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t View History Bookmarks Develop Window Help edugen.wileyplus.com/edugen/student/mainfruni BUS 186 WileyPLUSs assignment 12-Google Docs yPLUS Weygandt, inancial & Managerial Accounting, le ,Study & Practice Gradebook ORION CALCULATOR FULL SCRE RESOURCES During December, the company completed the following transactions. Dec. 7 Received $3,510 cash from customers in payment of account (no discount allowed). 12 Purchased merchandise on account from Alice Co. $13,100, terms 1/10, n/30. 17 Sold merchandise on account $15,800, terms 2/10, n/30. The cost of the merchandise sold was $10,440. 19 Paid salaries $2,110 22 Paid Alice Co. in full, less discount. 26 Received collections in full, less discounts, from customers billed on December 17. 31 Received $2,710 cash from customers in payment of account (no discount allowed). ive Problem (a Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are automatically inder e Problemnot indent manually.) Debit Credit Date Account Titles and Explanation Dec. 7 Cash e Problem Accounts Receivable by Study Dec. 12 Inventory Accounts Payable Dec. 17 Accounts Receivable Sales Revenue (To record sales revenue.) Cost of Goods Sold Inventory i PrivacyPolicy I2000-201ZJohn.Miley,ASoos.loc. A Rights Reserved. A Division oflohnwle.ason.inc.Explanation / Answer
Journal entry :
Date accounts & explanation debit credit Dec 7 Cash a/c 3510 Account receivable 3510 Dec 12 Merchandise inventory a/c 13100 Account payable 13100 Dec 17 Account receivable a/c 15800 Sales revenue a/c 15800 Cost of goods sold a/c 10440 Merchandise inventory a/c 10440 Dec 19 Salary expenses a/c 2110 Cash a/c 2110 Dec 22 Account payable a/c 13100 Cash a/c 12969 Merchandise inventory a/c 131 Dec 26 Cash a/c 15484 Sales discount a/c 316 Account receivable a/c 15800 Dec 31 Cash a/c 2710 Account receivable a/c 2710Related Questions
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