Date | Account | Debit | Credit |
---|---|---|---|
A | Accounts Receivable | 13,300 | |
Sales | 13,300 | ||
Cost of Goods Sold | 7980 | ||
Inventory | 7980 | ||
B | Cash | 13,167 | |
Accounts Receivable | 13,167 | ||
C | Customer refunds payable | 450 | |
Cash | 450 |
.
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Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $13,300 with terms 1/10,...
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.
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $429,000 of merchandise on account, subject to a sales tax of 6%. The cost of the goods sold was $253,110. If an amount box does not require an entry, leave it blank. Accounts Receivable Sales Sales Tax Payable Cost of Goods Sold Inventory Feedback (a) Two entries are required: (1) for the sale on account including sales tax (2) for the cost of the goods sold...
Sales-Related Transactions After the amount due on a sale of $28,700, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $17,220. a. What is the amount of the refund owed to the customer? $ Feedback (a) The amount of the refund will be the merchandise returned less the discount. b. Journalize the entries made by the...
Sales-related transactions Sayers Co. apld merchandise on account to a customer for $89,000 terms 1/10, nv/30. The cost of the goods sold was $59,000 a. Journalize Sayers' entries to record the sale. Accounts Receivable 88,110 Sales 88,110 Cost of Goods Sold 59,000 Inventoy 59,000 b. Journalize the receipt of payment within the discount period. e. Journalize the entry to record the receipt of paymest beyond the discount period of ten days
Shore Co. sold merchandise to Blue Star Co. on account, $110,600, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $66,360. Shore paid freight of $2,000. Journalize Shore Co.'s entry for the sale, purchase, and payment of amount due, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. Accounts Receivable-Blue Star Co. 108,388 Sales 108,388 Cost of Goods Sold 66,360 Inventory 66,360 Accounts Receivable-Blue...
1. Journalize the following merchandise transactions: (a) Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the merchandise sold was $12,600. (b) Received payment within the discount period. Mar. 3 2. Beginning inventory, purchases, and sales data for hammers are as follows: Inventory 12 units at $15 11 Purchase 13 units at $17 - 14 Sale 118 units Purchase 9 units at $20 Sale 10 units Assuming the business maintains a perpetual inventory system, complete the...
Sales-Related Transactions Merchandise is sold on account to a customer for $21,600, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $380. a. Determine the amount of the sale. $ 21,3847 b. Determine the amount debited to Accounts Receivable. $ 21,764 c. Determine the amount of the discount for early payment. $ 216 d. Determine the amount due within the discount period. 21,548 X $
1. Journalize the following merchandise transactions: () Sold merchandise on account, $17,300, with terms 2/10, net 30. The cost of the merchandise sold was $12,600. (b) Received payment within the discount period. 2. Beginning inventory, purchases, and sales data for hammers are as follows: Mar. 3 Inventory 12 units at $15 11 Purchase 13 units at $17 14 Sale 18 units 21 Purchase 9 units at $20 25 Sale 10 units Assuming the business maintains a perpetual inventory system, complete...
Journalize the following transactions assuming the perpetual
inventory system:
July 3. Sold merchandise on account for $3,750 terms n/eom.
The cost of the goods sold was 2,00.
July 5. Issued credit memo for $1,050 for merchandise returned
from sale on July 3. The cost of the merchandise returned from sale
on july 3. The cost of the merchandise returned was $610.
July 12. Received check for the amount due for sale on July 3
less return on July 5.
July...
Brief Exercise 6-34 Recording Purchase and Sales Transactions Raymond Company and Geeslin Company both use a perpetual inventory system. The following transactions occurred during the month of January: Jan. 1 8 10 30 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was...