FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Jun. 1
Sold merchandise inventory on account to Coyle Company, $1,510.
Jun. 6
Sold merchandise inventory for cash, $450.
Jun. 12
Received cash from Coyle Company in full settlement of its accounts receivable .
Jun. 20
Sold merchandise inventory on account to Idetta Company, $675.
Jun. 22
Sold merchandise inventory on account to Dafler Company, $180.
Jun. 28
Received cash from Idetta Company in partial settlement of its accounts receivable, $550.
1.
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Journalize the transactions. Ignore cost of goods sold. Omit explanations.
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2.
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3.
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Verify the ending balance in the control Accounts Receivable equals the sum of the balances in the subsidiary ledger.
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- Journalze for the following related transactions of Lilly Heating & Air Company using the net method under a perpetual inventory system. Purchased 55,100 of merchandise from Schell account, terms 1/10, n/30 paid the amount owed on the invoice discovered that merchandise with an invoice amount of 7,200 purchased in (a) was defective and returned items, receiving credit. Purchased $6200 of merchandise from Schell Co. on account, terms n/30. Received a refund from Schell Co. for return in (C) less the purchase in (D)arrow_forwardam100.arrow_forwardAssessment 1 Amerlllo Company experlenced the following. Amarlo Company experienced the following events during its first accounting perlod. ) Purchased $5,000 of Inventory on account under terms 1/10in30. (2) Returned $1,000 of the Inventory purchased in Event 1. (3) Pald the remaining balance in account payable within the discount perlod for the inveritory purchased in Event 1. Based on this Information, which of the followMng shows how the recognition of the cash discount (Event 1) will affect the Company's financial statements?arrow_forward
- 27 )arrow_forwardTransactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,900. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 109,270 Sales 109,270 Cost of Goods Sold 66,900 Inventory 66,900 Accounts Receivable-Blue Star Co. 2,000 Cash 2,000 Cash Accounts Receivable-Blue Star Co. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co.arrow_forwardam. 103.arrow_forward
- Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…arrow_forwardM&M Corp. paid its supplier $300 in cash for inventory that it had previously purchased on account. Which of the following would be part of the correct journal entry? DEBIT to Accounts Payable for $300 DEBIT to Inventory for $300 DEBIT to Cost of Goods Sold for $300 DEBIT to Accounts Receivable for $300arrow_forwardBramble Corporation sells merchandise on account for $4800 to Kingbird Corporation with credit terms of 2/10, n/30. Kingbird returns $800 of merchandise that was damaged, along with a cheque to settle the account within the discount period. What is the amount of the cheque? $4704 $4000 $3920 $4800arrow_forward
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