(Solved by Humans)-Journal Entries for Merchandise Transactions on Seller's and
Paper Details
Journal Entries for Merchandise Transactions on Seller's and Buyer's Books-Perpetual System The following are selected transactions for Candello, Inc., during the month of June:
| June | 18 | Sold and shipped on account to Dante Company, $5,000 ($4,000 at cost) of merchandise, with terms of 2/10, n/30. |
| 25 | Dante Company returned merchandise billed at $500 on June 21 ($400 cost.) | |
| 27 | Received from Dante Company a check for full settlement of the June 21 transaction. |
Required
Prepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory system.
a. Choose one in description
| June | 18 | AnswerAccounts payableCost of Goods SoldSales DiscountsCashAccounts ReceivableInventorySales Returns and AllowancesSales Revenue | Answer | Answer |
| AnswerSales DiscountsCost of Goods SoldInventoryCashAccounts ReceivableSales RevenueAccounts payableSales Returns and Allowances | Answer | Answer | ||
| Sold merchandise to Dante Company terms 2/10, n/30. | ||||
| 18 | AnswerSales RevenueCashSales DiscountsSales Returns and AllowancesCost of Goods SoldInventoryAccounts payableAccounts Receivable | Answer | Answer | |
| AnswerAccounts ReceivableInventorySales RevenueSales DiscountsCost of Goods SoldCashAccounts payableSales Returns and Allowances | Answer | Answer | ||
| Cost of merchandise sold to Dante Company. | ||||
| 25 | AnswerCashSales Returns and AllowancesAccounts payableSales DiscountsSales RevenueAccounts ReceivableCost of Goods SoldInventory | Answer | Answer | |
| AnswerInventorySales RevenueAccounts payableCashSales Returns and AllowancesAccounts ReceivableCost of Goods SoldSales Discounts | Answer | Answer | ||
| Merchandise returned by Dante Company. | ||||
| 25 | AnswerInventoryCost of Goods SoldAccounts ReceivableAccounts payableSales DiscountsSales RevenueSales Returns and AllowancesCash | Answer | Answer | |
| AnswerCost of Goods SoldCashSales DiscountsInventorySales RevenueSales Returns and AllowancesAccounts payableAccounts Receivable | Answer | Answer | ||
| Cost of merchandise returned by Dante Company. | ||||
| 27 | AnswerSales DiscountsCost of Goods SoldAccounts ReceivableSales RevenueSales Returns and AllowancesAccounts payableInventoryCash | Answer | Answer | |
| Sales Discounts | Answer | Answer | ||
| AnswerSales RevenueCashSales Returns and AllowancesAccounts payableAccounts ReceivableInventorySales DiscountsCost of Goods Sold | Answer | Answer | ||
| Received amount due from Dante Company. |
b.
| June | 18 | AnswerCost of Goods SoldAccounts ReceivableSales Returns and AllowancesInventorySales DiscountsAccounts payableCashSales Revenue | Answer | Answer |
| AnswerSales Returns and AllowancesAccounts ReceivableAccounts payableCost of Goods SoldSales DiscountsSales RevenueInventoryCash | Answer | Answer | ||
| Purchased merchandise from Candello, Inc.; terms 2/10, n/30. | ||||
| 25 | AnswerSales RevenueCost of Goods SoldAccounts ReceivableSales Returns and AllowancesAccounts payableCashInventorySales Discounts | Answer | Answer | |
| AnswerInventoryAccounts payableSales DiscountsSales RevenueCost of Goods SoldAccounts ReceivableSales Returns and AllowancesCash | Answer | Answer | ||
| Returned merchandise to Candello, Inc. | ||||
| 27 | AnswerSales DiscountsCashInventorySales RevenueSales Returns and AllowancesAccounts ReceivableAccounts payableCost of Goods Sold | Answer | Answer | |
| AnswerCashAccounts payableSales Returns and AllowancesCost of Goods SoldSales RevenueSales DiscountsAccounts ReceivableInventory | Answer | Answer | ||
| Cash | Answer | Answer | ||
Paid amount due to Candello, Inc. |
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This question was answered on: 10 May, 2025
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