Home / Questions / The following transactions are for Skysong Company.
The following transactions are for Skysong Company.
| 1. | On December 3, Skysong Company sold $513,500 of merchandise to Sheridan Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $318,300. | |
| 2. | On December 8, Sheridan Co. was granted an allowance of $24,700 for merchandise purchased on December 3. | |
| 3. | On December 13, Skysong Company received the balance due from Sheridan Co. |
(a)
Prepare the journal entries to record these transactions on the books of Skysong. Skysong 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 for number 1
Dec. 3Dec. 8Dec. 13Jan. 2
|
Enter an account title for journal entry 1 to record credit sale
|
enter a debit amount
|
enter a credit amount
|
|
|
Enter an account title for journal entry 1 to record credit sale
|
enter a debit amount
|
enter a credit amount
|
|||
| (To record sale of merchandise on account) | |||||
|
Choose a transaction date for number 1
Dec. 3Dec. 8Dec. 13Jan. 2
|
Enter an account title for journal entry 2 to record cost of merchandise sold
|
enter a debit amount
|
enter a credit amount
|
||
|
Enter an account title for journal entry 2 to record cost of merchandise sold
|
enter a debit amount
|
enter a credit amount
|
|||
| (To record cost of merchandise sold on account) | |||||
|
2.
|
Choose a transaction date for number 2
Dec. 3Dec. 8Dec. 13Jan. 2
|
Enter an account title for the third journal entry
|
enter a debit amount
|
enter a credit amount
|
|
|
Enter an account title for the third journal entry
|
enter a debit amount
|
enter a credit amount
|
|||
|
3.
|
|
Enter an account title for the journal entry on December 13
|
enter a debit amount
|
enter a credit amount
|
|
|
Enter an account title for the journal entry on December 13
|
enter a debit amount
|
enter a credit amount
|
|||
|
Enter an account title for the journal entry on December 13
|
enter a debit amount
|
enter a credit amount
|
(b)
Assume that Skysong Company received the balance due from Sheridan Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (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
|
|---|---|---|---|
|
Jan. 2
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title
|
enter a debit amount
|
enter a credit amount
|
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