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Prepare journal entries to record the following sales transactions in Carla Vista Company's books. Carla Vista uses a perpetual inventory system and the contract- based
Prepare journal entries to record the following sales transactions in Carla Vista Company's books. Carla Vista uses a perpetual inventory system and the contract- based approach to revenue recognition. Carla Vista has a stated policy that all sales are final, no returns or exchanges. June 16 Carla Vista sold $13,800 of merchandise to Guiying Company, terms 2/10, n/30, FOB destination. The cost of the merchandise sold was $7.590. 17 The correct company paid freight costs of $298. 26 Carla Vista received the balance due from Guiying. (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 0 for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit (To record sales on account.) (To record cost of goods sold.) (Cash payment for freight costs.) June 26 10:1 d ENG 2019- AIDERSAS260assignments/2791324?module item id-10066242 www for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales on account.) (To record cost of goods sold.) (Cash payment for freight costs.) June 26 (Collection on account.) eTextbook and Media 10 d ENG 20
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