Prepare the journal entries to record the following sales transactions in Marigold Corp.s books. Marigold uses a
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Prepare the journal entries to record the following sales transactions in Marigold Corp.’s books. Marigold uses a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Jan. | 2 | Marigold sold $58,500 of goods to Xtra Inc., terms n/45, FOB destination. The cost of the goods sold was $32,760. Marigold expected a return rate of 15%. | |
5 | The appropriate company paid freight costs of $1,170. | ||
6 | Xtra returned $7,800 of the merchandise purchased from Marigold on January 2, because it was not needed. The cost of the merchandise returned was $4,368, and it was restored to inventory. | ||
11 | Marigold received the balance due from Xtra. |
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
Jan. 2 | enter an account title to record credit sale on January 2 | enter a debit amount | enter a credit amount |
enter an account title to record credit sale on January 2 | enter a debit amount | enter a credit amount | |
enter an account title to record credit sale on January 2 | enter a debit amount | enter a credit amount | |
(To record credit sale) | |||
2 | enter an account title to record cost of goods sold on January 2 | enter a debit amount | enter a credit amount |
enter an account title to record cost of goods sold on January 2 | enter a debit amount | enter a credit amount | |
enter an account title to record cost of goods sold on January 2 | enter a debit amount | enter a credit amount | |
(To record cost of goods sold) | |||
5 | enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on January 5 | enter a debit amount | enter a credit amount | |
6 | enter an account title to record return of goods on January 6 | enter a debit amount | enter a credit amount |
enter an account title to record return of goods on January 6 | enter a debit amount | enter a credit amount | |
(To record return of goods) | |||
6 | enter an account title to record cost of goods returned on January 6 | enter a debit amount | enter a credit amount |
enter an account title to record cost of goods returned on January 6 | enter a debit amount | enter a credit amount | |
(To record cost of goods returned) | |||
11 | enter an account title for the journal entry on January 11 | enter a debit amount | enter a credit amount |
enter an account title for the journal entry on January 11 |
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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