The following merchandise transactions occurred in December. Both companies use a perpetual inventory system, Dec. 3 4 Carla Vista Company sold merchandise to Thomas Co. for $39.000, terms 2/10, 1/30, FOB destination. This merchandise cost Carla Vista Company $18,000 The correct company paid freight charges of $650, Thomas Co, returned unwanted merchandise to Carla Vista. The returned merchandise had a sales price of $2,300 and a cost of $990. It was restored to inventory. Carla Vista Company received the balance due from Thomas Co. 8 13 Prepare the journal entries to record these transactions on the books of Carla Vista Company. (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 for the amounts. Record journal entries in the order presented in the problem! Prepare the journal entries to record these transactions on the books of Carla Vista Company. (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. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit Dec 3 Merchandise Inventory 39000 Accounts Payable 39000 (To record sales on account) Dec. 4 v Cost of Goods Sold 18000 Merchandise Inventory 18000 (To record cost of goods sold.) 650 Dec 4 Freight Out 630 Cash ! Dec. 4 V Freight Out 650 Cash 650 (Cash payment for freight costs.) Dec. 8 Accounts Payable Merchandise Inventory (To record credit for goods returned.) Dec 13 (To record cost of goods returned.) Dec 13 Cash Sales Discounts Accounts Receivable -719 (To record cost of goods returned.) Dec 13 Cash Sales Discounts Accounts Receivable (Collection on account Prepare the journal entries to record these transactions on the books of Thomas Co. (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 entero for the amounts. Record journal entries in the order presented in the problem) Debit Credit Date Account Titles and Explanation Prepare the journal entries to record these transactions on the books of Thomas Co. (Credit occount tities 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 entero for the amounts. Record journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit (Purchase on account) . To record purchase return) (To record purchase return) v (Payment on account) Assuming that Thomas Co. had a balance in Merchandise Inventory on December 1 of $6,000, determine the balance in the Merchandise Inventory account at the end of December for Thomas Co. (Post entries in the order of journal entries presented in the previous part.) Merchandise Inventory
