The following are two independent situations. (Credit account titles are automatically indented when amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem.)(a)(b)On January 6, Sheffield Co. sells merchandise on account to Pryor Inc. for $11,700, terms 4/10, n/30. On January 16, PryorInc. pays the amount due. Prepare the entries on Sheffield'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 $17,400. OnFebruary 10, Farley is billed for the amount due of $17,400. On February 12, Farley pays $8,700 on the balance due. OnMarch 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 March10.No.DateAccount Titles and Explanation(a)(b)>>DebitCredit

A.January 06, recognition of Sales Revenue and setting up of Accounts Receivable.On January 16,…

Answered: The following are two independent…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....

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Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises. A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for their merchandise inventory, on credit, for $10 each. Credit terms are 2/10, n/60 from the invoice date of April 7. B. On April 15, Tolbert pays the amount due in cash to the supplier.
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…
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. )
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.) (a) On January 6, Brumbaugh Co. sells merchandise on account to Pryor Inc. for $7,000, terms 2/10, n/30. On January 16, Pryor Inc. pays the amount due. Prepare the entries on Brumbaugh’s books to record the sale and related collection. (Omit cost of goods sold entries.) (b) On January 10, Andrew Farley uses his Paltrow Co. credit card to purchase merchandise from Paltrow Co. for $9,000. On February 10, Farley is billed for the amount due of $9,000. On February 12, Farley pays $5,000 on the balance due. On March 10, Farley is billed for the amount due, including interest at 1% 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. (Omit cost of goods…
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
A credit sale is made on July 10 for $800, terms 4/10, n/30. On July 12, $150 of goods are returned for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period. (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.) Date Account Titles and Explanation July 19 Debit Credit
(b) On May 10, Oriole Company sold merchandise for $12,200 and accepted the customer's America Bank MasterCard. America Bank charges a 4% service charge for credit card sales. Prepare the entry on Oriole Company's books to record the sale of merchandise. (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.) Date Account Titles Debit Credit May 10
Flynn Company determines that it cannot collect $8,300 of its accounts receivable from its customer, MDC. Record the journal entry required of Flynn under (a) the direct write-off method and (b) the allowance method. View transaction list Journal entry worksheet 1 Record the write off under the direct write-off method. 2 Note: Enter debits before credits. Transaction a. General Journal Debit Credit
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
On May 18, Wildhorse Company sells $820 of merchandise on account with a cost of $460 to Windsor Supply. Prepare the entries for Wildhorse Company to record the sale. (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. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit May 18 (To record the sales revenue.) I
If Metlock Company uses the allowance method to account for uncollectible accounts, journalize the entry if on May 8 Metlock determined that Randal Company's $760 balance is uncollectible. (List debit entry before credit entry. 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 the amount is entered. Do not indent manually.) Date Account Titles and Explanation May 8 Bad Debt Expense Allowance for Doubtful Accounts Debit 760 Credit 760
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 Explanation 1. 2. 3. Debit Credit

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