Homework Answers
| Journal Entries | |||||||
| Account Title | Debit | Credit | |||||
| Dec-03 | Hatches Co | 240000 | |||||
| Sales | 240000 | ||||||
| (Sale Of Inventory On Account) | |||||||
| Dec-03 | Cost Of Good Sold | 160000 | |||||
| Inventory | 160000 | ||||||
| (cost Of Inventories sold on account form inventories) | |||||||
| Dec-08 | Sales Returns | 15000 | |||||
| Hatches Co | 15000 | ||||||
| (return Of Inventory sold on account) | |||||||
| Inventory | 10000 | ||||||
| Cost Of Good Sold | 10000 | ||||||
| (reversal of cost on inventory sold on account) | |||||||
| Dec-12 | Cash | 220500 | |||||
| Discount | 4500 | ||||||
| Hatches CO | 225000 | ||||||
| (entry for receipt of account receivable and sales discount) | |||||||
| Sales Discount = (240000-15000)*2% =$4500 | |||||||
| Net Sales to Be Reported | |||||||
| Sales | 240000 | ||||||
| Less: Sales Return | 15000 | ||||||
| Net Sales | $225000 | ||||||
| Gross Profit Percentage | |||||||
| Net Sales | 225000 | ||||||
| Less: Net Cost Of Good Sold | 150000 | ||||||
| (160000-10000) | |||||||
| Gross Profit | $75000 | ||||||
| Gross Profit Percentage | 33% | ||||||
| ($75000/225000*100) | |||||||
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