RCES FULL SCREEN PRINTER VERSION BACK NEXT Question 20 Molly's Greenhouse supplies bedding plants and other gardening products to a variety of stores across Alberta and also has a local greenhouse open to the public. Mellys usese perpetual inventory system and the cornings approach for revenue recognition Transactions for the business are shown below! May 2 Purchased Soo decorative hanging baskets from Planters R Us, on account, at a cost of $25 each terms 2/10, 1/30. For shipping point 3 The correct company paid cash for the $190 shipping charges. 4 Sold 200 hanging baskets to hardware store in the city, on account for a total vice price of $7,000. Terns are 1/10, 1/30 and the cost was $25 per basket. Molly's paid the shipping charge of $75 on the same day 5 Received a credit from Planters R Us for the return of 40 hanging baskets that had defective hangers 7 20 of the baskets from the sale of May 4 were returned to the greenhouse for a full refund because the Custone did not have enough room to store the 12 Made a payment on account for the balance owing to Planters R Us for the purchase of May 2 13 Received a cheque for the appropriate amount from the hardware store for the sale of May 4 Your answer is partially correct. Try again Prepare journal entries to record the above transactions using the perpetual method (Credit account titles are automatically indented when the amounts entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Cresti IM FULL SCREEN PRINTER VERSION BACK NEXT Your answer is incorrect. Try again Prepare oumal entries to record the above transactions using the periodic method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. It ne entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Tues and Explanation Debit Credit X X D D x K (To record sales on account) X 8 (To record cash payment for freight) 16