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rk QS 4-20C Recording estimated sales returns LO P6 ProBuillder reports merchandise sales of $70,000 and...
QS 4-20C Recording estimated sales returns LO P6 ProBuilder reports merchandise sales of $50,000 and cost...
QS 4-20C Recording estimated sales returns LO P6 ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30, 2016. It makes fiscal year-end adjusting entries for estimated future returns and allowances equal to 2% of sales, or $1,000, and 2% of cost of sales, or $400 6. & b. Prepare the June 30, 2016, fiscal year-end adjusting journal entry for future returns and allowances related to sales and...
ProBuilder reports merchandise sales of $70,000 and cost of merchandise sales of $14,000 in its first...
ProBuilder reports merchandise sales of $70,000 and cost of merchandise sales of $14,000 in its first year of operations ending June 30. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 3% of sales, or $2,100, and 3% of cost of sales, or $420. a. & b. Prepare the June 30 fiscal-year-end adjusting journal entry for future returns and allowances related to sales and cost of sales.
ProBuilder has the following June 30 fiscal-year-end unad usted balances: Allowance for Sales Discounts. So, and...
ProBuilder has the following June 30 fiscal-year-end unad usted balances: Allowance for Sales Discounts. So, and Accounts Receivable, $10.700. Of the $10,700 of receivables, $2,350 are within a 2% discount period, meaning that it expects buyers to take $47 in future discounts arising from this period's sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts View transaction list Journal entry worksheet Record the expected sales discounts. Note: Enter debits before credits. Date General Journal June...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,600. Of the $11,600 of receivables, $2,800 are within a 3% discount period, meaning that it expects buyers to take $84 in future discounts arising from this period’s sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $9 fiscal-year-end unadjusted credit balance in the Allowance for Sales...
Lopez Company reports unadjusted first-year merchandise sales of $128,000 and cost of merchandise sales of $32,000....
Lopez Company reports unadjusted first-year merchandise sales of
$128,000 and cost of merchandise sales of $32,000.
a. Compute gross profit using the unadjusted
numbers above.
Gross profit is - __________________
2nd part
The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. b-1&2. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. View transaction list Journal entry worksheet 12 Record...
Exercise 7.4 Recording sales returns and allowances. LO 7-2 The following transactions of Linens and Things...
Exercise 7.4 Recording sales returns and allowances. LO 7-2 The following transactions of Linens and Things that occurred in July. DATE TRANSACTIONS July 5 Accepted a return of damaged merchandise from Terri McDonald, credit customer; issued Credit Memorandum 301 for $486, which includes sales tax of $36; the original sale was made on Sales Slip 1610 of June 30. 21 Gave an allowance to Robert Lynch, a credit customer, for merchandise that was slightly damaged but usable; issued Credit Memorandum...
Hallfax Manufacturing allows its customers to return merchandise for any reason up to 90 days after...
Hallfax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2016 with an allowance for sales returns of $300,000. During 2016, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65% of selling prices). Also during the year, customers returned $450,000 in sales for...
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on...
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet...
help with journal entries Exercise 7-8 Sales returns (LO7-4] Halifax Manufacturing allows its customers to return m...
help
with journal entries
Exercise 7-8 Sales returns (LO7-4] Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2018 with an alowance for sales returns of $300,000. During 2018, Halifax sold merchandise on account for $11,500,000. This merchandise cost Haldex $7,475,000 (65% of selling prices). Also...
help with journal entries Helo Save & Exercise 7-8 Sales returns (L07-4) points Halifax Manufacturing allows...
help with journal entries
Helo Save & Exercise 7-8 Sales returns (L07-4) points Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2018 with an allowance for sales returns of $300,000. During 2018, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65%...
QS 4-20C Recording estimated sales returns LO P6 ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30, 2016. It makes fiscal year-end adjusting entries for estimated future returns and allowances equal to 2% of sales, or $1,000, and 2% of cost of sales, or $400 6. & b. Prepare the June 30, 2016, fiscal year-end adjusting journal entry for future returns and allowances related to sales and...
ProBuilder has the following June 30 fiscal-year-end unad usted balances: Allowance for Sales Discounts. So, and Accounts Receivable, $10.700. Of the $10,700 of receivables, $2,350 are within a 2% discount period, meaning that it expects buyers to take $47 in future discounts arising from this period's sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts View transaction list Journal entry worksheet Record the expected sales discounts. Note: Enter debits before credits. Date General Journal June...
Lopez Company reports unadjusted first-year merchandise sales of
$128,000 and cost of merchandise sales of $32,000.
a. Compute gross profit using the unadjusted
numbers above.
Gross profit is - __________________
2nd part
The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. b-1&2. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. View transaction list Journal entry worksheet 12 Record...
Exercise 7.4 Recording sales returns and allowances. LO 7-2 The following transactions of Linens and Things that occurred in July. DATE TRANSACTIONS July 5 Accepted a return of damaged merchandise from Terri McDonald, credit customer; issued Credit Memorandum 301 for $486, which includes sales tax of $36; the original sale was made on Sales Slip 1610 of June 30. 21 Gave an allowance to Robert Lynch, a credit customer, for merchandise that was slightly damaged but usable; issued Credit Memorandum...
Hallfax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2016 with an allowance for sales returns of $300,000. During 2016, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65% of selling prices). Also during the year, customers returned $450,000 in sales for...
QS 11-2 Accounting for sales taxes LO C2 Dextra Computing sells merchandise for $8,000 cash on September 30 (cost of merchandise is $5,600). The sales tax law requires Dextra to collect 2% sales tax on every dollar of merchandise sold. Record the entry for the $8,000 sale and its applicable sales tax. Also record the entry that shows the payment of the 2% tax on this sale to the state government on October 15. View transaction list Journal entry worksheet...
help
with journal entries
Exercise 7-8 Sales returns (LO7-4] Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2018 with an alowance for sales returns of $300,000. During 2018, Halifax sold merchandise on account for $11,500,000. This merchandise cost Haldex $7,475,000 (65% of selling prices). Also...
help with journal entries
Helo Save & Exercise 7-8 Sales returns (L07-4) points Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2018 with an allowance for sales returns of $300,000. During 2018, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65%...
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Attribute
Sample Value
Sample Value
Sample Value
Sample Value
pirate_num
11
22
43
54
pirate_lname
James...
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