Record the following transactions for Lett Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)1. On August 4, Lett sold merchandise on account to Smiley Company for $610, terms 2/10, n/30.2. On August 7. Lett granted Smiley a sales allowance and reduced the cost of the merchandise by $60 because some of the goods were slightly damaged.3. On August 12, Smiley paid the account in full.No. Account Titles and Explanation1.2.3.DebitCredit

Step 1: No.Account Titles and ExplanationDebitCredit1Accounts receivable $610 Sales Revenue $610To…

Answered: Record the following transactions for…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10A: The Voucher System Of Accounting

Section: Chapter Questions

Problem 1P

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Record the following transactions on the books of Wildhorse Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. C. On July 1, Wildhorse Co. sold merchandise on account to Waegelein Inc. for $16,900, terms 2/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $4,700 to Wildhorse Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit
Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit
On March 1, Lincoln sold merchandise on account to Marigold Company for $29,000, terms 1/10, net 45. On March 6, Marigold returns merchandise with a sales price of $2,400. On March 11, Lincoln receives payment from Marigold for the balance due. Prepare journal entries to record the March transactions on Lincoln's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit UND Credit
Senger Company sold merchandise of $19,500, terms n/30, to Burris Inc. on April 12. Burris paid Senger for the merchandise on May 12. On June 1, Senger paid Burris $400 for costs incurred by Burris to repair defective merchandise. a. Journalize the entry by Senger Company to record the customer refund to Burris Inc. b. Assume that instead of paying Burris cash, Senger issued a credit memo to Burris to be used against Burris's outstanding account receivable balance. Journalize the entry by Senger Company to record the issuance of the credit memo.
On March 1, Pearl Industries sold merchandise on account to Amelia Company for $30,300, terms 2/10, net 45. On March 6, Amelia returns merchandise with a sales price of $1,200. On March 11, Pearl Industries receives payment from Amelia for the balance due. Prepare journal entries to record the March transactions on Pearl Industries's books. (You may ignore cost of goods sold entries and explanations.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Mar. 11
Ayayai Corp. uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) January 5 Sold merchandise to Sue Land for $2,100, terms n/15. April 15 Received $430 from Sue Land on account. August 21 Wrote off as uncollectible the balance of the Sue Land account when she declared bankruptcy. October 5 Unexpectedly received a check for $690 from Sue Land. Date Account Titles and Explanation Debit Credit Choose a transaction date January 5April 15August 21October 5 Enter an account title to record sales on account Enter a debit amount Enter a credit amount Enter an account title to record sales on account Enter a debit amount Enter a credit amount…
On January 6, Concord Corporation sells merchandise on account to Harley Inc. for $11,600, terms 3/10, n/30. On January 16, Harley pays the amount due. Prepare the entries on Concord Corporation's books to record the sale and related collection. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Jan. 16 Account Titles and Explanation Debit Credit
Record the following transactions on the books of Vaughn Manufacturing (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) On July 1, Vaughn Manufacturing sold merchandise on account to Stacey Inc. for $22,600, terms 3/10, n/30. (a) On July 8, Stacey Inc. returned merchandise worth $2,500 to Vaughn Manufacturing. On July 11, Stacey Inc. paid for the merchandise. (b) (c) No. Date Account Titles and Explanation Debit Credit (a) (b) (c) July 11 10
On March 2, Blossom Company sold $805,000 of merchandise on account to Ayayai Company, terms 2/10, n/30. The cost of the merchandise sold was $521,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold)
Presented below are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (On January 6, Novak Co. sells merchandise on account to Pryor Inc. for $13,500, terms 2/10, n/30. On a January 16, Pryor Inc. pays the amount due. Prepare the entries on Novak's books to record the sale and ) related collection. On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. (for $16,600. On February 10, Farley is billed for the amount due of $16,600. On February 12, Farley pays b $8,300 on the balance due. On March 10, Farley is billed for the amount due, including interest at 4% per month on the unpaid balance as of February 12. Prepare the entries on Paltrow Co.'s books related to the transactions that occurred on January 10, February 12, and March 10. )
Record the following transactions on the books of Bramble Corp. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) On July 1, Bramble Corp. sold merchandise on account to Stacey Inc. for $20,800, terms 2/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,500 to Bramble Corp.. (c) On July 11, Stacey Inc. paid for the merchandise. No. Date Account Titles and Explanation Debit Credit |(a) (b) (c) July 11
Record the following transactions on the books of Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On July 1, Cullumber Co. sold merchandise on account to Stacey Inc. for $22,750, terms 3/10, n/30. (b) On July 8, Stacey Inc. returned merchandise worth $2,650 to Cullumber Co. (c) On July 11, Stacey Inc. paid for the merchandise. Date Account Titles and Explanation Debit Credit

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