Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This information relates to Tamarisk Co. 1. On April 5, purchased merchandise from Carla Vista Company for $28,300, terms 2/10, n/30. 2. On April 6,

This information relates to Tamarisk Co.

1. On April 5, purchased merchandise from Carla Vista Company for $28,300, terms 2/10, n/30.
2. On April 6, paid freight costs of $500 on merchandise purchased from Carla Vista.
3. On April 7, purchased equipment on account for $34,200.
4. On April 8, returned $4,500 of April 5 merchandise to Carla Vista Company.
5. On April 15, paid the amount due to Carla Vista Company in full.

(a) Prepare the journal entries to record the transactions listed above on Tamarisk Co.s books. Tamarisk Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Date

Account Titles and Explanation

Debit

Credit

1.

choose a transaction date April 5April 6April 7April 8April 15May 4

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

2.

choose a transaction date April 5April 6April 7April 8April 15May 4

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

3.

choose a transaction date April 5April 6April 7April 8April 15May 4

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

4.

choose a transaction date April 5April 6April 7April 8April 15May 4

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

5.

choose a transaction date April 5April 6April 7April 8April 15May 4

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

(b) Assume that Tamarisk Co. paid the balance due to Carla Vista Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

May 4

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Selected Materials From Managerial Accounting

Authors: Ray H. Garrison

12th Edition

0077331559, 978-0077331559

More Books

Students also viewed these Accounting questions

Question

Why do many young people who leave their Amish community return?

Answered: 1 week ago