transactions for Buyer and Seller wilmington Co. sold merchandise to Angelleti Co. on account, $158,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $95,280. Wilmington Co. paid freight of $2,700. Assume that all discount Journallze Wilmiìngton Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. (a) Accounts Receivable-Angelleti Co. 155.624 V Sales 155,624 V Cost of Merchandise Sold 95.280 V Merchandise Inventory 95,280 (b) Accounts Receivable-Angelleti Co. Cash (c) Cash Accounts Receivable Angelleti Co. Feedback Check My Work Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight. Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not reguire entry le

The following transactions are for Wildhorse Company. 1.   On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300. 2.   On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3. 3.   On December 13, Wildhorse Company received the balance due from Swifty Co. 1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system 2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a.  Purchased $22,000 of merchandise from Wright Co. on account, terms 2/10, n/30.   Merchandise Inventory        Accounts Payable-Wright Co.      b.  Paid the amount owed on the invoice within the discount period.   Accounts Payable-Wright Co.        Cash      c.  Discovered that $4,400 of the merchandise purchased in (a) was defective and returned items, receiving credit.   Accounts Receivable-Wright Co.        Merchandise Inventory      d.  Purchased $3,400 of merchandise from Wright Co. on account, terms n/30.   Merchandise Inventory        Accounts Payable-Wright Co.      e.  Received a refund from Wright Co. for return in (c) less the purchase in (d).   Sales Returns and Allowances

The Freight In account is debited for the cost of transportation charges on incoming merchandise intended for resale. Freight costs that apply to non-merchandise assets purchased are added to the asset account that applies. Record the following transaction for Robert Corporation in general journal form. • Nov. 14 Bought merchandise on account from Trexel, Inc., invoice no. A2051, $2,225; terms net 30 days; dated November 13; FOB shipping point, freight prepaid and added to the invoice, $100.50 (total $2,325.50). • Nov. 24 Robert Corporation received credit memo no. 213 from Trexel, Inc., for merchandise returned, $125 If required, round your answers to the nearest cent. If an amount box does not require an entry, leave it blank. DATE Nov. 14 Nov. 24 GENERAL JOURNAL DESCRIPTION Purchased merchandise from Trexel Inc., invoice no. A2051, invoice dated Nov 13, terms n/30. Credit memo no. 213 for return of merchandise. POST. REF. DEBIT CREDIT

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1. Merchandise with a list price of $7,425 is purchased on account, terms FOB shipping point, n/30. The seller prepaid transportation costs of $300. Prior to payment, $1,000 of the merchandise is returned. The correct amount is paid within the discount period.(net method) Record the foregoing transactions of the buyer in the sequence indicated below. a) Purchased the merchandise b) Recorded receipt of the credit memorandum for merchandise returned. c) Paid the amount owed.

Transactions for Buyer and Seller Shore Co. sold merchandise to Blue Star Co. on account, $111,500, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,900. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 109,270 Sales 109,270 Cost of Goods Sold 66,900 Inventory 66,900 Accounts Receivable-Blue Star Co. 2,000 Cash 2,000 Cash Accounts Receivable-Blue Star Co. Journalize Blue Star Co.'s entry for the sale, purchase, and payment of amount due. If an amount box does not require an entry, leave it blank. Inventory Accounts Payable-Shore Co.

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTS Shore Co. General Ledger   ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…

Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.

Journalize the following merchandise transactions:c. Issued a credit memo to Wilson Company for returned merchandise that was sold for $4,000, terms n/30. The cost of the merchandise returned was $2,275