E BusinessCourse Question. Not complete Marked out of 52.00 Journal Entries for Merchandise Transactions on Seller's...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
E BusinessCourse Question. Not complete Marked out of 52.00 Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Perpetual System The following are selected transactions for Candello, Inc., during the month of June: June 18 Sold and shipped on account to Dante Company, $6,000 ($3.000 cost) of merchandise, with terms of 2/10, n/30. 25 Dante Company returned merchandise billed at $800 on June 21 ($300 cost.) 27 Received from Dante Company a check for full settlement of the June 18 transaction. a. Required Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory system. Date June 18 18 25 Return to course 25 CANDELLO, INC. GENERAL JOURNAL Description ÷ ÷ Sold merchandise to Dante Company terms 2/10, n/30. • ◆ P Flag question Cost of merchandise sold to Dante Company, Merchandise returned by Dante Company Sales Discounts Cost of merchandise returned by Dante Company Recerved amount out from Dance Company + ** 4. + Debit DANTE COMPANY GENERAL JOURNAL Credit Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory sy a. Date June 18 18 25 25 27 0 : Sold merchandise to Dante Company terms 2/10, n/30. ÷ • Date June 18 CANDELLO, INC. GENERAL JOURNAL Description Cost of merchandise sold to Dante Company. Merchandise returned by Dante Company. Cost of merchandise returned by Dante Company 25 Sales Discounts Accounts payable Accounts Receivable Returned merchandise to Candello, inc e # Cash Paid amount due to Candello, Inc. + + # 0 Cash Cast of Goods Sold Inventory Sales Revenue O Sales Returns and Allowances Sales Discounts = Purchased merchandise from Candello, inc: terms 2/10, 30 Debit NAL # Debit Credit Credit b. Date June 18 Received amount due from Dante Company. 25 27 Check ⇒ Purchased merchandise from Candello, Inc.: terms 2/10, n/30. DANTE COMPANY GENERAL JOURNAL Description Returned merchandise to Candello, Inc. Cash Paid amount due to Candello, Inc. Save Answers Copuriens 2010 Camba ( ( ✪ 4 Debit Credit b. 25 25 27 Date June 18 25 Merchandise returned by Dante Company. 27 Cost of merchandise returned by Dante Company. Sales Discounts Check Received amount due from Dante Company. Returned merchandise to Candello, Inc. Pa Accounts payable Accounts Receivable Cash Cost of Goods Sold Inventory ✪ Sales Revenue Sales Returns and Allowances 00 DANTE COMPANY GENERAL JOURNAL Description Save Sales Discounts ● ✪ # Purchased merchandise from Candello, Inc.: terms 2/10, 1/30, + ↑ V 0 # 00 oo 0 Debit Credit E BusinessCourse Question. Not complete Marked out of 52.00 Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Perpetual System The following are selected transactions for Candello, Inc., during the month of June: June 18 Sold and shipped on account to Dante Company, $6,000 ($3.000 cost) of merchandise, with terms of 2/10, n/30. 25 Dante Company returned merchandise billed at $800 on June 21 ($300 cost.) 27 Received from Dante Company a check for full settlement of the June 18 transaction. a. Required Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory system. Date June 18 18 25 Return to course 25 CANDELLO, INC. GENERAL JOURNAL Description ÷ ÷ Sold merchandise to Dante Company terms 2/10, n/30. • ◆ P Flag question Cost of merchandise sold to Dante Company, Merchandise returned by Dante Company Sales Discounts Cost of merchandise returned by Dante Company Recerved amount out from Dance Company + ** 4. + Debit DANTE COMPANY GENERAL JOURNAL Credit Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory sy a. Date June 18 18 25 25 27 0 : Sold merchandise to Dante Company terms 2/10, n/30. ÷ • Date June 18 CANDELLO, INC. GENERAL JOURNAL Description Cost of merchandise sold to Dante Company. Merchandise returned by Dante Company. Cost of merchandise returned by Dante Company 25 Sales Discounts Accounts payable Accounts Receivable Returned merchandise to Candello, inc e # Cash Paid amount due to Candello, Inc. + + # 0 Cash Cast of Goods Sold Inventory Sales Revenue O Sales Returns and Allowances Sales Discounts = Purchased merchandise from Candello, inc: terms 2/10, 30 Debit NAL # Debit Credit Credit b. Date June 18 Received amount due from Dante Company. 25 27 Check ⇒ Purchased merchandise from Candello, Inc.: terms 2/10, n/30. DANTE COMPANY GENERAL JOURNAL Description Returned merchandise to Candello, Inc. Cash Paid amount due to Candello, Inc. Save Answers Copuriens 2010 Camba ( ( ✪ 4 Debit Credit b. 25 25 27 Date June 18 25 Merchandise returned by Dante Company. 27 Cost of merchandise returned by Dante Company. Sales Discounts Check Received amount due from Dante Company. Returned merchandise to Candello, Inc. Pa Accounts payable Accounts Receivable Cash Cost of Goods Sold Inventory ✪ Sales Revenue Sales Returns and Allowances 00 DANTE COMPANY GENERAL JOURNAL Description Save Sales Discounts ● ✪ # Purchased merchandise from Candello, Inc.: terms 2/10, 1/30, + ↑ V 0 # 00 oo 0 Debit Credit
Expert Answer:
Answer rating: 100% (QA)
1 Journal Entries for Merchandise Transactions In the books of Candello Inc Accounts Date June 18 Co... View the full answer
Related Book For
Business Statistics a decision making approach
ISBN: 978-0133021844
9th edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry
Posted Date:
Students also viewed these general management questions
-
In working for a local retail store, you have developed the following estimated regression equation: where: y = Weekly sales x1 = Local unemployment rate x2 = Weekly average high temperature x3 =...
-
Assume that Revolights was interested in working with strategic partners in order to enhance the firms success. What types of companies might Revolights partner with to become more successful?
-
An investor's utility as a function of final wealth, w 20, and effort, e > 0, is given by u=w-e. The investor's final wealth is risky and equals with probability -{ with probability wherez20. Solve...
-
Many auditors consider the substantiation of the figure for inventory to be a more difficult and challenging task than the verification of most other items on the balance sheet. List several specific...
-
What are the two constitutional limitations and one public law that serve to limit the ability to tax out-of-state taxpayers?
-
List five or six areas, where you can design a pattern for anxiety.
-
Suppose Peters Hardware sells merchandise on account, terms 2/10, n/45, for $750 (cost of the inventory is $460) on May 17, 2010. Peters Hardware later received $225 of goods (cost, $140) as sales...
-
1. The CEO has asked you to help her decide whether to use LIFO or FIFO for inventory casting. Compute the gross profit earned by the company for both LIFO and FIFO 2 The CEO's bonus is calculated...
-
What is the relationship between risk and return and the concepts contained in the CAPM equation?
-
George and Harry Haygood are building contractors who specialize in the construction of private home dwellings, storage warehouses, and small businesses (less than 20,000 sq. ft. of floor space)....
-
The Institute of Internal Auditors? International Standards for the Professional Practice of Internal Auditing cover what two major types of internal auditing services? Assurance and consulting....
-
During a recent year, the average U.S. diners spent a month on food prepared outside the home was \($144\) . What is meant by a biased sample? determine whether descriptive or inferential statistics...
-
Fill in the Blank. The Duhamel integral is also known as the ___________ integral.
-
In each of the following, name the term defined or answer the question. Answers are listed at the bottom. 1. This is a part of an organization that takes inputs and transforms them into outputs. 2....
-
Match the following characteristics with their relevant project team organizational structures: The project is housed within a functional division of the firm. A project manager leads personnel from...
-
The Internal Revenue Service wants to sample 1000 tax returns that were submitted last year to determine the percentage of returns that had a refund. Describe a sampling method that would be...
-
1) Pretend that you work in a hospital. Its not really possible to have an MVP for something like surgery. For example, you cant complete half a surgery, check for market feedback, then go back and...
-
CRUZ, INC. Comparative Balance Sheets December 31, 2015 CRUZ, INC. Income Statement For Year Ended December 31, 2015 Required Use the indirect method to prepare the cash provided or used from...
-
Consider the following two independently chosen samples whose population variances are not equal to each other. a. Using a significance level of 0.025, test the null hypothesis that 1 2 0. b....
-
Examine the following sample data for the variables y and x: a. Construct a scatter plot of these data. Describe the relationship between x and y. b. Calculate the sum of squares error for the...
-
Anaheim Human Resources, Inc., performs employment screening for large companies in southern California. It usually follows a two-step process. First, potential applicants are given a test that...
-
Why is confirmation ineffective in detecting understatement of liabilities?
-
Explain how an auditor determines whether all recorded payables actually represent bona fide obligations of the entity.
-
How can an auditor test whether all payables transactions that should be recorded are actually recorded?
Study smarter with the SolutionInn App