Answers to wileyplus accounting homework chapter 5

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Print by: Marneze Davis AC201:AC201MNS1A2020 Principles Financial Accounting / AC201 - Chapter 5 Assignment

*Exercise 5-1 This information relates to Cullumber Co..

1. On April 5, purchased merchandise from Oriole Company for $26,600, terms 4/10, n/30.

2. On April 6, paid freight costs of $630 on merchandise purchased from Oriole Company.

3. On April 7, purchased equipment on account for $33,900.

4. On April 8, returned $5,100 of April 5 merchandise to Oriole Company.

5. On April 15, paid the amount due to Oriole Company in full.

(a)

Prepare the journal entries to record the transactions listed above on Cullumber Co.’s books. Cullumber Co. uses a perpetual inventory system. (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. Record journal entries in the order presented in the problem.)

No. Date Account Titles and Explanation Debit Credit

1.

2.

3.

4.

5.

(b)

Assume that Cullumber Co. paid the balance due to Oriole Company on May 4 instead of April 15. Prepare the journal entry to record this payment. (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. Record journal entries in the order presented in the problem.)

1/21/2020 Exercise 5-1

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Date Account Titles and Explanation Debit Credit