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Brief Exercise 5-3 Flint Company buys merchandise on account from Windsor, Inc.. The selling price of the goods is $1,050, and the cost of the goods is $660. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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Answer:

Flint Company

DR Merchandise $1,050

CR Accounts Payable $1,050

(To record purchase of merchandise)

Windsor Inc.

DR Accounts Receivable $1,050

CR Sales $1,050

(To record sale of merchandise)

DR Cost of Goods Sold $660

CR Merchandise Inventory $660

(To record change in stock from sale of merchandise)

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