Record the journal entries on each transaction. Refer to the Chart of Accounts for exact wording of account titles. Travis Company purchased merchandise on account from a supplier for $5,100, terms 2/10, net 30 on December 26. Travis Company paid for the merchandise on December 31, within the discount period.

Record the following transactions for the Scott Company: Transactions: Nov. 4 Received a $6,500, 90-day, 6% note from Tim’s Co. in payment of the account. Dec. 31 Accrued interest on the Tim’s Co. note. Feb. 2 Received the amount due from Tim’s Co. on the note.   Required:   Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to two decimal places. Assume a 360-day year when calculating interest. CHART OF ACCOUNTS Scott Company General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Batson Co. 122 Accounts Receivable-Bynum Co. 123 Accounts Receivable-Calahan Inc. 124 Accounts Receivable-Dodger Co. 125 Accounts Receivable-Fronk Co. 126 Accounts Receivable-Miracle Chemical 127 Accounts Receivable-Solo Co. 128 Accounts Receivable-Tim’s Co. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable-Tim’s Co. 141…

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.

The following journal entry was included in the accounting records of Ostrosky Corporation on March 20: Debit Accounts payable $4,000, Credit Merchandise Inventory $40, Credit Cash $3,960 Based on this journal entry, it is likely that the company:   A. Sold inventory for cash B. Collected cash for the inventory sold on credit and recorded a 1% sales discount C. Purchased inventory for cash D. Paid for the inventory purchased on credit and took advantage of the 1% purchase discount

vd subject-Accounting

Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: Question Content Area a.  Sold merchandise for cash, $20,280. The cost of the merchandise sold was $12,170. (Record the sale first.) blank   - Select - - Select -     - Select - - Select - blank   - Select - - Select -     - Select - - Select -   Question Content Area b.  Sold merchandise on account, $8,130. The cost of the merchandise sold was $4,880. (Record the sale first.) blank   - Select - - Select -     - Select - - Select - blank   - Select - - Select -     - Select - - Select -   Question Content Area c.  Sold merchandise to customers who used MasterCard and VISA, $122,860. The cost of the merchandise sold was $73,720. (Record the sale first.) blank   - Select - - Select -     - Select - - Select - blank   - Select - - Select -     - Select - - Select -   Question…