Question

Sunland Company purchased merchandise on account from Office Suppliers for $68,000, with terms of 1/10, n/30. During the discount period, Sunland returned some merchandise and paid $58,410 as payment in full. Sunland uses a perpetual inventory system. Prepare the journal entries that Sunland Company made to record the: (1) purchase of merchandise. (2) return of merchandise. (3) payment on account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) enter an account title to record the purchase of merchandise enter a debit amount enter a credit amount enter an account title to record the purchase of merchandise enter a debit amount enter a credit amount (2) enter an account title to record the return of merchandise enter a debit amount enter a credit amount enter an account title to record the return of merchandise enter a debit amount enter a credit amount (3) enter an account title to record the payment on account enter a debit amount enter a credit amount enter an account title to record the payment on account enter a debit amount enter a credit amount enter an account title to record the payment on account enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT Oriole Company sold merchandise to Moore Company on account for $89,000 with credit terms of ?/10, n/30. The cost of the merchandise sold was $68,000. During the discount period, Moore Company returned $4,800 of merchandise and paid its account in full (minus the discount) by remitting $81,674 in cash. Both companies use a perpetual inventory system. Prepare the journal entries that Oriole Company made to record the: (1) sale of merchandise. (2) return of merchandise. (3) collection on account. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (1) enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) enter an account title to record cost of good sold enter a debit amount enter a credit amount enter an account title to record cost of good sold enter a debit amount enter a credit amount (To record cost of good sold) (2) enter an account title to record credit granted for returned goods enter a debit amount enter a credit amount enter an account title to record credit granted for returned goods enter a debit amount enter a credit amount (To record credit granted for returned goods) enter an account title to record cost of good returned enter a debit amount enter a credit amount enter an account title to record cost of good returned enter a debit amount enter a credit amount (To record cost of good returned) (3) enter an account title to record the collection on account enter a debit amount enter a credit amount enter an account title to record the collection on account enter a debit amount enter a credit amount enter an account title to record the collection on account enter a debit amount enter a credit amount Click if you would like to Show Work for this question: Open Show Work

Answer 1