Posted: June 15th, 2022

Journal Entries for Merchandise Transactions on Seller’s and Buyer’s Books-Perpetual System

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:June18Sold and shipped on account to Dante Company, $5,000 ($4,000 at cost) of merchandise, with terms of 2/10, n/30.25Dante Company returned merchandise billed at $500 on June 21 ($400 cost.)27Received from Dante Company a check for full settlement of the June 21 transaction.RequiredPrepare the necessary journal entries for (a) Candello, Inc., and (b) Dante Company. Both companies use the perpetual inventory system.a. Choose one in descriptionJune18AnswerAccounts payableCost of Goods SoldSales DiscountsCashAccounts ReceivableInventorySales Returns and AllowancesSales RevenueAnswerAnswerAnswerSales DiscountsCost of Goods SoldInventoryCashAccounts ReceivableSales RevenueAccounts payableSales Returns and AllowancesAnswerAnswerSold merchandise to Dante Company terms 2/10, n/30.18AnswerSales RevenueCashSales DiscountsSales Returns and AllowancesCost of Goods SoldInventoryAccounts payableAccounts ReceivableAnswerAnswerAnswerAccounts ReceivableInventorySales RevenueSales DiscountsCost of Goods SoldCashAccounts payableSales Returns and AllowancesAnswerAnswerCost of merchandise sold to Dante Company.25AnswerCashSales Returns and AllowancesAccounts payableSales DiscountsSales RevenueAccounts ReceivableCost of Goods SoldInventoryAnswerAnswerAnswerInventorySales RevenueAccounts payableCashSales Returns and AllowancesAccounts ReceivableCost of Goods SoldSales DiscountsAnswerAnswerMerchandise returned by Dante Company.25AnswerInventoryCost of Goods SoldAccounts ReceivableAccounts payableSales DiscountsSales RevenueSales Returns and AllowancesCashAnswerAnswerAnswerCost of Goods SoldCashSales DiscountsInventorySales RevenueSales Returns and AllowancesAccounts payableAccounts ReceivableAnswerAnswerCost of merchandise returned by Dante Company.27AnswerSales DiscountsCost of Goods SoldAccounts ReceivableSales RevenueSales Returns and AllowancesAccounts payableInventoryCashAnswerAnswerSales DiscountsAnswerAnswerAnswerSales RevenueCashSales Returns and AllowancesAccounts payableAccounts ReceivableInventorySales DiscountsCost of Goods SoldAnswerAnswerReceived amount due from Dante Company.b.June18AnswerCost of Goods SoldAccounts ReceivableSales Returns and AllowancesInventorySales DiscountsAccounts payableCashSales RevenueAnswerAnswerAnswerSales Returns and AllowancesAccounts ReceivableAccounts payableCost of Goods SoldSales DiscountsSales RevenueInventoryCashAnswerAnswerPurchased merchandise from Candello, Inc.; terms 2/10, n/30.25AnswerSales RevenueCost of Goods SoldAccounts ReceivableSales Returns and AllowancesAccounts payableCashInventorySales DiscountsAnswerAnswerAnswerInventoryAccounts payableSales DiscountsSales RevenueCost of Goods SoldAccounts ReceivableSales Returns and AllowancesCashAnswerAnswerReturned merchandise to Candello, Inc.27AnswerSales DiscountsCashInventorySales RevenueSales Returns and AllowancesAccounts ReceivableAccounts payableCost of Goods SoldAnswerAnswerAnswerCashAccounts payableSales Returns and AllowancesCost of Goods SoldSales RevenueSales DiscountsAccounts ReceivableInventoryAnswerAnswerCashAnswerAnswerPaid amount due to Candello, Inc.

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