No. Date Account Titles and Explanation Debit (1) June 3 Accounts Receivable Sales Revenue June 12 < Cash (2) June 3 Sales Discounts Accounts Receivable Accounts Receivable Sales Revenue June 12 Cash eTextbeekend Media Accounts Receivable 2196 2154 42 2154 2154 Cre On June 3, Sheridan Company sold to Chester Company merchandise having a sale price of $2,100 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totalling $96, 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) Your answer is partially correct. Prepare journal entries on the Sheridan 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. (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 the amount is entered. Do not indent manually. List all debit entries before credit entries. Record journal entries in the order presented in the problem!

On June 3, Concord Company sold to Chester Company merchandise having a sale price of $3,300 with terms of 2/10, n/60, f.o.b. shipping point. An invoice totaling $94, 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.           Prepare journal entries on the Concord 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.

on june 3, concord comoany sold to chester merchandise having a sale price of $5,500 with terms 2/10,n/60,F.O.B. shipping point. An invoice totalling $99, terms n/30, was received by chester on june 8 from john booth transportservice for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the concord company books to record all the events noted above under each of the following basis. (1) sales and receivable are entered at gross selling price. (2). sales and receivable are entered at net cash discounts.

On September 1, Jerry's Lighting purchased merchandise with a list price of $4,100 with credit terms of 3/10, n/60; freight of $200 prepaid and added to the invoice. On September 3, Jerry's returns of $500 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry's Lighting is;

On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $1,65O. Smart uses the perpetualinventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Cash 1,650 Accounts receivable 1,650 Cash 2,400 Accounts receivable 2,400 Cash 2,320 Sales discounts pe here to search 5:00 PM 6% 3/7/2022

Nieman Company purchased merchandise on account from Springhill Company for $12,100, terms 2/10, n/30. Nieman returned merchandise with an invoice amount of $2,800 and received full credit. a.  If Nieman Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b.  What account is debited by Nieman Company to record the return?

Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10, n/30. Barans returned merchandise with an invoice amount of $2,200 and received full credit. a.  If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b.  What account is debited by Barans Company to record the return?

On November 1, Al Ain Systems purchases merchandise for $1,500 on credit with terms of 2/5, n/30, FOB shipping point; invoice dated November 1. On November 5, Al Ain Systems pays cash for the November 1 purchase. On November 7, Al Ain Systems discovers and returns $200 of defective merchandise purchased on November 1 for a cash refund. On November 10, Al Ain Systems pays $90 cash for transportation costs with the November 1 purchase. On November 13, Al Ain Systems sells merchandise for $1,600 on credit. The cost of the merchandise is $800. On November 16, the customer returns merchandise from the November 13 transaction. The returned items are priced at $300 and cost $130; the items were not damaged and were returned to inventory.   Required: Journalize the above merchandising transactions for Al Ain Systems assuming it uses a perpetual inventory system.

On December 28, 20Y3, Silverman Enterprises sold $20,000 of merchandise to Beasley Co. with terms n/30. The cost of the goods sold was $12,000. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,000 and the merchandise originally cost Silverman Enterprises $2,350. Question Content Area a.  Journalize the entries by Silverman Enterprises to record the December 28, 20Y3, sale. If an amount box does not require an entry, leave it blank. b.  Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank.

On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30. The cost of the merchandise sold is $17,500. The merchandise was paid for on March 14. Assume all discounts are taken. Required:   Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles