Homework Answers
| No. | Account | Debit | Credit |
| a. | Accounts receivables | $12000 | |
| Sale Revenue | $12000 | ||
| Cost of goods sold | 6500 | ||
| Merchandise inventory | 6500 | ||
| b. | Mastercard and visa | 9500 | |
| Sale Revenue | 9500 | ||
| Cost of goods sold | 5300 | ||
| Merchandise inventory | 5300 | ||
| c. | American Express | 2900 | |
| Sale Revenue | 2900 | ||
| Cost of goods sold | 1700 | ||
| Merchandise inventory | 1700 | ||
| d. | Processing fees | 385 | |
| cash | 385 | ||
| e. | Processing fees | 75 | |
| cash | 75 |
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Using the perpetual Inventory system, joumalize the entries for the...
ar Using the perpetual inventory system, journalize the entries for the following selected transactions: a. Sold...
ar Using the perpetual inventory system, journalize the entries for the following selected transactions: a. Sold merchandise on account for $12,000, terms 1/30. The cost of the goods sold was $6,500. b. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the goods sold was $5,300. C. Sold merchandise to customers who used American Express, $2,900. The cost of the goods sold was $1,700. d. Paid an invoice from First National Bank for $385, representing a...
need solved OBJ.2 EX 5-8 Sales-related transactions, including the use of credit cards Journalize the entries...
need solved
OBJ.2 EX 5-8 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000. b. Sold merchandise on account, $258,000. The cost of the merchandise sold was $154,800. c. Sold merchandise to customers who used MasterCard and VISA, $160,000. The cost of the merchandise sold was $96,000. merchandise sold was $43,200. a service fee paid for processing MasterCard, VISA, and...
Min. doivo s signments to Assignment Session Locator signment-takenprogress Show Me How Calculator Sales Related Transactions,...
Min. doivo s signments to Assignment Session Locator signment-takenprogress Show Me How Calculator Sales Related Transactions, including the use of Credit Cards Journalire the entries for the following transactions a. Sold merchandise for cash, $19.080. The cost of the goods sold was b. Sold merchandise on account, $11.620. The cost of the goods sold was $6.970. (Record the sale first c. Sold merchandise to customers who used MasterCard and VISA $106,550. The cost of the goods sold was $63,930. (Record...
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording...
Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact wording of account titles. (Note: The company uses a clearinghouse to take care of all bank as well as non-bank credit cards used by its customers. ) Mar. 1 Sold merchandise for cash, $116,300. The cost of the merchandise sold was $72,000. 10 Sold merchandise on account, $755,000. The cost of the merchandise sold was $400,000. 12 Sold merchandise to customers who used MasterCard and...
Sales-Related Transactions Using Perpetual Inventory System
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to other businesses and occasionally to retail customers. Green Lawn uses the net method under a perpetual inventory system. July 1. Sold merchandise on account to Landscapes Co., $53,740, terms FOB shipping point, n/eom. The cost of the goods sold was $36,020. 2. Sold merchandise for $11,450 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,150. 5....
PR 6-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam...
PR 6-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, OBJ. 2 3. sold merchandise for $11,350 plus 6% sales tax to retail cash customers. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, 5. sold merchandise for $30,000 plus 6% sales tax...
sales and purchase-related transactions using perpetual inventory system es and purchase-related transactions using perpetual inventory system...
sales and purchase-related transactions using perpetual
inventory system
es and purchase-related transactions using perpetual inventory system following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual entory system. Wuly 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $890 added to the invoice 5. Purchased merchandise on account from Kester...
do not answer question 4 please do quetion 5 instead 4. After all adjustments have been...
do
not answer question 4 please
do quetion 5 instead
4. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger: $ 40,000 54,500 Accounts payable Accounts receivable Accumulated depreciation Capital stock Cash Depreciation expense 83,325 50,000 7,150 23,500 Insurance expense Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Service revenue $8,600 5,275 21,400 50,950 66,000 150 151,000 Dividends Equipment 28,000 155,000 Supplies Supplies expense 2,500 3,500...
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co.,...
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $17,000, terms FOB destination, 1/10, 1/30. The cost of the goods sold was $14,380. 3. Sold merchandise for $12,450 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,700. 4. Sold merchandise on account to Empire Co.,...
prepare all journal entries for each of the transactions described. Assume a perpetual inventory system. On...
prepare all journal entries for each of the
transactions described. Assume a perpetual inventory system.
On February 15, Bevex Corp. sold merchandise to cust $72,800). Merchandise costing $24,000 was sold to customers for $31,600 on February 15"% Sales totaling $228,000 (cost $148,200) were recorded on January 20 to customers using VISA, a credit card that charges a 2% banking fee. On Fe $144,000 (cost $93.600] 0.5% on all debit card transactions. Prepare journal entries for each of the transactions described....
ar Using the perpetual inventory system, journalize the entries for the following selected transactions: a. Sold merchandise on account for $12,000, terms 1/30. The cost of the goods sold was $6,500. b. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the goods sold was $5,300. C. Sold merchandise to customers who used American Express, $2,900. The cost of the goods sold was $1,700. d. Paid an invoice from First National Bank for $385, representing a...
need solved
OBJ.2 EX 5-8 Sales-related transactions, including the use of credit cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was $18,000. b. Sold merchandise on account, $258,000. The cost of the merchandise sold was $154,800. c. Sold merchandise to customers who used MasterCard and VISA, $160,000. The cost of the merchandise sold was $96,000. merchandise sold was $43,200. a service fee paid for processing MasterCard, VISA, and...
Min. doivo s signments to Assignment Session Locator signment-takenprogress Show Me How Calculator Sales Related Transactions, including the use of Credit Cards Journalire the entries for the following transactions a. Sold merchandise for cash, $19.080. The cost of the goods sold was b. Sold merchandise on account, $11.620. The cost of the goods sold was $6.970. (Record the sale first c. Sold merchandise to customers who used MasterCard and VISA $106,550. The cost of the goods sold was $63,930. (Record...
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to other businesses and occasionally to retail customers. Green Lawn uses the net method under a perpetual inventory system. July 1. Sold merchandise on account to Landscapes Co., $53,740, terms FOB shipping point, n/eom. The cost of the goods sold was $36,020. 2. Sold merchandise for $11,450 plus 6% sales tax to retail cash customers. The cost of the goods sold was $7,150. 5....
PR 6-2A Sales-related transactions using perpetual inventory system The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, OBJ. 2 3. sold merchandise for $11,350 plus 6% sales tax to retail cash customers. 4. Sold merchandise on account to Empire Co., $55,400, terms FOB shipping point, 5. sold merchandise for $30,000 plus 6% sales tax...
sales and purchase-related transactions using perpetual
inventory system
es and purchase-related transactions using perpetual inventory system following were selected from among the transactions completed by Essex Company during July of the current year. Essex uses the net method under a perpetual entory system. Wuly 3. Purchased merchandise on account from Hamling Co., list price $85,000, trade discount 30%, terms FOB shipping point, 2/10, 1/30, with prepaid freight of $890 added to the invoice 5. Purchased merchandise on account from Kester...
do
not answer question 4 please
do quetion 5 instead
4. After all adjustments have been made, but before the accounts have been closed, the following balances were taken from the ledger: $ 40,000 54,500 Accounts payable Accounts receivable Accumulated depreciation Capital stock Cash Depreciation expense 83,325 50,000 7,150 23,500 Insurance expense Prepaid insurance Rent expense Retained earnings Salaries expense Salaries payable Service revenue $8,600 5,275 21,400 50,950 66,000 150 151,000 Dividends Equipment 28,000 155,000 Supplies Supplies expense 2,500 3,500...
Sales-Related Transactions Using Perpetual Inventory System The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $17,000, terms FOB destination, 1/10, 1/30. The cost of the goods sold was $14,380. 3. Sold merchandise for $12,450 plus 6% sales tax to retail cash customers. The cost of the goods sold was $6,700. 4. Sold merchandise on account to Empire Co.,...
prepare all journal entries for each of the
transactions described. Assume a perpetual inventory system.
On February 15, Bevex Corp. sold merchandise to cust $72,800). Merchandise costing $24,000 was sold to customers for $31,600 on February 15"% Sales totaling $228,000 (cost $148,200) were recorded on January 20 to customers using VISA, a credit card that charges a 2% banking fee. On Fe $144,000 (cost $93.600] 0.5% on all debit card transactions. Prepare journal entries for each of the transactions described....
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