On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, 1/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19. Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system Prepare separate entries for each transaction on the books of Sunland Company. (If no entry is required, select "No Entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 10 Inventory 7.800 Cash 7.86 June 11 Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Blossom Company on June 10 cost McGiver $3,180, and the goods returned cost Blossom Company $210. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of goods sold) (To record credit sale) (To record cost of goods returned) June 19 (To record cost of goods returned) June 19 Current Attempt in Progress Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions). $ 114 600 46 Salaries and wages expenses Depreciation expense Sales revenue Interest expense Advertising expense Sales returns and allowances $ 460 90 6,830 161 499 230 Research and development expense Income tax expense Loss on disposal of plant assets Cost of goods sold Rent expense Utilities expense 3,300 105 60 Assume a tax rate of 34%. The Clorox Company Income Statement (amounts in millions) $ w Windsor, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive. (a) Calculate the missing amounts. 2023 2022 2021 2020 $ (e) $ Income Statement Data Sales revenue Cost of goods sold $91,000 24,000 (a) 64.610 51,000 Gross profit (0) 60,060 Operating expenses $ $3,000 $ (b) Net income Balance Sheet Data $12,400 $ (c) $13,800 $ 5,500 6,200 4,300 Inventory Accounts payable Additional Information Purchases of inventory on account Cash payments to suppliers 24,390 $ (8 (d) (h) 5 Oriole Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Orioles ledger showed Cash of $8,600 and Common Stock of $8,600. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,600, terms 1/10, 1/30. 2 Sold merchandise on account for $5,000, terms 2/10, 1/30. The cost of the merchandise sold was $3,900. Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $3,600. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $3,000, terms 2/10,n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased merchandise from Clasps Inc. for $800, terms 3/10, 1/30. 27 Paid Wilhelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $98. The returned merchandise had cost $111. 31 Sold merchandise on account for $1,280, terms n/30. The cost of the merchandise sold was $811 Question 5 of 5 71 (To record cost of goods sold) I (To record credit sale) (To record cost of goods returned) June 19 Assistance Used e Textbook and Media List of Accounts Current Attempt in Progress Suppose in its income statement for the year ended June 30, 2022, The Clorox Company reported the following condensed data (dollars in millions) Salaries and wages expenses $460 Research and development expense $ 114 Depreciation expense 90 Income tax expense 600 Sales revenue 6,830 Loss on disposal of plant assets 46 Interest expense 161 Cost of goods sold 3,300 Advertising expense 499 Rent expense 105 Sales returns and allowances 230 Utilities expense 60 Assume a tax rate of 34%. The Clorox Company Income Statement (amounts in millions) $ . Question 5 of 5 -/1 (To record payment for returned merchandise) (To record cost of goods returned) (To record credit sale) (To record cost of goods sold on account)
