Question

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

At Mastery Arts, gross sales for the month included: Sales on account (3/10,n/30) $170,000 Credit card sales (4% credit card

. pte At Mastery Arts, gross sales for the month included: Sales on account (3/10, 1/30) $170,000 Credit card sales (4% credi

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Requirement# 1.

Date Accounts Debit Credit
(a) Accounts Receivable 170,000
Sales Revenue 170,000
(To record sales on account)
(b) Cash 163,200
Credit Card Expense ($170,000 * 4%) 6800
Sales Revenue 170,000
(To record credit card sales)
(c) Cash 167,450
Cash Discount(170000x50%x3%) 2,550
Accounts Receivable 170000
(To record cash received on Accounts Receivable)

Requirement #2:

Net sales revenue for the month:

= Credit sales + Credit card sales - Cash Discount

= $170,000 + $170,000 - $2550

= $337,450

ANY DOUBTS OR CORRECTIONS? JUST LEAVE A COMMENT BELOW.

PLEASE RATE BY HITTING ??

Add a comment
Know the answer?
Add Answer to:
Time Remaining:01:56:42 Submit Test This Question: 1 pt 8 of 15 (4 complete) This Test: 15...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Calculate cash for section c Half of the sales on account were paid within the discount...

    Calculate cash for section c 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 Mastery Arts, gross sales for the month included: Sales on account (2/10, n/30) Credit card sales (3% credit card fee) $120,000 $150,000 Read the requirements Journal Entry Accounts Date Debit Credit Cash 145,500 Credit Card Discount Expense 4,500 Sales Revenue 150,000 Now, record the cash payments on account received...

  • Half of the sales on account were paid within the discount period; the other accounts were...

    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...

  • - October 1 Sold $11,000 of merchandise to Pearsey Co, on account. October 3 Sold $2.400...

    - 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...

  • This Question: 20 pts 23 of 33 (24 complete) This Test: 140 pts possible TH NO...

    This Question: 20 pts 23 of 33 (24 complete) This Test: 140 pts possible TH NO i More Info Х RE th Nov 4 Purchased $5,200 of merchandise on account from Best Deal Tire. Terms, 3/15, n/45, FOB shipping point Best Deal Tire prepaid the $250 shipping cost and added the amount to the invoice 7 Purchased $500 of supplies on account from Office Maxx. Terms, 4/10, 1/30, FOB destination 9 Sold 51,100 (cost, $425) of merchandise on account to...

  • Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping...

    Nov 4 Purchased $5,700 of merchandise on account from Goodsale Tire. Terms, 1/15, n/45, FOB shipping point. Goodsale Tire prepaid the $75 shipping cost and added the amount to the invoice. 7 Purchased $500 of supplies on account from Office Sale. Terms, 3/10, n/30, FOB destination. 9 Sold $1,400 (cost, $400) of merchandise on account to F. Smith. Terms, 2/15, n/45, FOB destination. 11 Paid $40 freight charges to deliver goods to F. Smith. 13 Returned $1,100 of the merchandise...

  • Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping...

    Nov 4 Purchased $5,500 of merchandise on account from Salem Tire. Terms, 1/15, n/45, FOB shipping point. Salem Tire prepaid the $250 shipping cost and added the amount to the invoice. 7 Purchased $400 of supplies on account from Bargain Depot. Terms, 4/10, n/30, FOB destination. 9 Sold $900 (cost, $425) of merchandise on account to W. Furmick. Terms, 3/15, n/45, FOB destination. 11 Paid $75 freight charges to deliver goods to W. Furmick. 13 Returned $1,300 of the merchandise...

  • Suomi Test This Question: 1 pt 10 of 15 (3 complete) This Test: 15 pts possible...

    Suomi Test This Question: 1 pt 10 of 15 (3 complete) This Test: 15 pts possible Current > Septel During its first year of operations, Spring Garden Inc. had sales of $439,000, all on account Industry experience suggests that Spring Garden's uncollectibles will amount to 4% of credit sales. At December 31, 2018, accounts receivable total $59.000. The company uses the allowance method to account for uncollectibles N 1. 2. Make Spring Garden's journal entry for uncollectible-account expense using the...

  • Journal entries, t-accounts and Trial balance Question Help During the first month of operations. Smith Services,...

    Journal entries, t-accounts and Trial balance Question Help During the first month of operations. Smith Services, Inc., completed the following transactions (Click the icon to view the transaction data) Read the requirements Requirement 1. Record each transaction in the journal Key each transaction by date. Explanations are not required (Record debits first, then credits. Exclude explanations from journal entries) Od 2. Smith Services received $65,000 cash and issued common stock to the stockholders Journal Entry Accounts Date Debit Credit try)...

  • create 1 journal entry for each date (12 total entries) More Info Oct 2 Gagne Services...

    create 1 journal entry for each date (12 total entries) More Info Oct 2 Gagne Services received $65,000 cash and issued common stock to the stockholders. 3 Purchased supplies, $600, and equipment, $12,100, on account. 4 Performed services for a customer and received cash, $5,500. 7 Paid cash to acquire land, $37,000. 11 Performed services for a customer and billed the customer, $4,300. Gagne expects to collect within one month. 16 Paid for the equipment purchased October 3 on account....

  • More Info Oct 2 Johnson Services received $65,000 cash and issued common stock to the stockholders...

    More Info Oct 2 Johnson Services received $65,000 cash and issued common stock to the stockholders 3 Purchased supplies, $700, and equipment, $12,300, on account. 4 Performed services for a customer and received cash, $5,700 7 Paid cash to acquire land, $35,000. 11 Performed services for a customer and billed the customer, $3,100. Johnson expects to collect within one month. 16 Paid for the equipment purchased October 3 on account. 17 Paid for newspaper advertising, $620 18 Received partial payment...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT