Homework Answers
Answer:
| Transaction | Net Sales |
Cost of Goods sold |
Gross Profit |
Explanation |
| July 12 | +$388 | -$275 | +$113 | Net sales = $400 x 97%, Since 3% card fees |
| July 15 | +$4,600 | -$2,300 | +$2,300 | N/A |
| July 20 | No effect | |||
| July 21 | -$1,400 | +$840 | -$560 | N/A |
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Check my work E6-4 (Algo) Determining the Effects of Credit Sales, Sales Discounts, Credit Card Sales,...
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.July12Sold 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.July15Sold merchandise to Customer T at an invoice price of $5,000;
terms 3/10, n/30. Cost of goods sold was $2,500.July20Collected cash due from Customer T.July21Before paying for the order, a customer returned shoes with...
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....
U . U Lauren Maragh M Homework Other Help Save & Exit Submit Check my work...
U . U Lauren Maragh M Homework Other Help Save & Exit Submit Check my work E6-2 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales L06-1. The following transactions were selected from the records of OceanView Company July 12 Sold merchandise to Customer R, who charged the $4,800 purchase on his Visa credit card. Visa charges Oceanview a 2 percent credit card fee. 15 Sold merchandise to Customer sat an invoice price of $10,900; terms...
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...
need help with problems E6-1 and E6-3 help with both please Reconciling em a. Outstanding checks...
need help with problems E6-1 and E6-3 help with both
please
Reconciling em a. Outstanding checks b. Bank service charge c. Deposit in transit M6-7 de Chapter Supplement) Recording Sales Discounts A sale is made for $6.00; terms me yje, 0. Al what amount should the sale the gross method of recording les discounts Give the required entry. Also give the assuming that it is during the discount period. Rinwind Assume contrare Determi EXERCISES connect Returns Braze S cosas decrease...
Help Save & Exit Subr Homework Check my work E6-1 (Algo) Reporting Net Sales with Credit...
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" . 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...
Task 1 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales...
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H/w. Accounts Receivable Task 1 E6-3 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns,...
H/w. Accounts Receivable Task 1 E6-3 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales The following transactions were selected from among those completed by Cadence Retailers in 2011: L02 Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10,n/30. 25 Sold two items of merchandise to Customer C, who charged the $400 sales price on her Visa credit card. Visa charges Cadence Retailers a 2...
Griffin Shoe Company records Sales Returns and Allowances, Sales
Discounts, and Credit Card Discounts as contra-revenues.July12Sold 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.July15Sold merchandise to Customer T at an invoice price of $5,000;
terms 3/10, n/30. Cost of goods sold was $2,500.July20Collected cash due from Customer T.July21Before paying for the order, a customer returned shoes with...
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....
U . U Lauren Maragh M Homework Other Help Save & Exit Submit Check my work E6-2 (Algo) Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales L06-1. The following transactions were selected from the records of OceanView Company July 12 Sold merchandise to Customer R, who charged the $4,800 purchase on his Visa credit card. Visa charges Oceanview a 2 percent credit card fee. 15 Sold merchandise to Customer sat an invoice price of $10,900; terms...
need help with problems E6-1 and E6-3 help with both
please
Reconciling em a. Outstanding checks b. Bank service charge c. Deposit in transit M6-7 de Chapter Supplement) Recording Sales Discounts A sale is made for $6.00; terms me yje, 0. Al what amount should the sale the gross method of recording les discounts Give the required entry. Also give the assuming that it is during the discount period. Rinwind Assume contrare Determi EXERCISES connect Returns Braze S cosas decrease...
Help Save & Exit Subr Homework Check my work E6-1 (Algo) Reporting Net Sales with Credit Sales and Sales Discounts L06-1 During the months of January and February, Hancock Corporation sold goods to three customers. The sequence of events was as follows: Jan. 6 Sold goods for $1,100 to S. Green and billed that amount subject to terms 2/10, n/30. 6 Sold goods to M. Munoz for $620 and billed that amount subiect to terms 2/10, n/30. 14 Collected cash...
" . 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...
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...
H/w. Accounts Receivable Task 1 E6-3 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns, and Credit Card Sales The following transactions were selected from among those completed by Cadence Retailers in 2011: L02 Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,500 (total); terms 3/10,n/30. 25 Sold two items of merchandise to Customer C, who charged the $400 sales price on her Visa credit card. Visa charges Cadence Retailers a 2...
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