Question: given the info in the first photo, how do I fill out the following values in the chart (3 photos totoal) thank you!!! NEXT Exercise

given the info in the first photo, how do I fill out the following values in the chart (3 photos totoal) thank you!!!
given the info in the first photo, how do I fill out
the following values in the chart (3 photos totoal) thank you!!! NEXT
Exercise 5-05a-b (Video) Presented below are transactions related to Sunland Company 1.

NEXT Exercise 5-05a-b (Video) Presented below are transactions related to Sunland Company 1. On December 3, Sunland Company sold $654,200 of merchandise on account to Marigold Co., terms 4/10, 30, FOB destination. Sunland paid $390 for freight charges. The cost of the merchandise sold was $373,500 2. On December 8, Marigold Co. was granted an allowance of $23,900 for merchandise purchased on December 3. 3. On December 13, Sunland Company received the balance due from Marigold Co. Debit Credit No. 1. Date Dec. 3 Account Titles Taccounts Receivable 1 T L Dec. 3 = TSales Revenue (To record credit sale) cost of Goods sold Tinventory Inventory (To record cost of merchandise sold) Freight-out E U U U Invento Dec. 3 E U Cash (To record freight charges) 2. T Dec. 8 Sales Returns and Allowances Accounts Receivable 3. Dec. 133 cash C Sales Discounts Accounts Receivable Your answer is partially correct. Try again Assume that Sunland Company received the balance due from Marigold Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Tities and Explanation Credit 1 Dan 2 Cash Taccounts Receivable Click if you would like to show Work for this questioni On Show Work VIDEO SIMILAR EXERCIS

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!