Question

In: Accounting

On March 2, Crane Company sold $946,600 of merchandise to Sheridan Company

Prepare the journal entries to record the following transactions on Sheridan Company’s books using 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. Record journal entries in the order presented in the problem.)


(a)        On March 2, Crane Company sold $946,600 of merchandise to Sheridan Company, terms 2/10, n/30. The cost of the merchandise sold was $538,100.

(b)        On March 6, Sheridan Company returned $113,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $63,100.

(c)        On March 12, Crane Company received the balance due from Sheridan Company


Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

On March 2, Larkspur Company sold $901,300 of merchandise to Crane Company on account, terms 3/10, 1/30
Prepare the journal entries to record the following transactions on Crane Company's books using a perpetual inventory system. Of no entry is required, select 'N Entry for the account titles and enter 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.) (a) On March 2, Larkspur Company sold $901,300 of merchandise to Crane Company on account, terms 3/10, 1/30. The cost of the...
On March 2, Splish Brothers Company sold $885,600 of merchandise to Sunland Company on account
Current Attempt In Progress Prepare the journal entries to record the following transactions on Sunland Company's books using a perpetual inventory system. (if no entry is required, select "No Entry for the account titles and enter 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.) (a) On March 2, Splish Brothers Company sold $885,600 of merchandise to Sunland Company on account, terms 2/10, 1/30....
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 March 1, 2020, Crane Company sold goods to Goosen Inc. for $702,000 in exchange for...
On March 1, 2020, Crane Company sold goods to Goosen Inc. for $702,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $1,182,911 (an inputed rate of 11%). The goods have an inventory cost on Crane’s books of $395,000. (a) Prepare the journal entries for Crane on March 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles...
On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merchandise sold is $18,300.
Instructions On March 1, Sather Co. sold merchandise to Boone Co. on account, $29,800, terms 2/15, n/30. The cost of the merchandise sold is $18,300. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company's Chart of Accounts for exact wording of account titles.
Exercise 5-1 This information relates to Crane Co.. 1. On April 5, purchased merchandise from Sheridan...
Exercise 5-1 This information relates to Crane Co.. 1. On April 5, purchased merchandise from Sheridan Company for $26,000, terms 3/10, n/30. 2. On April 6, paid freight costs of $520 on merchandise purchased from Sheridan Company. 3. On April 7, purchased equipment on account for $31,400. 4. On April 8, returned $4,100 of April 5 merchandise to Sheridan Company. 5. On April 15, paid the amount due to Sheridan Company in full. (a) Prepare the journal entries to record the transactions listed above on Crane Co.'s...
A company sold merchandise for cash on September 30th. The merchandise was sold for $12,000 and...
A company sold merchandise for cash on September 30th. The merchandise was sold for $12,000 and had a cost of $7,000. The tax rate is 5%. Show all of your work! Record the sale: Record the remittance of the sales taxes to the state on October 30th.
5.Thorsten Company, a trendy clothing retailer, had the following transactions in March: March 2 Purchased merchandise...
5.Thorsten Company, a trendy clothing retailer, had the following transactions in March: March 2 Purchased merchandise from Sabine Company under the following terms: $1,800 invoice price, 2/15, n/60, FOB factory. (The cost of the merchandise to Sabine Company was $990.) March 3 Paid UBS Shipping $125 for shipping charges on the purchase of March 2. March 4 Returned to Sabine Company unacceptable merchandise that had an invoice price of $300 (and a cost to Sabine of $165). Sabine returned the...
5.Thorsten Company, a trendy clothing retailer, had the following transactions in March: March 2 Purchased merchandise...
5.Thorsten Company, a trendy clothing retailer, had the following transactions in March: March 2 Purchased merchandise from Sabine Company under the following terms: $1,800 invoice price, 2/15, n/60, FOB factory. (The cost of the merchandise to Sabine Company was $990.) March 3 Paid UBS Shipping $125 for shipping charges on the purchase of March 2. March 4 Returned to Sabine Company unacceptable merchandise that had an invoice price of $300 (and a cost to Sabine of $165). Sabine returned the...
On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30. The cost of the merchandise sold is $17,500. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT