On July 27, Scully Company received payment from Burton Company for purchase of July 18, less discount.The correct journal entries are:
A. For Scully company:Dr. Cash 12,500 Cr. Accounts receivable 12,500For Burton company:Dr. Accounts payable 12,500 Cr. Cash 12,500
B. For Scully company:Dr. Cash 12,260 Sales 240 Cr. Accounts receivable 12,500For Burton company:Dr. Accounts payable 12,500 Cr. Cash 12,500
C. For Scully company:Dr. Cash 12,260 Sales discounts 240 Cr. Accounts receivable 12,500For Burton company:Dr. Accounts payable 12,500 Cr. Cash 12,260 Merchandise inventory 240
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On July 15, Scully Company received payment from Burton Company for purchase of July 5.The correct journal entries are:
A. For Scully company:Dr. Cash 4,000 Cr. Accounts receivable 4,000For Burton company:Dr. Accounts payable 4,000 Cr. Cash 4,000
B. For Scully company:Dr. Cash 5,000 Cr. Accounts receivable 5,000For Burton company:Dr. Accounts payable 5,000 Cr. Cash 5,000
C. For Scully company:Dr. Cash 4,000 Cr. Sales 4,000For Burton company:Dr. Accounts payable 4,000 Cr. Cash 4,000
On July 13, Scully Company issued Burton Company a credit memo for merchandise returned, $1,000. The merchandise had been purchased by Burton Company on account on July 5. The cost of the merchandise returned was $700.The correct journal entries are:
A. For Scully company:Dr. Sales returns and allowance 1,000 Cr. Accounts receivable 1,000Dr. Merchandise inventory 700 Cr. Cost of merchandise sold 700For Burton company:Dr. Accounts payable 1,000 Cr. Merchandise inventory 1,000
B. For Scully company:Dr. Sales 1,000 Cr. Accounts receivable 1,000Dr. Merchandise inventory 700 Cr. Cost of merchandise sold 700For Burton company:Dr. Accounts payable 1,000 Cr. Merchandise inventory 1,000
C. For Scully company:Dr. Sales discounts 1,000 Cr. Accounts receivable 1,000Dr. Merchandise inventory 700 Cr. Cost of merchandise sold 700For Burton company:Dr. Accounts payable 700 Cr. Merchandise inventory 700
On July 7, Scully Company paid freight of $250 for delivery of merchandise sold to Burton Company on July 5.The correct journal entries are:
A. For Scully company:No journal entry.For Burton company:Dr. Merchandise inventory 250 Cr. Cash 250
B. For Scully company:No journal entry.For Burton company:Dr. Delivery expense 250 Cr. Cash 250
C. For Scully company:Dr. Delivery expense 250 Cr. Cash 250For Burton company:No journal entry.
On July 5, Scully Company sold merchandise on account to Burton Company, $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500.The correct journal entries are:
A. For Scully company:Dr. Accounts receivable 5,000 Cr. Fees earned 5,000Dr. Cost of merchandise sold 3,500 Cr. Merchandise inventory 3,500For Burton company:Dr. Merchandise inventory 5,000 Cr. Accounts payable 5,000
B. For Scully company:Dr. Accounts receivable 5,000 Cr. Sales 5,000Dr. Cost of merchandise sold 3,500 Cr. Merchandise inventory 3,500For Burton company:Dr. Merchandise inventory 5,000 Cr. Accounts payable 5,000
C. For Scully company:Dr. Cash 5,000 Cr. Sales 5,000Dr. Cost of merchandise sold 3,500 Cr. Merchandise inventory 3,500For Burton company:Dr. Merchandise inventory 5,000 Cr. Cash 5,000
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