On June 3, Patrick Company sold merchandise to Chester Company having a sale price of $5,200 with terms of 4/10, n/60, f.o.b. shipping point. On June 12, the Patrick company received a check for the balance due from Chester Company. Prepare journal entries on the Patrick Company books to record all the events noted above under each of the following situations. (1) (2) Sales and receivables are entered at gross selling price. Sales and receivables are entered at net of cash discounts. Answer: Please fill in the blank (1) Use Gross Method: (a) On June 3: Patrick would debit the account: type your answer... and credit the account: type your answer... (b) On June 12: Patrick would debit the Cash Account for: $ type your answer... type your answer... and credit the account: type your answer... (c) What additional account would be used in the above journal entry (b), and for what dollar amount? Additional Account used: type your answer... would be debited for the following amount: $ type your answer... (d) Prepare the journal entry, assuming that Chester Company did not remit payment until July 29. On July 29, Patrick would debit the following account: type your answer... for: $ type your answer... and credit: type your answer... for: $ for: $ type your answer...

On June 3, Pearl Company sold to Chester Company merchandise having a sale price of $5,600 with terms of 3/10, n/60, f.o.b. shipping point. An invoice totaling $95, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Pearl Company books to record all the events noted above under each of the following bases. (1) Sales and receivables are entered at gross selling price. (2) Sales and receivables are entered at net of cash discounts.

Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,888.13; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $90.31 for shipping. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $149.93. Required: 1. For Ford Education Outfitters. Round your answers to the nearest cent. GENERAL JOURNAL PAGE       DATE DESCRIPTION DOC. NO.   POST. REF. DEBIT CREDIT (a)                                             Purchased merchandise from Romero Textbooks, Inc., invoice no. 10594, terms n/30.         (b)                                       Credit memo no. 513A for return of merchandise.     2. For Romero Textbooks, Inc. Round your answers to the nearest cent.…

On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

es Vail Company recorded the following transactions during November. Date General Journal Debit Credit November 5 Accounts Receivable-Ski Shop 5,775 Sales 5,775 November 10 Accounts Receivable-Welcome Incorporated Sales 1,706 1,706 November 13 Accounts Receivable-Zia Company Sales 1,000 1,000 November 21 Sales Returns and Allowances 258 November 30 Accounts Receivable-Zia Company Accounts Receivable-Ski Shop 258 3,557 Sales 3,557 1. Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. 2. Prepare a schedule of accounts receivable. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Post these entries to both the general ledger accounts and the accounts receivable ledger subsidiary ledger accounts. General Ledger Accounts Receivable Accounts Receivable Subsidiary Ledger Ski Shop Ending Balance 0 0 Sales Ending Balance 0 0 Zia Company Ending Balance 0 0

Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $38,700. The cost of the merchandise sold was $20,900. July 7. Received $8,100 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $30,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale   - Select - - Select -     - Select - - Select - Jan. 19-cost   - Select - - Select -     - Select - - Select - July 7   - Select - - Select -     - Select - - Select -     - Select - - Select - Nov. 2-reinstate   - Select - - Select -     - Select - - Select - Nov. 2-collection   - Select - - Select -…

The following data were selected from the records of Fluwars Company for the year ended December 31, current year:   Balances at January 1, current year:     Accounts receivable (various customers) $ 116,000 Allowance for doubtful accounts   12,700     The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return.   The following transactions occurred during the current year: Sold merchandise for cash, $258,000. Sold merchandise to Abbey Corp; invoice amount, $42,000. Sold merchandise to Brown Company; invoice amount, $53,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $56,000. Collected $119,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $48,400. Cavendish paid its account in full after the…

Record the following transactions on the books of Cheyenne Corp. (a)   On July 1, Cheyenne Corp. sold merchandise on account to Waegelein Inc. for $17,400, terms 2/10, n/30. (b)   On July 8, Waegelein Inc. returned merchandise worth $4,800 to Cheyenne Corp.. (c)   On July 11, Waegelein Inc. paid for the merchandise.