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On March 5, Blowout Sales makes $22,500 in sales on account. The cost of merchandise sold...
On March 1, Sather Co. sold merchandise to Boone Co. on account, $32,400, terms 2/15, n/30. The cost of the merchandise sold is $17,500. The merchandise was paid for on March 14. Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $92,500 with terms 1/10, n/30. The cost of the goods sold was $55,500. b. Received payment less the discount. c. Refunded $750 to customer for defective merchandise that was not returned.
On March 1, Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sather Co. and Boone Co. for the sale, purchase, and payment of amount due. Refer to the appropriate company's Chart of Accounts for exact wording of account titles.
PE 6-3A Sales transactions OBJ. 2 Journalize the following merchandise transactions: a. Sold merchandise on account, $72,500 with terms 2/10, n/30. The cost of the merchandise sold was $43,500. b. Received payment less the discount. c. Issued a credit memo for returned merchandise that was sold for $2,300 terms n/30. The cost of the merchandise returned was $1,600.
On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $263,360, terms n/30. The cost of the merchandise sold is $146,820. Showcase Co. issues a credit memo on March 5 for $29,050 for merchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $17,020. Journalize Showcase Co.’s entries for (a) the sale, including the cost of the merchandise sold, (b) the credit memo, including the...
March 4 Stephen Company sold $3,000 of merchandise on account to Elijah Company. The credit terms were 2/10, n/60. The cost of the merchandise was $1,800. March 6 Elijah Company paid transportation cost of $100 on the March 4 purchase from Stephen Company. March 8 Stephen Company sold $2,000 of merchandise on account to Elijah Company. The credit terms were n/40. The cost of the merchandise was $1,400. March 10 Stephen Company paid transportation cost of $100 for delivery of...
On July 5,WinterWinterCompany recorded sales of merchandise inventory on account, $60,000.The sales were subject to sales tax of3%.On August 15,Winter Company paid the sales tax owed to the state from the July 5 transaction. Requirements 1. Journalize the transaction to record the sale on July 5. Ignore cost of goods sold. 2. Journalize the transaction to record the payment of sales tax to the state on August 15.
On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $237,490, terms n/30. The cost of the merchandise sold is $152,560. On March 5, Showcase Co. issues a credit memo for $31,500 for merchandise returned prior to Balboa Co. paying the original invoice on March 29. The cost of the merchandise returned is $18,670. Journalize Balboa Co.’s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of...
Hercula Cycles started March with 12 bicycles that cost $42 each. On March 16, Hercula bought 40 bicycles at $68 each. On March 31, Hercula sold 25 bicycles for $95 each. Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Hercula sold 10 bicycles that cost $42 each and 15 bicycles that cost $68 each. 2. Journalize the March 16 purchase of merchandise inventory on account and the March...
March 4 Stephen Company sold $3,000 of merchandise on account to Elijah Company The credit terms were 2/10, n/60. The cost of the merchandise was $1,800. March 6 Elijah Company paid transportation cost of $100 on the March 4 purchase from Stephen Company Stephen Company sold $2,000 of merchandise on account to Elijah Company The credit terms were n/40. The cost of the merchandise was $1,400. March 8 March 10 Stephen Company paid transportation cost of $100 for delivery of...