Prepare the Journal entries to record the following transactions on Whispering Winds Corp.s books using a...
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Prepare the Journal entries to record the following transactions on Whispering Winds Corp.s books using a perpetual inventory system. On March 2, Whispering Winds Corp, sold s815,000 of merchandise on account to Martinez Company, terms 4/10, n/30. The cost of the merchandise sold was $603,000. (Cred manually. If no entry is required, select "No Entry" for the account titles and ontero for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 815000 Sales Commissions Expense 815000 (To record credit sale) Cost of Goods Sold On March 6, Martinez Company returned $81,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300, (Credit account titles are automaticaly indent required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record merchandse returmed) (To record cost of merchandise returned) SHOW LIST oF ACCOUNTS LINK TO TEXT VIDEO TUTORIAL On March 12, Whispering Winds Corp, recelved the balance due from Martinez Company. (Credit account titles are automatically indented when aount is entered. Do not indent manualf enter o for the amounts.) Account Titles and Explanation Debit Credit Snns Inc aL Riohts Reserved, A of John Wiley a Sons, Inc Prepare the Journal entries to record the following transactions on Whispering Winds Corp.s books using a perpetual inventory system. On March 2, Whispering Winds Corp, sold s815,000 of merchandise on account to Martinez Company, terms 4/10, n/30. The cost of the merchandise sold was $603,000. (Cred manually. If no entry is required, select "No Entry" for the account titles and ontero for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 815000 Sales Commissions Expense 815000 (To record credit sale) Cost of Goods Sold On March 6, Martinez Company returned $81,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300, (Credit account titles are automaticaly indent required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record merchandse returmed) (To record cost of merchandise returned) SHOW LIST oF ACCOUNTS LINK TO TEXT VIDEO TUTORIAL On March 12, Whispering Winds Corp, recelved the balance due from Martinez Company. (Credit account titles are automatically indented when aount is entered. Do not indent manualf enter o for the amounts.) Account Titles and Explanation Debit Credit Snns Inc aL Riohts Reserved, A of John Wiley a Sons, Inc
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Financial Accounting Tools for Business Decision Making
ISBN: 978-0470239803
5th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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