Question

On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30....

On December 28, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, Silverman issued Beasley a credit memo for returned merchandise. The returned merchandise originally cost Silverman $2,350 and was billed (invoiced) for $4,000 with terms 2/10, n/30.

A.

Journalize the entries by Silverman Enterprises to record the December 28 sale. Beasley paid the balance due on January 7.*

B.

Journalize the entries by Silverman Enterprises to record the merchandise returned January 3.*

C.

Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7.*

*Refer to the Chart of Accounts for exact wording of account titles.

CHART OF ACCOUNTS

Silverman Enterprises

General Ledger

ASSETS

110

Cash

121

Accounts Receivable-Beasley Co.

125

Notes Receivable

130

Inventory

131

Estimated Returns Inventory

140

Office Supplies

141

Store Supplies

142

Prepaid Insurance

180

Land

192

Store Equipment

193

Accumulated Depreciation-Store Equipment

194

Office Equipment

195

Accumulated Depreciation-Office Equipment

LIABILITIES

210

Accounts Payable

216

Salaries Payable

218

Sales Tax Payable

219

Customer Refunds Payable

220

Unearned Rent

221

Notes Payable

EQUITY

310

Common Stock

311

Retained Earnings

312

Dividends

313

Income Summary

REVENUE

410

Sales

610

Rent Revenue

A. Journalize the entries by Silverman Enterprises to record the December 28 sale. Beasley paid the balance due on January 7. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

ASSETS

LIABILITIES

EQUITY

1

2

3

4

B. Journalize the entries by Silverman Enterprises to record the merchandise returned January 3. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

ASSETS

LIABILITIES

EQUITY

1

2

3

4

C. Journalize the entry to record the receipt of the amount due by Beasley Co. on January 7. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

ACCOUNTING EQUATION

DATE

DESCRIPTION

POST. REF.

DEBIT

CREDIT

ASSETS

LIABILITIES

EQUITY

1

2

Homework Answers

Answer #1

Hi

Let me know in case you face any issue:

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
On March 1, Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30....
On March 1, Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. The merchandise was paid for on March 14. 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. Chart of Accounts-Sather Co. CHART OF ACCOUNTS Sather Co. General Ledger ASSETS 110 Cash 121 Accounts...
Ramsey Company issues an $550,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the...
Ramsey Company issues an $550,000, 45-day note to Buckner Company for merchandise inventory. Buckner discounts the note at 4%. Required: A. Journalize Ramsey’s entries to record (refer to the company’s Chart of Accounts for exact wording of account titles): 1. the issuance of the note on January 1. 2. the payment of the note at maturity. Assume a 360-day year. B. Journalize Buckner’s entries to record (refer to the company’s Chart of Accounts for exact wording of account titles): 1....
PLEASE USE CHARTS I PROVIDED! Bennett Enterprises issues a $600,000, 90-day, 4% note to Spectrum Industries...
PLEASE USE CHARTS I PROVIDED! Bennett Enterprises issues a $600,000, 90-day, 4% note to Spectrum Industries for merchandise inventory. A. Journalize Bennett Enterprises’ entries to record (refer to the company’s Chart of Accounts for exact wording of account titles): 1. the issuance of the note on January 1. 2. the payment of the note at maturity on April 1. Assume a 360-day year and round amounts to the nearest whole dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF....
fast thumbs up!! Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB...
fast thumbs up!! Shore Co. sold merchandise to Blue Star Co. on account, $28,250, terms FOB shipping point, 2/15, n/30. The cost of the goods sold is $19,550. Shore paid freight of $800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTSShore Co.General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable...
Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note...
Roseland Design borrowed $700,000 on a 90-day note from CorpOne Funding Company. CorpOne discounts the note at 8%. (Assume a 360-day year is used for interest calculations.) Required: (a) Journalize Roseland’s entries to record:* a. The issuance of the note. b. The payment of the note at maturity. (b) Journalize CorpOne’s entries to record:* a. The receipt of the note. b. The receipt of the payment of the note at maturity. *Refer to the Chart of Accounts for exact wording...
PLEASE USE CHARTS I PROVIDED A business issued a 60-day note for $84,000 to a bank....
PLEASE USE CHARTS I PROVIDED A business issued a 60-day note for $84,000 to a bank. The note was discounted at 9%. a. Journalize the entries to record the issuance of the note on March 1. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest whole dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 b. Journalize the entries to record the payment...
The payroll register of Heritage Co. indicates $13,800 of social security withheld and $3,450 of Medicare...
The payroll register of Heritage Co. indicates $13,800 of social security withheld and $3,450 of Medicare tax withheld on total salaries of $230,000 for the period. Federal withholding for the period totaled $43,520. Retirement savings withheld from employee paychecks were $2,980 for the period. Journalize the entry to record the period’s payroll. Refer to the Chart of Accounts for exact wording of account titles. On December 31, journalize the entry to record the period’s payroll. Refer to the Chart of...
Gonzalez Company acquired $204,000 of Walker Co., 7% bonds on May 1 at their face amount....
Gonzalez Company acquired $204,000 of Walker Co., 7% bonds on May 1 at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, Gonzalez Company sold $57,600 of the bonds for 97. Journalize entries to record the following in Year 1 (refer to the Chart of Accounts for exact wording of account titles): a. The initial acquisition of the bonds on May 1. b. The semiannual interest received on November 1. c. The sale...
PLEASE CHARTS I PROVIDED A business issued a 120-day, 6% note for $235,000 to a creditor...
PLEASE CHARTS I PROVIDED A business issued a 120-day, 6% note for $235,000 to a creditor on account. a. Journalize the entry to record the issuance of the note on January 1. Refer to the Chart of Accounts for exact wording of account titles. Round amounts to the nearest whole dollar. PAGE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 b. Journalize the entry to record the payment of the note at maturity,...
EarlKeen Co. sold $270,000 of equipment during January under a one-year warranty. The cost to repair...
EarlKeen Co. sold $270,000 of equipment during January under a one-year warranty. The cost to repair defects under the warranty is estimated at 6% of the sales price. On August 15, a customer required a $115 part replacement plus $46 of labor under the warranty. Provide the journal entry for (a) the estimated warranty expense on January 31 for January sales on page 10 of the journal and (b) the August 15 warranty work on page 14 of the journal....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT