Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues.
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues.
| July | 12 | Sold merchandise to customer at factory store who charged the $300 purchase on her American Express card. American Express charges a 1 percent credit card fee. Cost of goods sold was $175. | ||
| July | 15 | Sold merchandise to Customer T at an invoice price of $5,000; terms 3/10, n/30. Cost of goods sold was $2,500. | ||
| July | 20 | Collected cash due from Customer T. | ||
| July | 21 | Before paying for the order, a customer returned shoes with an invoice price of $900; cost of goods sold was $600. |
Complete the following table by entering the amounts of the effects of each transaction, including the related cost of goods sold.(Indicate decreases with a minus sign.)
Homework Answers
| Transaction | Net Sales | Cost of goods sold | Gross Profit | |
| July 12 | 297 | 175 | 122 | |
| July 15 | 5000 | 2500 | 2500 | |
| July 20 | -150 | 0 | -150 | =5000*3% |
| July 21 | -900 | -600 | -300 |
Add Answer to:
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues.
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues....
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store who charged the $600 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $475. July 15 Sold merchandise to Customer T at an invoice price of $5,300; terms 1/10, n/30. Cost of goods sold was $2,650. July 20 Collected cash due from Customer T....
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-rev...
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store who charged the $700 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $575. July 15 Sold merchandise to Customer T at an invoice price of $5,500; terna 2/10, n/30. Cost of goods sold was $2,750. July 20 collected cash due from Customer T....
Check my work E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales,...
Check my work E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales Returns and Allowances on Income Statement Categories L06-1 Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store who charged the $400 purchase on her American Express card. American Express charges a 3 percent credit card fee. Cost of goods sold was $275. July 15 Sold merchandise...
E6-3 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1...
E6-3 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales LO6-1 The following transactions were selected from among those completed by Cadence Retailers November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,800 (total); terms 4/10, n/30. 25 Sold two items of merchandise to Customer C, who charged the $700 sales price on her Visa credit card. Visa charges Cadence Retailers a 3 percent credit card...
Task 1 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales...
Task 1 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales E6-3 L02 The following transactions were selected from among those completed by Cadence Retailers in 2011: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total; terms 3/10, n/30 Sold two items of merchandise to Customer C, who charged the $400 sales price on her Visa credit card. Visa charges Cadence Retailersa 2 percent credit card fee...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
" . LO 6-4 25 6 Reporting Net Sales with Credit Sales, Sales Discounts, and Sales...
" . LO 6-4 25 6 Reporting Net Sales with Credit Sales, Sales Discounts, and Sales Returns The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in cash. The goods cost Bear's $300. Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear's $2,500. 28 Sold 10 identical...
anacions were selected from the records of OceanVlew Company July 12 Sold merchandise to Customer R,...
anacions were selected from the records of OceanVlew Company July 12 Sold merchandise to Customer R, who charged the $4,900 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. 15 3/10, n.30. Sold merchandise to CustomerT at an invoice price of $5,600; terms 3/10, n/30 23 Collected payment from Customer S from July 15 sale. Required Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two...
Check The following transactions were selected from among those completed by Bennett Retailers in November and...
Check The following transactions were selected from among those completed by Bennett Retailers in November and December Nov. 20 Sold 20 items of merchandise to Customer Bat an invoice price of $6.100 (total) terms 3/10, n/30. 25 Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers & 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer Dat an invoice price...
The following transactions were selected from among those completed by Cadence Retailers November and December: Nov....
The following transactions were selected from among those completed by Cadence Retailers November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an Invoice price of $6.000 (total): terms 2/10. n/30 25 Sold two items of merchandise to Customer C, who charged the $700 sales price on her Visa credit card. Visa charges Cadence Retailers a 1 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of...
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store who charged the $600 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $475. July 15 Sold merchandise to Customer T at an invoice price of $5,300; terms 1/10, n/30. Cost of goods sold was $2,650. July 20 Collected cash due from Customer T....
Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store who charged the $700 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $575. July 15 Sold merchandise to Customer T at an invoice price of $5,500; terna 2/10, n/30. Cost of goods sold was $2,750. July 20 collected cash due from Customer T....
Check my work E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales, and Sales Returns and Allowances on Income Statement Categories L06-1 Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store who charged the $400 purchase on her American Express card. American Express charges a 3 percent credit card fee. Cost of goods sold was $275. July 15 Sold merchandise...
Task 1 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales E6-3 L02 The following transactions were selected from among those completed by Cadence Retailers in 2011: Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total; terms 3/10, n/30 Sold two items of merchandise to Customer C, who charged the $400 sales price on her Visa credit card. Visa charges Cadence Retailersa 2 percent credit card fee...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
" . LO 6-4 25 6 Reporting Net Sales with Credit Sales, Sales Discounts, and Sales Returns The following transactions were selected from among those completed by Bear's Retail Store: Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in cash. The goods cost Bear's $300. Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear's $2,500. 28 Sold 10 identical...
anacions were selected from the records of OceanVlew Company July 12 Sold merchandise to Customer R, who charged the $4,900 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. 15 3/10, n.30. Sold merchandise to CustomerT at an invoice price of $5,600; terms 3/10, n/30 23 Collected payment from Customer S from July 15 sale. Required Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two...
Check The following transactions were selected from among those completed by Bennett Retailers in November and December Nov. 20 Sold 20 items of merchandise to Customer Bat an invoice price of $6.100 (total) terms 3/10, n/30. 25 Sold two items of merchandise to Customer C, who charged the $700 (total) sales price on her Visa credit card. Visa charges Bennett Retailers & 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer Dat an invoice price...
The following transactions were selected from among those completed by Cadence Retailers November and December: Nov. 20 Sold 20 items of merchandise to Customer B at an Invoice price of $6.000 (total): terms 2/10. n/30 25 Sold two items of merchandise to Customer C, who charged the $700 sales price on her Visa credit card. Visa charges Cadence Retailers a 1 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of...
Most questions answered within 3 hours.
-
The area of an elastic circular loop decreases at a constant
rate, dA/dt = −6.60×10−3 m2/s...
asked 35 minutes ago -
The denaturation of proteins can be described by the
equilibrium
F⇌U
where F and U represent...
asked 2 hours ago -
Please answer what the maximum and minimum force is, and the
angle on the ion is...
asked 2 hours ago -
implement a program that reads a number of rows and a symbol.
The program will draw...
asked 2 hours ago -
Assume that when adults with smartphones are randomly selected,
45% use them in meetings or classes....
asked 2 hours ago -
Determine the number of formula units of
Na2SO4 and moles of oxygen contained in 8.11
moles...
asked 2 hours ago -
Explain in steps on the following code
What would be the output when executed
using System;...
asked 2 hours ago -
Given the information in the table, which of the following
statements is CORRECT?
Stock A
Stock...
asked 2 hours ago -
Write MARIE assembly language programs that do the following:
Write a program that inputs an integer...
asked 2 hours ago -
Explain an understanding of services and protocols.
Explain the job of DNS.
Explain the three email...
asked 2 hours ago -
(As soon as possible) Balance each of the following equations
according to the half-reaction method:
H2O2(aq)...
asked 3 hours ago -
A thin rod with a mass of 3.5kg and a length L=1.5 m is oriented
horizontally....
asked 3 hours ago