Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on june 3, waterway company sold to chester compan

On June 3, Waterway Company sold to Chester Company merchandise having a sale price of...

60.1K

Verified Solution

Question

Accounting

On June 3, Waterway Company sold to Chester Company merchandise having a sale price of $4,000 with terms of 410,n60, fo. shipping point. An invoice totalling $95, terms n30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company.
(a)
Prepare journal entries on the Waterway Company books to record all the events noted above under each of the following bases
(1) Sales and receivables are entered at gross selling price.
(2) Sales and receivables are entered at net of cash discounts.
If no entry is required, select No Entry for the accounc titles ond eniter of (or the amounts. Credit account titles are dutomatically indented when the amount is entered. Do not indent manualigy List all debit entries be fore credit entries. Record journal entries in the order presented in the problemy
No. Date
(1)
jurie 12
(2) thres
Jurie 12
Account Titles and Explanation
Accounts pecelvale
Sales Revenue
Debit
Ci
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

A 100.0 mL solution containing 0.756 g of maleic acid (MW = 116.072 g/mol) is titrated...

Chemistry
Q

Two children are sliding down a snowy hill which is inclined by 45.6 degrees with respect...

Physics
Q

Create a set of facts under which co-defendants could not be represented by the same attorney....

Operations Management
Q

Problem 3: Find a second solution by reduction of order - nonhomogeneous The given function y1(x) is...

Advance Math
Q

8 Find the number of sides that a polygon has if the sum of the...

Geometry
Q

3 A right hexagonal prism is shown below A two dimensional cross section that is...

Geometry
Q

Savannah and Ariana both leave the college at the same time, but in opposite directions....

Basic Math
Q

The 2016 income statement and comparative balance sheet of Seasons?, Inc.? follow: ...

Accounting
Q

Financial Accounting Theory (William R. Scott; Patricia O'Brien): List and explain the...

Accounting
Q

Please explain your answer. Up above i posted the table needed for the question. Figure...

Accounting
Q

WHAT is ANNUAL EGI (Effective Gross Income per YEAR) if the operating expenses are 4%...

Accounting
Q

Which of the following is not one of the ways in which the auditor needs...

Accounting