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Clicker Question Preparation Guide: Ch. 5 & 6 Clicker questions will be asked in class...

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Accounting

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Clicker Question Preparation Guide: Ch. 5 & 6 Clicker questions will be asked in class based on your completion of this preparation guide. You will not have time to complete this guide in class Part 1: Prepare Wild Cat Co, journal entries for each of the following transactions. Assume that a perpetual inventory method is used Recording Purchases of Merchandise a. Wild Cat Co. purchases $32,000 of inventory on account, terms 3/10 net 30 from Likins Company. b. Wild Cat Co. returns $2,800 of inventory to Likins Company from the initial purchase. Wild Cat Co. pays the balance owed to Likins Company, taking the discount. c. Recording Sales of Merchandise (naw scenario) d. Wild Cat Co. selils merchandise on eccount for $9,600 (terms 2/10 net 30) to Penny Co. The merchandise had cost Wildcat Co. $3,850. Penny Co. returns $950 of the merchandise to Wildcat Co. Assume this returned merchandise had cost Wildcat Co. $500. e. Penny Co. pays Wildcat Co. the balance owed within 10 days of the sale. f

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