This information relates to Marin Co. 1. On April 5, purchased merchandise from Cullumber Company for $
Question:
This information relates to Marin Co.
1. | On April 5, purchased merchandise from Cullumber Company for $25,800, terms 3/10, n/30. | |
2. | On April 6, paid freight costs of $660 on merchandise purchased from Cullumber. | |
3. | On April 7, purchased equipment on account for $33,700. | |
4. | On April 8, returned $4,300 of April 5 merchandise to Cullumber Company. | |
5. | On April 15, paid the amount due to Cullumber Company in full. |
(a)
Prepare the journal entries to record the transactions listed above on Marin Co.’s books. Marin Co. 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. | choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | ||
2. | choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | ||
3. | choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | ||
4. | choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | ||
5. | choose a transaction date | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount | ||
enter an account title | enter a debit amount | enter a credit amount |
(b)
Assume that Marin Co. paid the balance due to Cullumber Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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.)
Date | Account Titles and Explanation | Debit | Credit |
---|---|---|---|
May 4 | enter an account title | enter a debit amount | enter a credit amount |
enter an account title | enter a debit amount | enter a credit amount |
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso