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Calculate cash for section c Half of the sales on account were paid within the discount...
Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. At Folktown Arts, gross sales for the month included: Sales on account (3/10, n/30) $100,000 Credit card sales (2% credit card fee) $220.000 Read the requirements. Requirement 1. Journalize the sales on account, the credit card sales, and the cash payments on account received during the month. (Use the gross method to record the sales...
Time Remaining:01:56:42 Submit Test This Question: 1 pt 8 of 15 (4 complete) This Test: 15 pts possible 0 tej At Mastery Arts, gross sales for the month included: Sales on account (3/10, n/30) $170,000 Credit card sales (4% credit card fee) $170,000 Half of the sales on account were paid within the discount period; the other accounts were paid in full by the end of the month. Read the requirements Requirement 1. Journalize the sales on account the credit...
Holmes Company received payment from a customer within the discount period; the payment terms of the sale were 2/10, n/30. The journal entry to record this transaction is Debit Accounts Receivable $9,800; debit Sales Discounts $200; credit Cash $10,000 Debit Cash $10,000; credit Sales Discounts $200; credit Accounts Receivable $9,800 Debit Accounts R&ceivable $10,000; credit Cash $9,800: credit Sales Discounts $200 Debit Cash $9,800; debit Sales Discounts $200; credit Accounts Receivable $10,000
- October 1 Sold $11,000 of merchandise to Pearsey Co, on account. October 3 Sold $2.400 of merchandise to Borg Corporation, who paid by credit card. The cilit card company charges Beltran a fee of 1% on credit card sales October 7 Sold $19,000 of merchandise to McNab Company on account. October 8 Pearsey paid the balance of what it owed for the purchase on October 1 October 12 Sold $17.000 of merchandise to Wack Enterprises on account. October 16...
a. Performed $8,200 of services on account. b. Collected $5,600 cash on accounts receivable. c. Paid $1,450 cash in advance for an insurance policy. d. Paid $400 on accounts payable. e. Recorded the adjusting entry to recognize $300 of insurance expense. f. Received $1,600 cash for services to be performed at a later date. g. Purchased land for $9,000 cash. h. Purchased supplies for $350 cash. Required Record each of the above transactions in general journal form and then show...
Need help please asap. Royal Gift Shop sells cards, supplies, and various holiday greeting cards. Sales to retail customers are subject to an 8 percent sales tax. The firm sells its merchandise for cash; to customers using bank credit cards, such as MasterCard and Visa; and to customers using American Express. The bank credit cards charge a 1 percent fee. American Express charges a 2 percent fee. Royal Gift Shop also grants trade discounts to certain wholesale customers who place...
20. The collection of a $500 account beyond the 2 percent discount period would result in a A) credit to Cash for $500. B) debit to Cash for $490. C) debit to Sales Discounts for $10. D) Creditto Accounts Receivable for $500. 21. Goods totaling $5,000 purchased February 2 on terms of 2/10, n/30 and on which returns of $1,000 were made on February 10 would be subject to which of the following discounts if paid for on February 12?...
Question 3 Partially correct Mark 7.17 out of 11.00 Remove flag Credit Card Sales Le Kai Arts sells quality art work, with prices for individual pieces ranging from $1,000 to $50,000. Sales are infrequent, typically only six to ten pieces per week. The following transactions occurred during the first week of June. Perpetual inventory is used. On June 1, sold an $1,800 framed print ($1,200 cost) to Likert Antiques on account, with 2/10, n/30 credit terms. On June 2, sold...
Holmes Company paid within the discount period for merchandise with a cost of $8,000; the payment terms were 2/10, n/30. The journal entry to record this transaction is debit Cash $7,840; debit Merchandise Inventory $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Merchandise Inventory $160. debit Cash $7,840; debit Cost of Goods Sold $160; credit Accounts Payable $8,000. debit Accounts Payable $8,000; credit Cash $7,840; credit Cost of Goods Sold $160.
Billy Bob Supply Company uses four special journals: purchases, sales, cash receipts, and cash disbursements, along with a general journal. The following transactions occurred in August: Aug. 1 15 18 Purchased merchandise from Able Co. for $6,000, terms 2/10, 1/30. P Received check from Fox Co. (full balance outstanding for July sale (less the 2% discount) Sent check No.757 for $4,900 to Able Co. in full payment of outstanding balance from the prior month. tuin Sold merchandise on credit to...