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In: Accounting
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $11,750 with terms 2/10,...
Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $11,750 with terms 2/10, n/30. The cost of the merchandise sold was $7,050.
| Sale | Accounts Receivable | ||
| Sales | |||
| Cost | Cost of Merchandise Sold | ||
| Merchandise Inventory |
the debit/credit for acc receivable and sales is NOT $11750
b. Received payment less the discount.
c. Issued a credit memo for returned merchandise that was sold for $11,000 terms n/30. The cost of the merchandise returned was $6,600.
| Refund | |||
| Inventory | |||
Solutions
Expert Solution
| Answer | |||
|
Solution: Following are the required journal entries: |
|||
| Sr. no. | Particulars | Debit($) | Credit($) |
| (a) | Accounts Receivable | $ 11,750 | |
| Sales | $ 11,750 | ||
| Cost of Merchandise Sold | $ 7,050 | ||
| Merchandise Inventory | $ 7,050 | ||
| (b) | Cash(11750-235) | $ 11,515 | |
| Sales Discount(11750*2%) | $ 235 | ||
| Accounts Receivable | $ 11,750 | ||
| (c) | Allowances for Sales Return | $ 11,000 | |
| Accounts Receivable | $ 11,000 | ||
| Merchandise Inventory | $ 6,600 | ||
| Cost of Merchandise Sold | $ 6,600 | ||
ekkarill92 answered 2 years agoRelated Solutions
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10,...
Sales Transactions Journalize the following merchandise
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blank b408b3fa8fce01a_3 Sales fill in the blank b408b3fa8fce01a_5
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Journalize the following merchandise transactions:
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E. Paid for the merchandise within the discount period.
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Sales-related transactions Sayers Co. sold merchandise on
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Show me step by step how to calculate.
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journalize transactions May 20 Sold merchandise on account to Crescent Co., terms 1/10, n/30, FOB shipping...
journalize transactions
May
20
Sold merchandise on account to Crescent Co., terms 1/10, n/30,
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$70,000.
21
For the convenience of Crescent Co., paid freight on sale of
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21
Received $42,900 cash from Gee Co. on account.
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Purchased merchandise on account from Osterman Co., terms 1/10,
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24
Returned of damaged merchandise purchased on May 21, receiving
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Merchandise is sold on account to a customer for $8,000, terms
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$300.
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$?
b. Determine the increase to Accounts
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$? (the answer of this problem is not 8,300 or 7,700)
c. Determine the amount of the discount for
early payment.
$?
d. Determine the amount due within the discount
period.
$? (the answer of this problem is not 8,300...
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Journalize the following entries for the seller
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Journalize the following merchandise transactions. Refer to the
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Sold merchandise on account, $72,500 with terms 2/10, n/30. The
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9
Received payment less the discount.
13
Issued a credit memo for returned merchandise that was sold for
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CHART OF ACCOUNTS
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130...
Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account...
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Chart of Accounts for exact wording of account titles.
Mar.
1
Sold merchandise on account, $77,550 with terms 2/10, n/30. The
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9
Received payment less the discount.
13
Issued a credit memo for returned merchandise that was sold for
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CHART OF ACCOUNTS
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130...
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