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FINANCIAL ACCOUNTING
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ISBN: 9781259964947
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Publisher: MCG
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Sagar
![Information related to Wildhorse Co. is presented below.
1.
2.
On April 8, returned damaged merchandise to Swifty Company and was granted a $4,400 credit for returned
merchandise.
On April 15, paid the amount due to Swifty Company in full. (Note: On April 5, purchased merchandise from Swifty
Company for $24,000, terms 2/10, net/30, FOB shipping point.)
Prepare the journal entries to record these transactions on the books of Wildhorse Co. under a perpetual inventory system.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
April 8
April 15
Account Titles and Explanation
Accounts Payable
Cash
Debit
4400
Credit
4400
NI](https://content.bartleby.com/qna-images/question/de02f067-0eca-47ec-9fdd-0535a1206ee0/060b3fce-da45-486d-8e22-1533f71284ed/o0rh7zf_thumbnail.jpeg)
Transcribed Image Text:Information related to Wildhorse Co. is presented below.
1.
2.
On April 8, returned damaged merchandise to Swifty Company and was granted a $4,400 credit for returned
merchandise.
On April 15, paid the amount due to Swifty Company in full. (Note: On April 5, purchased merchandise from Swifty
Company for $24,000, terms 2/10, net/30, FOB shipping point.)
Prepare the journal entries to record these transactions on the books of Wildhorse Co. under a perpetual inventory system.
(Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
April 8
April 15
Account Titles and Explanation
Accounts Payable
Cash
Debit
4400
Credit
4400
NI
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- Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800arrow_forwardYou want me to get aarrow_forward
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