List of Accounts Accounts Receivable Accounts Payable Advertising Expense Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Cash, Parts, Labor Commission Expense Commission Revenue Construction in Process Construction Expenses Contract Asset Contract Liability Cost of Goods Sold Cost of Installment Sales Deferred Gross Profit Delivery Expense Discount on Notes Receivable Estimated Inventory Returns Finished Goods Inventory Franchise Revenue Freight Out Gain on Repossession Income Summary Installment Accounts Receivable Installment Sales Revenue Interest Expense Interest Revenue Inventory Inventory on Consignment Liability to Bonus Point Customers Liability to Enyart Company Liability to Werner Metal Company License Revenue Loss from Long Term Contracts Loss on Repossession Materials, Cash, Payables No Entry Notes Receivable Operating Expenses Payable to Consignor Purchases Realized Gross Profit Repossessed Merchandise Retained Earnings Returned Inventory Revenue from Consignment Sales Revenue from Franchise Fees Revenue from Long Term Contracts Sales Discounts Sales Discounts Forfeited Sales Returns and Allowances Sales Revenue Service Revenue Unearned Franchise Revenue Unearned Sales Revenue Unearned Service Revenue Unearned Warranty Revenue Warranty Expense Warranty Liability Coronado Company sells goods to Danone Inc by accepting a note receivable on January 2, 2020 The goods have a sales price of $649,600 (cost of $550,000 ) The terms are net 30 If Danone pays within 5 days, however, it receives a cash discount of $9,600 Past history indicates that the cash discount will be taken On January 28, 2020, Danone makes payment to Coronado for the full sales price (a) Prepare the journal entry(ies) to record the sale and related cost of goods sold for Coronado Company on January 2, 2020, and the payment on January 28, 2020 Assume that Coronado Company records the January 2, 2020, transaction using the net method (Credit account titles are automatically indented when the 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 ) Prepare the journal entry(ies) to record the sale and related cost of goods sold for Coronado Company on January 2,2020 , and the payment on January 28, 2020 Assume that Coronado Company records the January 2, 2020, transaction using the gross method (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required

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Posted on Oct 01, 2024

List of Accounts Accounts Receivable Accounts Payable Advertising Expense Allowance for Sales Returns and Allowances Billings on Construction in Process Cash Cash, Parts, Labor Commission

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List of Accounts

Accounts Receivable
Accounts Payable
Advertising Expense
Allowance for Sales Returns and Allowances
Billings on Construction in Process
Cash
Cash, Parts, Labor
Commission Expense
Commission Revenue
Construction in Process
Construction Expenses
Contract Asset
Contract Liability
Cost of Goods Sold
Cost of Installment Sales
Deferred Gross Profit
Delivery Expense
Discount on Notes Receivable
Estimated Inventory Returns
Finished Goods Inventory
Franchise Revenue
Freight- Out
Gain on Repossession
Income Summary
Installment Accounts Receivable
Installment Sales Revenue
Interest Expense
Interest Revenue
Inventory
Inventory on Consignment
Liability to Bonus Point Customers
Liability to Enyart Company
Liability to Werner Metal Company
License Revenue
Loss from Long-Term Contracts
Loss on Repossession
Materials, Cash, Payables
No Entry
Notes Receivable
Operating Expenses
Payable to Consignor
Purchases
Realized Gross Profit
Repossessed Merchandise
Retained Earnings
Returned Inventory
Revenue from Consignment Sales
Revenue from Franchise Fees
Revenue from Long-Term Contracts
Sales Discounts
Sales Discounts Forfeited
Sales Returns and Allowances
Sales Revenue
Service Revenue
Unearned Franchise Revenue
Unearned Sales Revenue
Unearned Service Revenue
Unearned Warranty Revenue
Warranty Expense
Warranty Liability

Coronado Company sells goods to Danone Inc. by accepting a note receivable on January 2, 2020. The goods have a sales price of $649,600 (cost of $550,000 ). The terms are net 30 . If Danone pays within 5 days, however, it receives a cash discount of $9,600. Past history indicates that the cash discount will be taken. On January 28, 2020, Danone makes payment to Coronado for the full sales price. (a) Prepare the journal entry(ies) to record the sale and related cost of goods sold for Coronado Company on January 2, 2020, and the payment on January 28, 2020. Assume that Coronado Company records the January 2, 2020, transaction using the net method. (Credit account titles are automatically indented when the 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.) Prepare the journal entry(ies) to record the sale and related cost of goods sold for Coronado Company on January 2,2020 , and the payment on January 28, 2020. Assume that Coronado Company records the January 2, 2020, transaction using the gross method. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required