Correct Answer $($Used$)$

Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Da not indent manually. If no entry is required, select $"$No Entry" for the account tittes ond enter of for the omounts$)$

Date Account Titles and Explanation

c$.3$

c$.3$

Accounts Recelvable

Sales Revenue

$($To record credit sale$)$

Inventory

$($To record cost of merchandise sold$)$

c$8$

Sales Returns and Allowances

Accounts Recelvable

Cesh

$($b$)$

Your answer is partially correct.

Assume that Wildhorse Company received the balance due from Ayayai Co$.$ on January $2$ of the following year instead of December $13.$ Prepare the journal entry to record the receipt of payment on January $2($List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered, Do not indent manually. If no entry is requined, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit