Weygandt, Accounting Principles, 12e PRIN OF ACCOUNTING (BTA 111 me: 05:30 pM /

Question

Weygandt, Accounting Principles, 12e PRIN OF ACCOUNTING (BTA 111 me: 05:30 pM / Remaining: 72 min. BACK NEXT Brief Exercise 5-4 Prepare the journal entries to record the following transactions on Novy Company's books using a perpetual inventory system. On March 2, Novy Company sold $932,000 of merchandise to Opps Company, terms 4/10, n/30. The cost of the merchandise sold was $527,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) SHOW LIST OF ACCOUNTS idnted when amount is nnr raturned 93.200 of the merchandise purchased on March 2. The cost of the

Explanation / Answer

Journal entries Date Accounts title and explanation Debit $ Credit $ 2-Mar Accounts receivable Account Dr. 932000        Sales revenue 932000 2-Mar Cost of Goods sold Account Dr. 527000        Inventory Account 527000 6-Mar Sales return and aloowance Account Dr. 93200     Accounts receivable Account 93200 6-Mar Inventory Account Ddr. 59700       Cost of Goods sold Account 59700 12-Mar Cash Account Ddr. 805248 Sales discount Dr. (932000-93200)4% 33552        Accounts receivable Account 838800

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