Transaction 5 Sales were $72,000. Cost of merchandise sold was 75% of sales. 40% of sales...

Transaction 5

Sales were $72,000. Cost of merchandise sold was 75% of sales. 40% of sales were for cash. [Note: Record the complete entry for the sales first and the complete entry for the expenses second]

Account: Dollar amount:

Expert Solution


Journal Entries
Transaction	Account Title	Debit	Credit

1 for Sale	Account Receiable (60% 0f $ 72,000)	$43,200
	Cash ($ 72,000 X 40%)	$28,800
	Sales Revenue		$72,000


2 for Cost	Cost of Goods Sold ($ 72,000 X 75%)	$54,000
	Inventory		$54,000



	Account Receiable	$43,200	Debit
	Cash	$28,800	Debit
	Sales Revenue	$72,000	Credit
	Cost of Goods Sold	$54,000	Debit
	Inventory	$54,000	Credit

ekkarill92 answered 3 years ago

36-40 The cost of merchandise sold reported on the income statement was $770,000. The A/P balance...

36-40 The cost of merchandise sold reported on the income statement was $770,000. The A/P balance decreased $44,000, and the inventory balance decreased by $66,000 over the year. What is the amount of cash paid for merchandise? $660,000 $792,000 $770,000 $748,000 A coal company invests $16 million in a mine estimated to have 20 million tons of coal and no salvage value. It is expected that the mine will be in operation for 5 years. In the first year, 1,000,000...

a. Sold $852,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $502,680.

Sales Tax TransactionsJournalize the entries to record the following selected transactions.a. Sold $852,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $502,680.If an amount box does not require an entry, leave it blank.Accounts ReceivableSalesSales Tax PayableCost of Goods SoldInventoryb. Paid $45,520 to the state sales tax department for taxes collected.If an amount box does not require an entry, leave it blank.Sales Tax PayableCash

c. February 7-sold merchandise on account for $800, and the cost of this merchandise sold was...

c. February 7-sold merchandise on account for $800, and the cost of this merchandise sold was $560. Account Name Increase or Decrease Amount Explanation: d. February 10-returned $500 on defective merchandise (list price) of the purchases dated February 3. Account Name Increase or Decrease Amount Explanation: e. February 11-paid the amount due of the purchased realized. Account Name Increase or Decrease Amount Explanation: f. February 12-accepted defective products returned that were sold by $150 on February 7, and the cost...

8. If the cost of goods sold is $100,000, sales are $200,000, merchandise purchases are $37,000,...

8. If the cost of goods sold is $100,000, sales are $200,000, merchandise purchases are $37,000, and ending merchandise inventory is $10,000, then the beginning merchandise inventory must be: 9. A merchandiser plans to sell 14,600 units next month at a selling price of $110 per unit. It also gathered the following cost estimates for next month: Cost Cost Formula Cost of goods sold $60 per unit sold Advertising expense $150,000 per month Depreciation expense $70,000 per month Shipping expense...

In a recent sales period, 50% of automobiles sold were manufactured by American companies, 40% were...

In a recent sales period, 50% of automobiles sold were manufactured by American companies, 40% were manufactured by Asian companies, and 10% were manufactured by European companies. Twenty percent of the American autos were SUV’s, 15% of the Asian autos were SUV’s, and 10% of the European autos were SUV’s. a. express the given information in a tree diagram b. if you randomly selected one auto sold during this time period find the probability that: i. it was an American...

Determine the cost of merchandise sold for november

Based on the following data,Determine the cost of merchandise sold for novemberParticularsAmount$Increased in estimated returns inventory14,500Merchandise inventory,november 128,000Merchandise inventory, november 3031,500Purchases4,75,000Purchases returns and allowances15,000Purchases discounts9,000Freight in 7,000

a. Sold merchandise for cash (cost of merchandise $152,590). $ 276,700 b. Received merchandise returned...

a. Sold merchandise for cash (cost of merchandise $152,590). $ 276,700 b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $810). 1,610 c. Sold merchandise (costing $9,450) to a customer on account with terms 2/10, n/30. 21,000 d. Collected half of the balance owed by the customer in (c) within the discount period. 10,290 e. Granted a partial allowance relating to credit sales that the customer in (c) had...

When the merchandise is sold by the company, what is the cost of goods sold?

Use the following information on the U.S. dollar value of the euro.Spot RateForward Rate forApril 30, 2021 DeliveryOctober 30, 2020$ 1.250$ 1.254December 31, 20201.2581.256April 30, 20211.2601.260On October 30, 2020, a U.S. company forecasts that it will purchase merchandise from an Italian supplier at the end of April 2021, in the amount of €100,000, and will pay the supplier on delivery. On October 30, the company enters a forward contract to buy €100,000 on April 30, 2021 and classifies it as...

Hardy Company’s cost of goods sold is consistently 70% of sales. The company plans ending merchandise...

Hardy Company’s cost of goods sold is consistently 70% of sales. The company plans ending merchandise inventory for each month equal to 30% of the next month’s budgeted cost of goods sold. All merchandise is purchased on credit, and 40% of the purchases made during a month is paid for in that month. Another 45% is paid for during the first month after purchase, and the remaining 15% is paid for during the second month after purchase. Expected sales are:...

During the current year, merchandise is sold for $8,920,000. The cost of the goods sold is...

During the current year, merchandise is sold for $8,920,000. The cost of the goods sold is $6,065,600. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. What is the amount of the gross profit? Round your answer to the nearest dollar. $ Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number. % Will the...

Question