Presented below are transactions related to Skysong, Inc. May 10 11 19 24 (a) Purchased goods...

   

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Presented below are transactions related to Skysong, Inc. May 10 11 19 24 (a) Purchased goods billed at $15,600 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $14,600 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $14,100 subject to cash discount terms of 2/10, n/30. Your answer is correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date May 10 Account Titles and Explanation Purchases Debit 15,288 Credit Date May 10 May 11 v May 19 May 24 Account Titles and Explanation Purchases Accounts Payable Purchases Accounts Payable Accounts Payable O Cash Purchases Accounts Payable Debit 15,288 14,454 15,288 13,818 Credit 15,288 14,454 15.288) 13,818 (b) Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 if financial statements are to be prepared as of that date. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 31 Debit Credit Presented below are transactions related to Skysong, Inc. May 10 11 19 24 (a) Purchased goods billed at $15,600 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $14,600 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $14,100 subject to cash discount terms of 2/10, n/30. Your answer is correct. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date May 10 Account Titles and Explanation Purchases Debit 15,288 Credit Date May 10 May 11 v May 19 May 24 Account Titles and Explanation Purchases Accounts Payable Purchases Accounts Payable Accounts Payable O Cash Purchases Accounts Payable Debit 15,288 14,454 15,288 13,818 Credit 15,288 14,454 15.288) 13,818 (b) Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 if financial statements are to be prepared as of that date. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation May 31 Debit Credit

Answer rating: 100% (QA)

Part a Accounts title and Date Explanations May Purchases 15600 098 10 May 19 Accounts Payabl... View the full answer