On June 13 of the current year, Kensington Factory sold merchandise to a customer for $8,000...
Homework Answers
| No. 1 | Event | General Journal | Debit | Credit |
| 1 | 1 | Cash | $7,840 | |
| Sales Discount ($8,000 x 2%) | $160 | |||
| Accounts receivables | $8,000 |
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On June 13 of the current year, Kensington Factory sold merchandise to a customer for $8,000...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 10? Accounts receivable 7,840 Sales 7,840 Accounts receivable 8,000 Sales 8,000 Accounts receivable 7,840 Sales discounts 160 Sales 8,000 Accounts receivable 8,000 Sales discounts 160 Sales 7,840
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000...
On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date? Cash 8,000 Accounts receivable 7,840 Sales discounts revenue 160 Cash 8,000 Accounts receivable 7,840 Interest revenue 160 Cash 8,160 Accounts receivable 8,000 Sales discounts forfeited 160 Cash 8,000 Accounts receivable...
13. On November 10 of the current year, Flores Mills sold carpet to a customer for...
13. On November 10 of the current year, Flores Mills sold carpet to a customer for $7,800 with credit terms 2/10, n/30. Flores uses the gross method of accounting for sales discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date? 14. Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District #45 on April 12 of the current year with terms 3/15, n/60. Oswego uses the gross...
On June 30, 2018, the Esquire Company sold some merchandise to a customer for $44,000. In...
On June 30, 2018, the Esquire Company sold some merchandise to a customer for $44,000. In payment, Esquire agreed to accept a 7% note requiring the payment of interest and principal on March 31, 2019. The 7% rate is appropriate in this situation. Required 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection...
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases...
Prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Apr. 1 Sold merchandise for $4,200, with credit terms n/30; invoice dated April 1. The cost of the merchandise is $2,520. Apr. 4 The customer in the April 1 sale returned $500 of merchandise for full credit....
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and...
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 Interest accrual, and the March...
inventory system and the gross method. Oct. i Sold fair trade merchandise for $3,400, with credit...
inventory system and the gross method. Oct. i Sold fair trade merchandise for $3,400, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,850. 6 The customer in the October 1 sale returned $340 of fair trade merchandise for full credit. The merchandise, which had cost $185, is returned to inventory. 9 Sold recycled leather merchandise for $1,650, with credit terms of 1/10, n/30, invoice dated October 9. Cost of the 11 Received payment for...
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing...
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $41,000 on March 31, 2022. The fair value of the merchandise exchanged is $39,155. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and...
2 Record the cost of goods sold of $24,797. 3 Record the return by a customer...
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
On June 30, 2018, the Esquire Company sold some merchandise to a customer for $44,000. In payment, Esquire agreed to accept a 7% note requiring the payment of interest and principal on March 31, 2019. The 7% rate is appropriate in this situation. Required 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2018 interest accrual, and the March 31, 2019 collection...
On June 30, 2016, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of $30,000 on March 31, 2017. The 8% rate is appropriate in this situation. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), the December 31, 2016 Interest accrual, and the March...
inventory system and the gross method. Oct. i Sold fair trade merchandise for $3,400, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,850. 6 The customer in the October 1 sale returned $340 of fair trade merchandise for full credit. The merchandise, which had cost $185, is returned to inventory. 9 Sold recycled leather merchandise for $1,650, with credit terms of 1/10, n/30, invoice dated October 9. Cost of the 11 Received payment for...
On June 30, 2021, the Esquire Company sold merchandise to a customer and accepted a noninterest-bearing note in exchange. The note requires payment of $41,000 on March 31, 2022. The fair value of the merchandise exchanged is $39,155. Esquire views the financing component of this contract as significant. Required: 1. Prepare journal entries to record the sale of merchandise (omit any entry that might be required for the cost of the goods sold), any December 31, 2021 interest accrual, and...
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
• Prepare the journal entry to adjust the be e journal entry to adjust the beginning allowance for uncollectible accounts? 10-On June 13 of the current year, KT Factory sold merchandise to a customer for $10,000 w credit terms 2/10, n/30. The customer paid the full amount due on June 20. KT uses the grows method of accounting for cash discounts. • Prepare the appropriate journal entries for June 13 and June 20. 11-At the end of its first year...
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