Secure https://edugen.wileyplus.com/edugen/student/mainfr.uni Kimmel, Accounting

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Secure https://edugen.wileyplus.com/edugen/student/mainfr.uni Kimmel, Accounting, 6e Cradebook ORION Dewnloodable eTextbook The following transactions are for Carla Vista Company 1. On December 3, Carla Vista Company sold $512,300 of merchandise to Sandhil Co,terms 2/10, n/30. The cost of the merchandise sold was $313,500. 2. December 8, Sanda Co. was ranted an allowance of S 22,900 for merchandise purchased on December 3. On December 13, Carla Vista Company received the balance due from Sandhi Co Ca) Prepare the journal entries to record these transactions on the books of Carla Vista e Company, Carta wta Company ·perpetual inventory system. (ir no eetrykreou titles are hérl ute Anoune Tithm and Explanation Debit 0 Type here to search

Explanation / Answer

Journal entries No. Date Account Titles Debit Credit 1 Dec.3 Accounts Receivable $512,300 Sales $512,300 (to record credit sale) Dec.3 Cost of merchandise sold $313,500 Merchandise Inventory $313,500 (to record cost of merchandise sold) 2 Dec.8 Sales Return and Allowances $22,900 Accounts Receivable $22,900 (to record grant of allowance ) 3 Dec.13 Cash $479,612 Sales Discount $9,788 Accounts Receivable $489,400 (to record receipt of balance due from Sandhill Co.within discount period) Journal entries No. Date Account Titles Debit Credit 3 Jan.2 Cash $489,400 Accounts Receivable $489,400 (to record receipt of balance due from Sandhill Co.)

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