question exercise 5 5 part level submission presented below are transactions related 4285129
Question
Exercise 5-5 (Part Level Submission) Presented below are transactions related to Concord Corporation. 1. On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. 2. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. 3. On December 13, Concord Corporation received the balance due from Sarasota Co. Collapse question part (a)
(a)
Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system. (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 0 for the amounts.)
No.
Date
Account Titles and Explanation
Debit
Credit
(To record credit sale)
(To record cost of merchandise sold)
Dec. 13
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Credit |
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(To record credit sale) |
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(To record cost of merchandise sold) |
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2. |
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3. |
Dec. 13 |
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Dec. 3Dec. 8Dec. 13Jan. 2