Prepare the appropriate journal entry for each of these transactions, assuming the company records sales revenue under the gross method. Do not record cost of goods sold

The following transactions were selected from among those completed by Hailey Retailers in the current year:

Nov. 20 Sold two items of merchandise to Customer B, who charged the $650 sales price on her Visa credit card. Visa charges Hailey a 3 percent credit card fee.

25 Sold 14 items of merchandise to Customer C at an invoice price of $3,100 (total); terms 3/10, n/30.

28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,680 (total); terms 3/10, n/30.

30 Customer D returned one of the items purchased on the 28th; the item was defective, and credit was given to the customer.

Dec. 06 Customer D paid the account balance in full.

30 Customer C paid in full for the invoice of November 25.

Required:

1-a. Prepare the appropriate journal entry for each of these transactions, assuming the company records sales revenue under the gross method. Do not record cost of goods sold.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.)

Solutions

Expert Solution

The answer has been presented in the supporting sheets. The detailed explanation has been given for required part. For detailed answers refer to the supporting sheets.

ekkarill92 answered 1 year ago

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