned cost Blossom Company $210. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date…

Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $27,700. The merchandise had cost Mesa $18,891. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period.2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period.   Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period.   Record Santa Fe Retailing purchased merchandise “as is” (with no returns) from Mesa Wholesalers with credit terms of 3/10, n/60 and an invoice price of $27,700.   Note: Enter debits before credits.         Transaction…

Hirsch Company buys inventory for $30,000 on terms of 1/10, n/30. It pays within the discount period.   Required: 1. Prepare the journal entries to record the purchase and the payment under both the (a) gross price and (b) net price methods. Assume that Hirsch uses a periodic inventory system. 2. Prepare the journal entries to record the purchase and payment under both the (a) gross price and the (b) net price methods. Assume that Hirsch uses a perpetual inventory system. CHART OF ACCOUNTS Hirsch Company General Ledger   ASSETS 111 Cash 121 Accounts Receivable 131 Inventory 142 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation   LIABILITIES 211 Accounts Payable 224 Interest Payable 231 Salaries Payable 241 Accrued Loss on Purchase Commitment   EQUITY 311 Common Stock 331 Retained Earnings   REVENUE 411 Sales Revenue   EXPENSES 500 Cost of Goods Sold 510 Purchases 511…

Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with credit terms of 2/10, n/60 and an invoice price of $29,900. The merchandise had cost Mesa $20,392. Assume that both buyer and seller use a perpetual inventory system and the gross method. 1. Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. 2. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare entries that the buyer records for the (a) purchase, (b) cash payment within the discount period, and (c) cash payment after the discount period. View transaction list Journal entry worksheet 1 2 3 Record Santa Fe Retailing purchased merchandise "as is" (with no returns) from Mesa Wholesalers with…

Record the journal entries for the following transactions of Beamer Co. if the company uses a) Perpetual Inventory System and b) Periodic Inventory System. a. February 11: Beamer Co. purchased merchandise from Alfa Co. for $8,200 under credit terms of 2/10, n/60. b. February 13: After negotiations with Alfa Co. concerning problems with the merchandise purchased on February 11, Beamer Co. received a credit memorandum granting a price reduction of $1,800. c. February 24: Beamer Co. paid Alfa Co. the balance due. Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (i.e., January 15 would be 15/Jan). a) Perpetual Inventory System b) Periodic Inventory System Date +- +- +- General Journal Account/Explanation Page G3 PR Debit Credit Date General Journal Account/Explanation Page G9 PR Debit Credit + -