dugen wileyplus.com/eduger/un Search. for Exam 2- Acce... i WleyPLUS Kimmel, Fin

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dugen wileyplus.com/eduger/un Search. for Exam 2- Acce... i WleyPLUS Kimmel, Financial Accounting, Be, Custom for University of Akron AExercise 222 Presented here are selected transactions for the Leiss Company duaring April. Leiss uses the perpetual inventory system. April 1 Sold merchandise to Mann Company for $4,000, terms 2/10, n/3o. The merchandise sold had a cost of $2,500. 2 Purchased merchandise from Wild Corporation for s8,000, terms 1/10, n/30. 4 Purchased merchandise from Ryan Company for $1,000, n/30. 10 Received payment from Mann Company for purchase of April I less appropriate discount 11 Paid Wild Corporation for April 2 purchase. Dournalize the April transactions for Leiss Company. (Credit account titles are automatically indented when the amount is entered. Do Date Account Titles and Explanation Debit Credit 2 (To recond credt sale) Te recard cost of goud selc) 8 5 6 7

Explanation / Answer

Journal entry

Date accounts & explanation debit credit Apr 1 Account receivable-Mann company 4000     Sales revenue 4000 (To record credit sales) Apr 1 Cost of goods sold 2500     Merchandise inventory 2500 (To record cost of goods sold) Apr 2 Merchandise inventory 8000     Account payable-Wild corporation 8000 (To record purchase) Apr 4 Merchandise inventory 1000     Account payable-Ryan company 1000 (To record purchase) Apr 10 Cash 3920 Sales discount 80     Account receivable-Mann company 4000 (To record amount received) Apr 11 Account payable-Wild corporation 8000     Cash 7920     Merchandise inventory 80 (To record amount paid)

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