O'Brien Company is a manufacturer of purses. They sell products to Maureen, Inc., a women's clothing store. Both companies use perpetual inventory systems.On June 2, 2020, O'Brien Company sold 400 purses on account to Maureen, Inc. O'Brien's cost was $40,000 ($100 each) and the selling price was $60,000 ($150 each) with terms of 1/15, n/30.Prepare the June 8 journal entry(ies) for O'Brien Company.DateAccount NamesDRCR6/8 Blank 1. Fill in the blank, read surrounding text. Blank 2. Fill in the blank, read surrounding text. Blank 3. Fill in the blank, read surrounding text. Blank 4. Fill in the blank, read surrounding text. Blank 5. Fill in the blank, read surrounding text. Blank 6. Fill in the blank, read surrounding text. Blank 7. Fill in the blank, read surrounding text. Blank 8. Fill in the blank, read surrounding text. Blank 9. Fill in the blank, read surrounding text. Blank 10. Fill in the blank, read surrounding text. Blank 11. Fill in the blank, read surrounding text. Blank 12. Fill in the blank, read surrounding text. Blank 13. Fill in the blank, read surrounding text. Blank 14. Fill in the blank, read surrounding text. Blank 15. Fill in the blank, read surrounding text. Blank 16. Fill in the blank, read surrounding text. Blank 17. Fill in the blank, read surrounding text. Blank 18. Fill in the blank, read surrounding text. Blank 19. Fill in the blank, read surrounding text. Blank 20. Fill in the blank, read surrounding text.Show any necessary calculations Blank 21. Fill in the blank, read surrounding text.

Journal entry is a process of recording the business transactions in the books of accounts for the…

Answered: O'Brien Company is a manufacturer of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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O'Brien Company is a manufacturer of purses. They sell products to Maureen, Inc., a women's clothing store. Both companies use perpetual inventory systems.

On June 2, 2020, O'Brien Company sold 400 purses on account to Maureen, Inc. O'Brien's cost was $40,000 ($100 each) and the selling price was $60,000 ($150 each) with terms of 1/15, n/30.

Prepare the June 8 journal entry(ies) for O'Brien Company.

Date	Account Names	DR	CR
6/8	Blank 1. Fill in the blank, read surrounding text.	Blank 2. Fill in the blank, read surrounding text.	Blank 3. Fill in the blank, read surrounding text.	Blank 4. Fill in the blank, read surrounding text.
	Blank 5. Fill in the blank, read surrounding text.	Blank 6. Fill in the blank, read surrounding text.	Blank 7. Fill in the blank, read surrounding text.	Blank 8. Fill in the blank, read surrounding text.
	Blank 9. Fill in the blank, read surrounding text.	Blank 10. Fill in the blank, read surrounding text.	Blank 11. Fill in the blank, read surrounding text.	Blank 12. Fill in the blank, read surrounding text.
	Blank 13. Fill in the blank, read surrounding text.	Blank 14. Fill in the blank, read surrounding text.	Blank 15. Fill in the blank, read surrounding text.	Blank 16. Fill in the blank, read surrounding text.
	Blank 17. Fill in the blank, read surrounding text.	Blank 18. Fill in the blank, read surrounding text.	Blank 19. Fill in the blank, read surrounding text.	Blank 20. Fill in the blank, read surrounding text.
Show any necessary calculations	Blank 21. Fill in the blank, read surrounding text.

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