The following transactions are for Sunland Company. On December 3, Sunland Company sold $521,300 of merchandise...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following transactions are for Sunland Company. On December 3, Sunland Company sold $521,300 of merchandise to Blossom Co., terms 3/10, n/30. The cost of the merchandise sold was $313,500. 1. On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. 2. 3. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. (To record credit sale) (To record cost of merchandise sold) 2. 3. Dec. 13 (b) Assume that Sunland Company received the balance due from Blossom 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. (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 amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit The following transactions are for Sunland Company. On December 3, Sunland Company sold $521,300 of merchandise to Blossom Co., terms 3/10, n/30. The cost of the merchandise sold was $313,500. 1. On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3. On December 13, Sunland Company received the balance due from Blossom Co. 2. 3. (a) Prepare the journal entries to record these transactions on the books of Sunland Company. Sunland Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. (To record credit sale) (To record cost of merchandise sold) 2. 3. Dec. 13 (b) Assume that Sunland Company received the balance due from Blossom 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. (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 amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit
Expert Answer:
Answer rating: 100% (QA)
No Date Account Titles Explanation Debit Credit Dec03 Account ... View the full answer
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
The norm of a linear transformation TA: Rn Rn can be defined by where the maximum is taken over all nonzero x in Rn. (The subscript indicates that the norm of the linear transformation on the left is...
-
Suppose that f: Rn R and g: Rn Rn are differentiable on Rn and that there exist r > 0 and a Rn such that Dg(x) is the identity matrix, I, for all x Br(a). Prove that there is a function h: Br(a) {a}...
-
Let 5: Rn Rn and T: Rn Rn be linear transformations with matrices A and B respectively. [Theorem 3.] (a) Show that B2 = B if and only if T2 = 7 (where T2 means T o T). (b) Show that B2 = 1 if and...
-
A company has the following results for the three years to 31 March 2021: Assuming that the trading loss is carried forward and that maximum loss relief is taken as soon as possible, calculate the...
-
A mixture of gases contains 0.75 mol N2, 0.30 mol O2, and 0.15 mol CO2. If the total pressure of the mixture is 2.15 atm, what is the partial pressure of each component?
-
A metal ring is dropped into a localized region of constant magnetic field, as indicated in Figure 23-36. The magnetic field is zero above and below the region where it is finite. (a) For each of the...
-
Exercise 2.143 introduces a study examining the relationship between football playing and hippocampal volume, in \(\mu \mathrm{L}\), in the brain. We use the \(n=25\) participants in the control...
-
A particular stock sells for $30. The stocks beta is 1.25, the risk-free rate is 4%, and the expected return on the market portfolio is 10%. If you forecast that the stock will be worth $33 next year...
-
QUESTION 1 Given the following information: Units produced Materials (kg) Material Costs Direct Labour (Hours) Original Budget 1,000 units 400 kg $8,000 Actual 1,070 units 409 kg See other info...
-
NOTE: include a copy of your equations and equations/code with your plots 1. (50 points) A non-afterburning turbojet is being designed for operation at an altitude of 15 km and a Mach number of 1.8....
-
Write a paper about Netflix Demand and Supply Conditions and the Price Elasticity of Demand
-
The following questions is based on strategic leadership. What is the opinion of employees on strategic leadership? How does strategic leadership approach used by the leader provide employees...
-
Imagine that if you are a small business owner. Is it worth it for you to devote time to learning Twitter to support your local businesslocal construction, local coffee shop, local restaurant, local...
-
What is the origin of cancer, its treatment, diagnosis, and prevention?
-
Imagine you are a manager and your instructions are to communicate to employees: A company stock sharing opportunity An increase in the 401K employer contribution A company campaign to support the...
-
Bridgeport Company has determined that the standard cost to manufacture its product includes 2 units of direct materials at $6.00 per unit. During January, the company purchased 50,900 units of...
-
Find the derivatives of the following functions a) to c). Show your steps. a) y = f(x) = ex In (3x + 1) (5 points) b) y = f(x) = (5x+9)21 x3+4x+5 (5 points)
-
Solve each problem. Find the coordinates of the points of intersection of the line y = 2 and the circle with center at (4, 5) and radius 4.
-
Prepare the journal entries to record the following transactions on Graff Companys books using a perpetual inventory system. (a) On March 2, Graff Company sold $800,000 of merchandise to Rodriguez...
-
The 2009 financial statements of Tootsie Roll Industries, Inc. are provided in Appendix A. Instructions Refer to Tootsie Rolls financial statements to answer the following questions. (a) What were...
-
Wells Fargo & Company, headquartered in San Francisco, is one of the nations largest financial institutions. It reported the following selected accounts (in millions) as of December 31, 2009....
-
Figure18 . 25 shows the series of Walmart daily closing prices between February 2001 and February 2002 (thanks to Chris Albright for suggesting the use of these data, which are publicly available,...
-
Shipments of Household Appliances. The time plot in Figure 18 . 31 shows the series of quarterly shipments (in million dollars) of US household appliances between 1985 and 1989 (dataare available in...
-
Relation Between Moving Average and Exponential Smoothing. Assume that we apply a moving average to a series, using a very short window span. If we wanted to achieve an equivalent result using simple...
Study smarter with the SolutionInn App