On June 12, Crane Company returned $730 of merchandise previously purchased from Larkspur Produce on account. Prepare the journal entry to record the return on Crane Company's books. Crane uses 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 the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Jun, 4 Debit Credit

On June 12, Crane Company returned $730 of merchandise previously purchased from Larkspur Produce on account. Prepare the journal entry to record the return on Crane Company's books. Crane uses 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 the amount is entered. Do not indent manually. List debit entry before credit entry.) Date Account Titles and Explanation Jun, 4 Debit Credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 3PA: MacDonald Bookshop had the following transactions that occurred during February of this year:...

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Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for July, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
MacDonald Bookshop had the following transactions that occurred during February of this year: Required 1. Journalize the transactions for February in the cash payments journal. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journal. Prove the equality of the debit and credit totals.
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 899,700
Prepare the journal entries to record the following transactions on Ivanhoe 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, Metlock Company sold $882,900 of merchandise to Ivanhoe Company on account, terms 3/10, n/30. The cost of the merchandise sold was $527,900. (a) On March 6, Ivanhoe Company returned $107,600 of the merchandise purchased on March 2. The cost of the merchandise returned was $66,800. (b) (c) On March 12, Metlock Company received the balance due from Ivanhoe Company. Date Account Titles and Explanation Debit Credit March 2
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
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 > >
Prepare the journal entries to record the following transactions on Wildhorse Co.’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.) (a) On March 2, Wildhorse Co. sold $947,600 of merchandise to Sandhill Co., terms 3/10, n/30. The cost of the merchandise sold was $534,200. (b) On March 6, Sandhill Co. returned $105,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,600. (c) On March 12, Wildhorse Co. received the balance due from Sandhill Co.. No. Date Account Titles and Explanation Debit Credit (a) choose a transaction date enter an account title to record sale of merchandise enter a debit amount…
Prepare the journal entries to record the following transactions on Wildhorse 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.) (a) On March 2, Windsor Company sold $947,600 of merchandise to Wildhorse Company on account, terms 3/10, n/30. The cost of the merchandise sold was $534,200. (b) On March 6, Wildhorse Company returned $105,700 of the merchandise purchased on March 2. The cost of the merchandise returned was $68,600. (c) On March 12, Windsor Company received the balance due from Wildhorse Company. No. Date Account Titles and Explanation Debit Credit (a) choose a transaction date March 2March 6March 12 enter an account title…
Prepare the journal entries to record the following transactions on Carla Vista 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.) (a) On March 2, Carla Vista Company sold $931,800 of merchandise to Tamarisk Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565,700. (b) On March 6, Tamarisk Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. (c) On March 12, Carla Vista Company received the balance due from Tamarisk Company.
Prepare the journal entries to record the following transactions on Cullumber 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.) (a) On March 2, Cullumber Company sold $890,100 of merchandise to Oriole Company, terms 2/10, n/30. The cost of the merchandise sold was $546,300. On March 6, Oriole Company returned $105,400 of the merchandise purchased on March 2. The cost of the merchandise returned was $62,600. On March 12, Cullumber Company received the balance due from Oriole Company. (b) (c) No. Date Account Titles and Explanation Debit Credit (a) March 2 + Accounts Receivable 890,100 Sales Revenue 890,100 (To record sale of merchandise) March 2 + Cost of Goods Sold 546,300 Inventory 546,300 (b) March 6 + Sales Returns and Allowances…