Question
Transactions for Buyer and Seller Sievert Co. sold merchandise to Vargas Co. on account, $147,300, terms FOB shipping point, 2/10, n/30. The cost of the
Transactions for Buyer and Seller
Sievert Co. sold merchandise to Vargas Co. on account, $147,300, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,380. Sievert Co. paid freight of $2,000. Assume that all discounts are taken.
Journalize Sievert Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank.
(a) | Accounts Payable, Accounts Receivable-Vargas Co., Cash, Sales, Sales Returns and Allowances | - Select - | - Select - |
Accounts Payable, Accounts Receivable-Vargas Co., Cash, Sales, Sales Returns and Allowances | - Select - | - Select - | |
Accounts Payable, Cost of Merchandise Sold, Sales Discounts, Sales Returns and Allowances, Transportation Out | - Select - | - Select - | |
Accounts Payable, Accounts Receivable-Vargas Co., Cash, Merchandise Inventory, Sales Returns and Allowances | - Select - | - Select - | |
(b) | Accounts Payable, Accounts Receivable-Vargas Co., Cash, Sales Returns, Sales Returns and Allowances | - Select - | - Select - |
Accounts Payable, Accounts Receivable-Vargas Co., Cash, Sales Returns, Sales Returns and Allowances | - Select - | - Select - | |
(c) | Accounts Payable, Cash, Cost of Merchandise Sold, Merchandise Inventory, Sales | - Select - | - Select - |
Accounts Payable, Accounts Receivable-Vargas Co., Cost of Merchandise Sold, Sales Returns, Sales Returns and Allowances | - Select - | - Select - |
Journalize Vargas Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank.
(a) | Accounts Payable-Sievert Co., Accounts Receivable, Cost of Merchandise Sold, Merchandise Inventory, Sales | - Select - | - Select - |
Accounts Payable-Sievert Co., Accounts Receivable, Cash, Merchandise Inventory, Sales | - Select - | - Select - | |
(b) | Accounts Payable-Sievert Co., Accounts Receivable, Cash, Merchandise Inventory, Sales | - Select - | - Select - |
Accounts Payable-Sievert Co., Accounts Receivable, Cash, Cost of Merchandise Sold, Sales | - Select - | - Select - |
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