Question
In: Accounting
The following are selected transactions of Shadow, Inc. Use the letters to the left of the...
The following are selected transactions of Shadow, Inc. Use the letters to the left of the following accounts to record ALL of the transactions for Shadow, Inc. (a) List the debit letter(s) first and then the credit letter(s) for ALL transactions. Indicate the amounts for the May 19 transaction and (b) Record the May 19 transaction for Mystic. (For example, the purchase of inventory on credit would be shown as follows: E, A).
| A. Accounts Payable | E. Inventory |
| B. Accounts Receivable | F. Sales Discounts |
| C. Cash | G. Sales Returns and Allowances |
| D. Cost of Goods Sold | H. Sales Revenue |
May 10 Sold and shipped to Mystic, Inc. merchandise for $5,000 ($3,000 cost), terms 2/10, n/30.
13 Mystic, Inc. returned merchandise billed at $1,000 ($600 cost ) on May 10.
19 Received a check from Mystic. Inc. for full settlement of the May 10 transaction.
Solutions
Expert Solution
| Date | Account Titles | Debit $ | Credit $ | |
| May.10 | Accounts receivable (B) | 5,000 | ||
| Sales Revenue ( H ) | 5,000 | |||
| Cost of Goods Sold ( D ) | 3,000 | |||
| Inventory ( E ) | 3,000 | |||
| May.13 | Sales Return & Allowances (G ) | 1,000 | ||
| Accounts receivable (B) | 1,000 | |||
| Inventory ( E ) | 600 | |||
| Cost of Goods Sold ( D ) | 600 | |||
| May.19 | Cash (C ) | 3,920 | ||
| Sales Discounts ( F ) (4,000 x 2% ) | 80 | |||
| Accounts receivable (B) | 4,000 | |||
| ( 5,000 - 1,000 ) | ||||
ekkarill92 answered 2 years agoRelated Solutions
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4,950,000
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During the year, the corporation completed a number of
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The following selected accounts appear in the ledger of Parks
Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $175 par (60,000 shares authorized, 30,000
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Paid-In Capital in Excess of Par—Preferred Stock
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Common Stock, $25 par (700,000 shares authorized, 250,000
shares issued)
6,250,000
Paid-In Capital in Excess of Par—Common Stock
810,000
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Construction Inc. at the beginning of the current year:
Preferred 2% Stock, $150 par (80,000 shares authorized, 40,000
shares issued)
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Paid-In Capital in Excess of Par—Preferred Stock
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Common Stock, $20 par (700,000 shares authorized, 320,000
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Paid-In Capital in Excess of Par—Preferred Stock
480,000
Common Stock, $15 par (800,000 shares authorized, 270,000
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Preferred 2% Stock, $200 par (40,000 shares authorized, 20,000
shares issued)
$4,000,000
Paid-In Capital in Excess of Par—Preferred Stock
640,000
Common Stock, $15 par (700,000 shares authorized, 320,000
shares issued)
4,800,000
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620,000
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