Question

The following transaction are for Kale company. Jurnalize sales transaction 1- on Dec 3 Kale sold...

The following transaction are for Kale company. Jurnalize sales transaction

1- on Dec 3 Kale sold 480.000 of marchandise to thomes terms 1/10, n/30. the cost of the marchandies sold was 320.000

2- on Dec8 thomes was garnted all allowance of 28,000 for marchandies purchased on Dec3

3- on Dec 13 Kale recived the balance due from thomes

A) Prepare the jurnal entries to record these transaction on the book of Kale. Kale use a perpetual inventory system.

B) Assume that Kale recived the balance due from thomes. on Jan 2 of the following year instead of Dec13. Prepare journal entry to record the receipt of payment on Jan 2

Please explain every number from where comes. Just to be clear.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The following transaction are for Kale company. Jurnalize sales transaction 1- on Dec 3 Kale sold...
The following transaction are for Kale company. Jurnalize sales transaction 1- on Dec 3 Kale sold 480.000 of marchandise to thomes terms 1/10, n/30. the cost of the marchandies sold was 320.000 2- on Dec8 thomes was garnted all allowance of 28,000 for marchandies purchased on Dec3 3- on Dec 13 Kale recived the balance due from thomes A) Prepare the jurnal entries to record these transaction on the book of Kale. Kale use a perpetual inventory system. B) Assume...
The following transactions are for Windsor Company. 1. On December 3, Windsor Company sold $491,200 of...
The following transactions are for Windsor Company. 1. On December 3, Windsor Company sold $491,200 of merchandise to Wildhorse Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $322,800. 2. On December 8, Wildhorse Co. was granted an allowance of $24,400 for merchandise purchased on December 3. 3. On December 13, Windsor Company received the balance due from Wildhorse Co. (a) Prepare the journal entries to record these transactions on the books of Windsor. Windsor uses...
Exercise 5-04 The following transactions are for Larkspur Company. 1. On December 3, Larkspur Company sold...
Exercise 5-04 The following transactions are for Larkspur Company. 1. On December 3, Larkspur Company sold $512,700 of merchandise to Crane Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $321,500. 2. On December 8, Crane Co. was granted an allowance of $26,000 for merchandise purchased on December 3. 3. On December 13, Larkspur Company received the balance due from Crane Co. (a) Prepare the journal entries to record these transactions on the books of Larkspur....
5-5 Presented below are transactions related to Crane Company. 1. On December 3, Crane Company sold...
5-5 Presented below are transactions related to Crane Company. 1. On December 3, Crane Company sold $572,300 of merchandise on account to Swifty Co., terms 3/10, n/30, FOB shipping point. The cost of the merchandise sold was $371,400. 2. On December 8, Swifty Co. was granted an allowance of $25,200 for merchandise purchased on December 3. 3. On December 13, Crane Company received the balance due from Swifty Co. a. Prepare the journal entries to record these transactions on the...
Exercise 5-04 Your answer is partially correct. Try again. The following transactions are for Larkspur Company....
Exercise 5-04 Your answer is partially correct. Try again. The following transactions are for Larkspur Company. 1. On December 3, Larkspur Company sold $512,700 of merchandise to Crane Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $321,500. 2. On December 8, Crane Co. was granted an allowance of $26,000 for merchandise purchased on December 3. 3. On December 13, Larkspur Company received the balance due from Crane Co. (a) Prepare the journal entries to record...
Exercise 5-5 Presented below are transactions related to Ivanhoe Company, Ltd. 1. On December 3, Ivanhoe...
Exercise 5-5 Presented below are transactions related to Ivanhoe Company, Ltd. 1. On December 3, Ivanhoe sold HK$648,400 of merchandise to South China Co., Ltd. terms 3/10, n/30, FOB shipping point. The cost of the merchandise sold was HK$377,200. 2. On December 8, South China was granted an allowance of HK$26,500 for merchandise purchased on December 3. 3. On December 13, Ivanhoe received the balance due from South China. (a) Prepare the journal entries to record these transactions on the...
How do I find the answer for the Dec 31st entry? Below are the entries for...
How do I find the answer for the Dec 31st entry? Below are the entries for my assignment. Jan​ 17: Sold inventory to Otton Gomez​, $1,100 on account. Ignore cost of goods sold. Journal Entry Date Accounts Debit Credit Jan 17 Accounts receivable - Otton Gomez 1,100 Sales revenue 1,100 Jun​ 29: Wrote off the Otton Gomez account as uncollectible after repeated efforts to collect from him. Journal Entry Date Accounts Debit Credit Jun 29 Allowance for uncollectible accounts 1,100...
1. Record the Journal Entry for this transaction: Sold painting supplies to customers for $9250 cash....
1. Record the Journal Entry for this transaction: Sold painting supplies to customers for $9250 cash. The cost of the inventory sold was $5100. 2. Record the adjusted journal entry for this transaction: The prepaid rent expense on the balance sheet ($10,000) represents rent for two years for the rental period beginning on Jan 1, 2019. Record the rent that was consumed during 2019.
Dec 4: p Dec 23: Ceres Computer Sales company uses the perpetual inventory system. It records...
Dec 4: p Dec 23: Ceres Computer Sales company uses the perpetual inventory system. It records the selling price of merchandise returns by customers in a Sales returns and allowances account. Prepare the general journal entries to record the following merchandise sales transactions that occurred in the month of December. Dec 1: sold merchandise on credit
Samberg Inc. had the following transactions. a. Oct. 1-Sold $22,000 of merchandise on account, 1/10, n/30...
Samberg Inc. had the following transactions. a. Oct. 1-Sold $22,000 of merchandise on account, 1/10, n/30 to McCormick Industries b. Nov. 1-Received a $22,000, 90-day, 9 % note from McCormick Industries to settle its $22,000 unpaid balance c. Dec 31- Accrued interest on the note. (Round your answer to the nearest whole dollar amount.) d. Jan. 31-Received the interest on the note's maturity date. e. Jan. 31-Received the principal on the note's maturity date. (Round your answer to the nearest...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT