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help please 1/ 2/ 3/ Prepare the journal entries to record the following transactions on Monty Company's books under a perpetual inventory system (a) On
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Prepare the journal entries to record the following transactions on Monty Company's books under a perpetual inventory system (a) On March 2, Sandhill Company sold $870,000 of merchandise on account to Monty Company, terms 3/10,n/30. The cost of the merchandise sold was $560,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media On September 1, Sheffield Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the following transactions occurred. Sept. 6 9 10 Purchased calculators from Skysong Co, at a total cost of $1,955, terms n/30, FOB shipping point Paid freight of $85 on calculators purchased from Skysong Co. Returned calculators to Skysong Co. for $48 cash (including freight) because they did not meet specifications. Sold calculators costing $696 for $986 to Sura Book Store, on account, terms n/30. Granted credit of $34 to Sura Book Store for the return of one calculator that was not ordered. The calculator cost $24 12 14 20 Sold 30 calculators costing $768 for $1,088 on account to Davis Card Shop, on account, termsn/30. Journalize the September transactions for Sheffield Office Supply. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) + (To record merchandise returned) . (To record cost of merchandise returned) (To record credit sale) On June 10, Wildhorse Company purchased $8,500 of merchandise on account from Swifty Company, FOB shipping point, terms 2/10,n/30. Wildhorse pays the freight costs of $570 on June 11. Goods totaling $450 are returned to Swifty for credit on June 12. On June 19, Wildhorse pays Swifty Company in full, less the discount. Both companies use a perpetual inventory system a (a) Prepare separate entries for each transaction on the books of Wildhorse Company. (list all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit
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