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Category > Accounting Posted 09 May 2017 My Price 6.00

Sailing Boats Ltd.

The following transactions are for Sailing Boats Ltd.
1. On 7 December Sailing Boats Ltd sold $720,000 of inventory to Ships Ahoy Ltd, terms 2/7, n/30.
The cost of the inventory sold was $480,000.
2. On 8 December Ships Ahoy Ltd was granted an allowance of $30,000 for inventory purchased
on 7 December.
3. On 13 December Sailing Boats Ltd received the balance due from Ships Ahoy Ltd.
Required
Prepare the journal entries to record these transactions on the books of Sailing Boats Ltd. Sailing
Boats uses a perpetual inventory system.
(Credit account titles are automatically indented when the amount is entered. Do not
indent manually. For multiple debit/credit entries, list accounts in order of magnitude.)
Date Account and
description Debit Credit Dec. 7 (To record sales) (To record cost of sales)
Dec. 8 Dec.
13 Assume that Sailing Boats Ltd received the balance due from Ships Ahoy Ltd on 2 January of the
following year instead of 13 December. Prepare the journal entry to record the receipt of payment
on 2 January.
(Credit account titles are automatically indented when the amount is entered. Do not
indent manually.)
Dat
e
Jan.
2 Account Debit Credit Don't show me this message again for the assignment

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Answers

SuperTutor
(15)
Status NEW Posted 09 May 2017 03:05 AM My Price 6.00

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