The following transactions are for Wildhorse Company. 1. On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid...


The following transactions are for Wildhorse Company.
























1.
On December 3, Wildhorse Company sold $584,300 of merchandise to Swifty Co., on account, terms 2/10, n/30, FOB destination. Wildhorse paid $370 for freight charges. The cost of the merchandise sold was $359,300.

2.
On December 8, Swifty Co. was granted an allowance of $21,300 for merchandise purchased on December 3.

3.
On December 13, Wildhorse Company received the balance due from Swifty Co.

1. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system


2. Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.



Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory<br>system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not<br>indent manually. If no entry is required, select
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Extracted text: Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory system. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To record credit sale) (To record cost of merchandise sold) (To record freight charges) > > > >
Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of<br>December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically<br>indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select

Extracted text: Assume that Wildhorse Company received the balance due from Swifty Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit
Jun 11, 2022
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