Prepare the journal entries to record the following transactions on Carla Vista Company's books using a...
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Prepare the journal entries to record the following transactions on Carla Vista Company's books using a perpetual inventory system. (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. Record journal entries in the order presented in the problem.) (a) On March 2, Tamarisk Company sold $931,800 of merchandise to Carla Vista Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565,700. (b) On March 6, Carla Vista Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. (c) On March 12, Tamarisk Company received the balance due from Carla Vista Company. Date Account Titles and Explanation Debit Credit March 2 + Accounts Receivable Sales Revenue March 6 + Accounts Payable Inventory March 12 + Accounts Payable Inventory Cash 931800 63600 WOO 796054 16246 931800 63600 812300 Prepare the journal entries to record the following transactions on Carla Vista Company's books using a perpetual inventory system. (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. Record journal entries in the order presented in the problem.) (a) On March 2, Tamarisk Company sold $931,800 of merchandise to Carla Vista Company on account, terms 2/10, n/30. The cost of the merchandise sold was $565,700. (b) On March 6, Carla Vista Company returned $119,500 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,600. (c) On March 12, Tamarisk Company received the balance due from Carla Vista Company. Date Account Titles and Explanation Debit Credit March 2 + Accounts Receivable Sales Revenue March 6 + Accounts Payable Inventory March 12 + Accounts Payable Inventory Cash 931800 63600 WOO 796054 16246 931800 63600 812300
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Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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