Whispering Company sells one product. Presented below is information for January for Whispering Company. Jan. 1 Inventory 111 90 Purchase 159 Sale 130 Purchase 149 11 13 20 27 Sale Sale units at $5 each units at $8 each units at $6 each units at $9 each units at $7 each 85 units at $11 each Whispering uses the FIFO cost flow assumption. All purchases and sales are on account.
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- Kingbird Company sells one product. Presented below is information for January for Kingbird Company. Jan. 1 4 11 13 20 27 Inventory 121 units at $4 each 100 units at $8 each 159 units at $6 each 126 units at $9 each 175 units at $7 each 114 units at $11 each Sale Purchase Sale Purchase SaleBlue Company sells one product. Presented below is information for January for Blue Company. Jan. 1 11 Jan. 4 4 13 20 27 Jan. 4 Date Jan. 11 Jan. 13 Jan. 13 Blue uses the FIFO cost flow assumption. All purchases and sales are on account. Jan. 20 Assume Blue uses a perpetual system. Prepare all necessary journal entries. (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 amount is entered. Do not indent manually. List all debit entries before credit entries.) Jan. 27 Jan. 27 V V Inventory > Sale V Purchase Sale Purchase Sale Accounts Receivable Account Titles and Explanation Sales Revenue (To record the sale) Cost of Goods Sold Inventory Purchases (To record the cost of inventory) Accounts Payable Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory 164 units at $6 each 132 units at $9 each 169 units at $6 each 106 units at $10 each Purchases 122 units at $4…Prepare the journal entries to record the following sales transactions in Blue Spruce Corp's books. Blue Spruce uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the 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. Record journal entries in the order presented in the problem.) Jan. 2 5 6 Feb. 11 Blue Spruce sold $54,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $30,240. Blue Spruce expected a return rate of 15%. The appropriate company paid freight costs of $1,080. Xtra returned $6,600 of the merchandise purchased from Blue Spruce on January 2, because it was not needed. The cost of the merchandise returned was $3,696, and it was restored to inventory. Blue Spruce received the balance due from Xtra.
- Kingbird Group provides many of the laminated products that teachers use in their classrooms. Kingbird management considers the company to also be quite green, as it captures the small cut-out pieces and sells them to an organization that uses them in its production of plastic tableware. To date, Kingbird has treated these cut-outs as a by-product, since it receives a small value for the items upon sale. The quantities and values of both the main laminated products and the small cut-outs, created in a joint process that costs $1,900, are as follows. Both products are sold at the split-off point and not processed further All sales are on account. Main laminated products Small cut outs (a) Units Produced 2,200 600 1. Record the journal entries for the following transactions for Kingbird under the sales method of accounting for by products (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the…Prepare the journal entries to record the following transactions on Sunland Company's books under a perpetual inventory system. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (a) On March 2, Splish Brothers Company sold $899,700 of merchandise to Sunland Company on account, terms 2/10, n/30. The cost of the merchandise sold was $525,600. (b) On March 6, Sunland Company returned $111,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $69,800. (c) On March 12, Splish Brothers Company received the balance due from Sunland Company. Date March 2 Account Titles and Explanation Debit 899,700 Credit 899,700Instructions: Please show work and detailed explanations on how you got your answer. 1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023. 3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note. 3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.
- Prepare journal entries to record the following transactions entered into by the Pharoah Wholesale Company. Omit cost of goods sold entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 2025 Nov. 1 Sold merchandise on account to Acme Inc., for $19,000, terms 2/10, n/30. Acme returned merchandise worth $1,500. Received payment in full from Acme. Nov. 5 Nov. 9 Date Account Titles and Explanation Debit Credit MICurrent Attempt in Progress Prepare the journal entries to record the following sales transactions in Swifty Corp's books. Świfty uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Jan. 2 Świfty sold $37,000 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $20,720. Swifty expected a return rate of 15%. The appropriate company paid freight costs of $740. Xtra returned $4,900 of the merchandise purchased from Świfty on January 2, because it was not needed. The cost of the merchandise returned was $2,744, and it was restored to inventory. 11 Świfty received the balance due from Xtra. Date Account Titles and Explanation Debit Credit Jan. 2 (To record credit sale) 2 (To record cost of goods sold)Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. 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 March 2, Kingbird Company sold $889,200 of merchandise to Blossom Company on account, terms 2/10, n/30. The cost of the merchandise sold was $573,500. On March 6, Blossom Company returned $111,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,400. (a) (b) (c) On March 12, Kingbird Company received the balance due from Blossom Company. Date Account Titles and Explanation Debit Credit March 2 Inventory 889,200 Accounts Payable 889,200 March 6 Accounts Payable 111,100 Inventory 111,100 March 12 Accounts Payable 754,757 Cash 23,343 inventory 778,100
- Journalize the following sales transactions for Action Boats. Assume Action Boats uses the net method. Explanations are not required. (Assume the company uses a perpetual inventory system.) View the transactions. ... Journalize the sales transactions. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Mar. 1: Action Boats sold $200,000 of boats on account, credit terms are 2/15, n/30 to Outdoors Unlimited. Cost of goods is $80,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Mar. 1 Accounts Debit Credit Transactions Mar. 1 Action Boats sold $200,000 of boats on account, credit terms are 2/15, n/30 to Outdoors Unlimited. Cost of goods is $80,000. - Mar. 12 Action Boats receives payment from Outdoors Unlimited on the amount due, less the discount. ☑Use the journals and ledgers that follow. Total the journals. Post the transactions to the subsidiary ledger and (using T-accounts) to the general ledger accounts. Then prepare a schedule of accounts receivable. Round your answers to two decimal places. If an amount box does not require an entry, leave it blank. SALES JOURNAL Page: 79 Date Account InvoiceNo. Ref. DR Accts.ReceivableCR Sales DR COGSCR MerchandiseInventory 2019 Feb. 4 Evert Company 17433 E123 2,000.00 Feb. 8 King Inc. 17434 K331 775.30 Feb. 14 Martina Inc. 17435 M132 2,301.99 Feb. 16 Shriver Company 17436 S101 700.00 Total fill in the blank 1 CASH RECEIPTS JOURNAL Page: 102 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, or OtherAccounts CR 2019 Feb. 1 Cash Sales 475.00 475.00 Feb. 5 Payment from Evert Co. 17433 1,960.00 40.00 2,000.00 Feb. 15 Bank loan 230 1,500.00 1,500.00 Feb. 21 Payment from…Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system. (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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (a) On March 2, Kingbird Company sold $889.200 of merchandise to Blossom Company on account, terms 2/10, n/30. The cost of the merchandise sold was $573,500. (b) On March 6. Blossom Company returned $111,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $67.400. (c) On March 12, Kingbird Company received the balance due from Blossom Company. Date Account Titles and Explanation Debit Credit > >