Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on april 3, parker company sold $35,000 of merchan

On April 3, Parker Company sold $35,000 of merchandise on account to Flower Corporation, terms...

50.1K

Verified Solution

Question

Accounting

On April 3, Parker Company sold $35,000 of merchandise on account to Flower Corporation, terms 310,n30, FOB shipping point. Parker's cost of sales for this merchandise was $25,000. The merchandise left Parker's facility on April 4 and arrived at Flower on April 10. Flower paid the invoice for the merchandise on April 11.
Read the requirements.
\table[[Date,Accounts,Debit,Credit],[April 4,Accounts Receivable,35,000,],[Sales Revenue,,35,000]]
Prepare the journal entry for the cost of the sale.
\table[[Date,Accounts,4,Debit,Credit],[April 4,Cost of Goods Sold,,25,000,],[Inventory,,,25,000]]
Prepare the journal entry for the related receipt of payment from Flower Corporation. Assume that Flower Corporation takes the discount if payment is within the discount period.
Journal Entry
\table[[Date,Accounts,Debit,Credit,],[April 11,Cash,,,],[,Sales Discounts,,,],[,Accounts Receivable,,,35,000],[,,,,]]
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: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

42. What role do growth factors have in cancer? Select one: They bind to E2F, skipping the G1...

Chemistry
1.2K views

If I have 2.5mL of KCl and 3 mL of water. Which one is my solvent?...

Accounting
1.2K views

MSI is considering eliminating a product from its ToddleTown Tours collection. This collection is aimed at children...

Physics
1.2K views

r r A stone of mass of 16 kg is attached to a string 144...

Statistics
1.2K views

e data you collect is Habits on a Always Sometimes Ne tative ative Message instructor...

Accounting
1.2K views

Sunland Growth Company is testing a number of new agricultural seeds that it has recently...

Accounting
1.2K views

otal stock-based compensation expense $558,000,000 $515,000,000 ...

Accounting
1.2K views

The following transactions occurred for Peaker's Sneaker Shop of Dartmouth. The cost of goods sold...

Accounting
1.2K views

On Juans 26th birthday, he deposited $9,000 in a retirement account. Each year thereafter, he...

Accounting
1.2K views

Exercise 2 Pidris Funiture, Inc., sells lamps for $30. The unit variable cost per lamp...

Accounting
1.2K views

Using sumif what equation would I use to solve these problems on excel. ...

Accounting
1.2K views

If bondholders were able to convert their bonds into 6,000 common shares, and company executives...