Question: I need help filling in the chart Journal entry worksheet C D E F G Sold merchandise for $99,500 on account to Prentise Furniture Store.



Journal entry worksheet C D E F G Sold merchandise for $99,500 on account to Prentise Furniture Store. Note: Enter debits before credits. Journal entry worksheet D E F Record the Cost of goods sold of $58,000 on sale. Note: Enter debits before credts. Required information [The following information applies to the questians displayed belaw] Powell Company began the Year 2 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During Year 2 , Powell experienced the following events: 1. Sold merchandise that cost $58,000 for $99,500 on account to Prentise Furniture Store. 2. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. 3. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900. 4. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep. 5 . Collected partial payment of $81,000 cash from accounts receivable. Required a. Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the Cost of $4,000 on goods returned. Note: Enter debits before credits
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
