1.. | |||
Date | Account Title | Debit | Credit |
20-Nov | Accounts receivable | 5500 | |
Sales revenue | 5500 | ||
(Sale of 20 items of merchandise to B -terms 3/10,n/30 | |||
25 | Cash | 392 | |
Credit card fees | 8 | ||
Sales revenue | 400 | ||
(Sale of 2 items of merchandise to C--Thro'Visa card) | |||
28 | Accounts receivable | 9000 | |
Sales revenue | 9000 | ||
(Sale of 10 items of merchandise to D -terms 3/10,n/30 | |||
29 | Sales returns | 900 | |
Accounts receivable | 900 | ||
(Return of 1 item of merchandise by D --28th sale) | |||
6-Dec | Cash | 8100 | |
Accounts receivable | 8100 | ||
(Full settlement by D) | |||
20 | Cash | 5500 | |
Accounts receivable | 5500 | ||
(Full settlement by B) | |||
2.. | Age of Receivables | $ Balance | Loss rate estimated | |
1.Not yet due | 275000 | 3.50% | 9625 | |
2.< 120 days | 50000 | 10% | 5000 | |
3.> 120 days | 20000 | 30% | 6000 | |
345000 | 20625 | |||
Credit balance in All.for D/a/cs | 400 | |||
Additional provn.needed(20625-400) | 20225 | |||
JE.1 | Bad debt expense | 20225 | ||
Allowance for Doubtful Accounts | 20225 | |||
2 | Balance sheet(Partial) | |||
Assets | ||||
Current assets | ||||
Accounts receivables | 345000 | |||
Allowance for Doubtful Accounts | -20625 | |||
Accounts receivables,net | 324375 | |||
4. Growth rate of its total exports X(t) = (a+b)/t |
H/w. Accounts Receivable Task 1 E6-3 Reporting Net Sales with Credit Sales, Sales Discounts, Sales Returns,...
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...
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...
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 $6,400 (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 3 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice price of...
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...
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...
0.90 points The following transactions were selected from among those completed by Cadence Retailers in 2013 Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $6,500 (total); terms 2/10, 25 Sold two items of merchandise to Customer C, who charged the $600 sales price on 28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,000 (total); terms 29 Customer D returned one of the items purchased on the...
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...
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 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 (total) sales price on her Visa credit card. Visa charges Bennett Retailers a 2 percent credit card fee. 28 Sold 10 identical items of merchandise to Customer D at an invoice...
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...
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...