Question
Journalize the following transactions that occurred in September 2018 for Sea Green, assuming the perpetual inventory system is being used. No explanations are needed. Identify
Journalize the following transactions that occurred in September 2018 for Sea Green, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Sea Green estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Sep. 3: Purchased merchandise inventory on account from Sheldon Wholesalers, $3,500. Terms 1/15, n/EOM, FOB shipping point Date Sep: 3 Accounts Sep. 4: Paid freight bill of $75 on September 3 purchase. Date Sep. 4 Accounts Sep. 4: Purchase merchandise inventory for cash of $2,100. Date Sep. 4 Accounts Sep. 6: Returned $400 of inventory from September 3 purchase. Date Sep. 6 Accounts Debit Credit Debit Credit Debit Credit Debit Credit Sep. 8: Sold merchandise inventory to Herenda Company, $5,400, on account. Terms 2/15, n/35. Cost of goods, $2.430. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step Date Accounts Debit Credit Sep. 8 Now journalize the expense related to the September 8 sale-Cost of goods, $2.430 Date Sep. 8 Accounts Debit Credit Choose from any list or enter any number in the innut fields and then continue to the next question Journalize the following transactions that occurred in September 2018 for Sea Green, assuming the perpetual inventory system is being used. No explanations are needed. Identify each accounts payable and accounts receivable with the vendor or customer name. Sea Green estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount.) (Click the icon to view the transactions.) Sep. 23 Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Cost of goods returned, $360. Date Sep. 23 Accounts Debit Credit Sep. 25: Sold merchandise inventory to Smecker for $1,100 on account that cost $473. Terms of 1/10, n/30 was offered, FOB shipping point. As a courtesy to Smecker, $55 of freight was added to the invoice for which cash was paid by Sea Green. Begin by preparing a compound journal entry to journalize the sale and the full amount of the receivable from this transaction. Do not record the expense related to the sale. We will do that in the following step. (Prepare a compound journal entry.) Date Sep. 25 Accounts Debit Credit Now journalize the expense related to the September 25 sale-Cost of goods, $473. Date Sep. 25 Accounts Sep. 29: Received payment from Smecker, less discount Date Sep. 29 Accounts Sep. 30: Received payment from Johnson Company, less return. Date Sep. 30 Accounts Debit Credit Debit Credit Debit Credit Sep. 25: Sold merchandise inventory to Smecker for $1,100 on account that cost $473. Terms of 1/10, n/30 was offered, FOB shipping point. As a courtesy to Smecker, $55 of freight was added to the invoice for which cash was paid by Sea Green. Begin by preparing a compound journal entry to journalize the sale and the full amount of the receivable from this transaction. Do not record the expense related to the sale. We will do that in the following step. (Prepare a compound journal entry.) Date Sep. 25 Accounts Debit Credit Now journalize the expense related to the September 25 sale-Cost of goods. $473. Date Sep. 25 Accounts Sep. 29: Received payment from Smecker, less discount. Date Sep. 29 Accounts Sep. 30: Received payment from Johnson Company, less return. Date Sep. 30 Accounts Debit Credit Debit Credit Debit Credit
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