Record the following transactions on the books of Hiroole Ltd., which uses a perpetual inventory system. Hiroole's expected rate of return on sales is 4%. (a) Sold $32.800 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hiroole $24,000. (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation April 28 April 28 (To record sales) (To record cost of goods sold) Debit Credit 190 171
Record the following transactions on the books of Hiroole Ltd., which uses a perpetual inventory system. Hiroole's expected rate of return on sales is 4%. (a) Sold $32.800 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hiroole $24,000. (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Date Account Titles and Explanation April 28 April 28 (To record sales) (To record cost of goods sold) Debit Credit 190 171
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter11: The Statement Of Cash Flows
Section: Chapter Questions
Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...
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![Current Attempt in Progress
Record the following transactions on the books of Hiroole Ltd., which uses a perpetual inventory system. Hiroole's expected rate of
return on sales is 4%.
(a)
Sold $32.800 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hiroole $24,000. (List all debit entries
before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter O for the amounts.)
Date Account Titles and Explanation
April 28
April 28
(To record sales)
(To record cost of goods sold)
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa510aafe-8a4e-4c13-8f6b-f0855cb69a9c%2F16c333ef-4e51-4372-8181-7eaf8ce80c28%2F5f0hbl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
Record the following transactions on the books of Hiroole Ltd., which uses a perpetual inventory system. Hiroole's expected rate of
return on sales is 4%.
(a)
Sold $32.800 of merchandise on April 28 to Valez Ltd., terms n/30. The goods sold had cost Hiroole $24,000. (List all debit entries
before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is
required, select "No Entry" for the account titles and enter O for the amounts.)
Date Account Titles and Explanation
April 28
April 28
(To record sales)
(To record cost of goods sold)
Debit
Credit
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Follow-up Question
![(b)
Inventory
May 3
(To record cost of goods sold)
Date Account Titles and Explanation
May 3
On May 3, merchandise with a selling price of $1,260 was returned by Valez. The goods had a cost of $960 and they were restored
to inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do
not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
(To record sales returns)
(To record cost of goods returned)
Debit
24000
Attempts: 1 of 1 used
Credit](https://content.bartleby.com/qna-images/question/a510aafe-8a4e-4c13-8f6b-f0855cb69a9c/4645b3de-6e40-4094-9845-99ed633981bb/xsmsel6_thumbnail.jpeg)
Transcribed Image Text:(b)
Inventory
May 3
(To record cost of goods sold)
Date Account Titles and Explanation
May 3
On May 3, merchandise with a selling price of $1,260 was returned by Valez. The goods had a cost of $960 and they were restored
to inventory. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do
not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
(To record sales returns)
(To record cost of goods returned)
Debit
24000
Attempts: 1 of 1 used
Credit
Solution
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