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Brut [27]
3 years ago
8

Novak Company uses a perpetual inventory system. Its beginning inventory consists of 113 units that cost $77 each. During June,

(1) the company purchased 338 units at $77 each, (2) returned 14 units for credit, and (3) sold 281 units at $113 each. Journalize the June transactions. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
Deffense [45]3 years ago
5 0

Answer:

Novak Company Journal. $

June 1

1. Purchases Dr. 26,026

Vendor. Cr. 26,026

Narration purchase of stock

2.Vendor Dr 1078

Return outward Cr. 1078

Narration. Return on goods purchased.

3. Customer Dr 31753

Sales. Cr. 31753

Narration. Good sold to customer

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At the beginning of the current period, Sheridan Company had balances in Accounts Receivable of $203,500 and in Allowance for Do
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Answer:

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a. Debit Accounts receivable $739,000

Credit Sales revenue $739,000

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Debit Cash $813,450

Credit Accounts receivable $813,450

To record collections from customers.

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a. Accounts receivable $739,000 Sales revenue $739,000

b. Cash $813,450 Accounts receivable $813,450

c. Allowance for Uncollectible Accounts $7,198 Accounts receivable $7,198

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e. Bad Debts Expense $22,410  Allowance for Uncollectible Accounts $22,410

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Account Titles          Debit        Credit

Beginning balance                   $8,620

Accounts receivable $7,198

Accounts receivable                  2,978

Bad debts expense                  22,410

Ending balance        26,810

Totals                    $34,008  $34,008

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