Answered step by step
Verified Expert Solution
Question
1 Approved Answer
he following transactions are for Carla Vista Company. 1. On December 3, Carla Vista Company sold $590,000 of merchandise to Sandhill Co. on account. The
he following transactions are for Carla Vista Company.
1. | On December 3, Carla Vista Company sold $590,000 of merchandise to Sandhill Co. on account. The cost of the merchandise sold was $389,400. | |
2. | On December 8, Sandhill Co. returned $29,500 of merchandise purchased on December 3. The cost of the goods was $18,880. | |
3. | On December 13, Carla Vista Company received the balance due from Sandhill Co. |
Prepare a tabular summary to record these transactions for Carla Vista Company using a perpetual inventory system. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Assets | = | Liabilities | + | Stockholders' Equity | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Retained Earnings | ||||||||||||||||||
Date | Cash | + | Accts. Rec. | + | Inventory | = | Accts. Pay. | + | Common Stock | + | Rev. | - | Exp. | |||||
Dec. | 3 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | select an account title Sales returns & allowancesAccounts recievableSales revenueBad debt expenseCost of goods sold | |||||||||
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Sales returns & allowancesSales revenueAccounts recievableBad debt expenseCost of goods sold | |||||||||||
8 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Bad debt expenseCost of goods soldSales returns & allowancesAccounts recievableSales revenue | ||||||||||
enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Accounts recievableSales returns & allowancesCost of goods soldSales revenueBad debt expense | |||||||||||
13 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Bad debt expenseSales returns & allowancesAccounts recievableCost of goods soldSales revenue |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started