fill in charts wiley LUS weygandt Financial Accounting 10e P

fill in charts

wiley LUS weygandt, Financial Accounting, 10e PRINC CALCULATOR MESSAGE MY INSTRUCTOR STANDARD Brief Exercise 5-4 Prepare the journal entries to record the following transactions on Blue Spruce Corp.\'s books using a perpetual inventory system On March 2, Blue Spruce Corp. sold $956,000 of merchandise on account to Whispering Winds Company, terms 4/10, n/30. The cost of the merchandise sold was $590,000. (Credit account titles are automatically ind not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Eby (To record credit sale) (To record cost of merchandise sold) On March 6, whispering Winds Company returned $95,600 of the merchandise purchased on March 2. The cost of the returned merchandise was $59,000. (Credit account titles are automatically indented when amount is manually. If no entry is required, select \"No Entry\" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Ls To record merchandise returned) To record cost of meschandise returned)

Solution

the following are the journal entries on march 2:

the following are the journal entries on march 6:

march 12 journal entries:

Accounts receivable a/c	956,000
............To sales revenue a/c		956,000
(to record credit sale)
cost of goods sold a/c	590,000
..............To merchandise inventory a/c		590,000
(to record merchandise invetory)