Question

In: Accounting

Exercise 5-05 On June 10, Marin Company purchased $7,300 of merchandise from Cullumber Company, on account,...

Exercise 5-05

On June 10, Marin Company purchased $7,300 of merchandise from Cullumber Company, on account, terms 3/10, n/30. Marin pays the freight costs of $360 on June 11. Goods totaling $500 are returned to Cullumber for credit on June 12. On June 19, Marin Company pays Cullumber Company in full, less the purchase discount. Both companies use a perpetual inventory system.

Prepare separate entries for each transaction on the books of Marin Company. (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. Record journal entries in the order presented in the problem.)

2. Prepare separate entries for each transaction for Cullumber Company. The merchandise purchased by Marin on June 10 cost Cullumber $2,400, and the goods returned cost Cullumber $210. (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. Record journal entries in the order presented in the problem.)

Solutions

Expert Solution


Related Solutions

On June 10, Cullumber Company purchased $6,200 of merchandise from Oriole Company, terms 4/10, n/30. Cullumber...
On June 10, Cullumber Company purchased $6,200 of merchandise from Oriole Company, terms 4/10, n/30. Cullumber Company pays the freight costs of $400 on June 11. Goods totaling $300 are returned to Oriole Company for credit on June 12. On June 19, Cullumber Company pays Oriole Company in full, less the purchase discount. Both companies use a perpetual inventory system.On June 10, Cullumber Company purchased $6,200 of merchandise from Oriole Company, terms 4/10, n/30. Cullumber Company pays the freight costs...
5- On June 10, Tala Company purchased on account $50,000 of merchandise from Tigare Company, FOB...
5- On June 10, Tala Company purchased on account $50,000 of merchandise from Tigare Company, FOB destination, terms 2/10, n/30. Tala pays cash the freight costs of $600 on June 11. Damaged goods totaling $700 are returned to Tigare for credit on June 12. On June 19, Tala pays Tigare in full less the purchase discount. Both companies use a perpetual inventory system. Instructions (a) Prepare separate entries for each transaction on the books of Tala Company.
Exercise 5-4 On June 10, Tuzun Company purchased $6,650 of merchandise from Epps Company, FOB shipping...
Exercise 5-4 On June 10, Tuzun Company purchased $6,650 of merchandise from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight costs of $580 on June 11. Damaged goods totaling $350 are returned to Epps for credit on June 12. The fair value of these goods is $80. On June 19, Tuzun pays Epps Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books...
On June 10, Carla Vista Company purchased $8,000 of merchandise on account from Flint Company, FOB...
On June 10, Carla Vista Company purchased $8,000 of merchandise on account from Flint Company, FOB shipping point, terms 1/10, n/30. Carla Vista pays the freight costs of $550 on June 11. Damaged goods totaling $400 are returned to Flint for credit on June 12. The fair value of these goods is $70. On June 19, Carla Vista pays Flint Company in full, less the purchase discount. Both companies use a perpetual inventory system.Prepare separate entries for each transaction for...
A. On June 10, Crane Company purchased $9,000 of merchandise on account from Pronghorn Company, FOB shipping point, term...
A. On June 10, Crane Company purchased $9,000 of merchandise on account from Pronghorn Company, FOB shipping point, terms 2/10, n/30. Crane pays the freight costs of $550 on June 11. Damaged goods totaling $350 are returned to Pronghorn for credit on June 12. The fair value of these goods is $80. On June 19, Crane pays Pronghorn Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the...
Aug. 1 Purchased merchandise on account from Arotek Company for $7,500, FOB destination. 5 Sold merchandise...
Aug. 1 Purchased merchandise on account from Arotek Company for $7,500, FOB destination. 5 Sold merchandise on account to Laird Corp. for $5,200. The merchandise had cost $4,000. 8 Purchased merchandise on account from Waters Corporation for $5,400, FOB shipping point. The invoice showed that at Sheng’s request, Waters paid the $140 shipping charges and added that amount to the bill. 10 Laird returned merchandise from the August 5 sale that had cost Sheng $400 and been sold for $600....
On June 10, Oriole Company purchased $7,500 of merchandise from Ivanhoe Company, terms 2/10, 1/30
On June 10, Oriole Company purchased $7,500 of merchandise from Ivanhoe Company, terms 2/10, 1/30. Oriole Company pays the freight costs of $360 on June 11. Goods totaling $300 are returned to Ivanhoe Company for credit on June 12. On June 19, Oriole Company pays Ivanhoe Company in full, less the purchase discount. Both companies use a perpetual inventory system.Prepare separate entries for each transaction on the books of Oriole Company. (If no entry is required, select "No Entry for...
On June 10, Sheridan Company purchased $6,600 of merchandise from Crane Company, terms 4/10, n/30
On June 10, Sheridan Company purchased $6,600 of merchandise from Crane Company, terms 4/10, n/30. Sheridan Company pays the freight costs of $350 on June 11. Goods totaling $300 are returned to Crane Company for credit on June 12. On June 19, Sheridan Company pays Crane Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Sheridan Company. (If no entry is required, select "No Entry" for...
On June 10, Carla Vista Company purchased $7,900 of merchandise from Wildhorse Company, terms 4/10, n/30....
On June 10, Carla Vista Company purchased $7,900 of merchandise from Wildhorse Company, terms 4/10, n/30. Carla Vista Company pays the freight costs of $390 on June 11. Goods totaling $600 are returned to Wildhorse Company for credit on June 12. On June 19, Carla Vista Company pays Wildhorse Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Carla Vista Company. (If no entry is...
On June 10, Blossom Company purchased $ 6,000 of merchandise from Sunland Company, terms  2/10, n/30. Blossom...
On June 10, Blossom Company purchased $ 6,000 of merchandise from Sunland Company, terms  2/10, n/30. Blossom Company pays the freight costs of $ 350 on June 11. Goods totaling $ 200 are returned to Sunland Company for credit on June 12. On June 19,Blossom Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system. Prepare separate entries for each transaction on the books of Blossom Company. (If no entry is required, select "No...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT