Question
In: Accounting
Mar 22 We sold merchandise on account to new clients: A. Ashe, protective eye goggles sold...
Mar 22 We sold merchandise on account to new clients: A. Ashe, protective eye goggles sold for $2,900. The cost of the merchandise was $1,160
Mar 24 A. Ashe returned damaged merchandise on account from his Mar 22 purchase, $650.
Solutions
Expert Solution
| DATE | PARTICULARS | DR | CR | |
| 22-Mar | A ASHE ACCOUNT DR | 2900 | ||
| TO SALES ACCOUNT | 2900 | |||
| (BEIGN SALES MADE) | ||||
| 24-Mar | SALES RETURN ACCOUNT DR | 650 | ||
| TO A ASHE ACCOUNT | 650 | |||
| ( BEIGN DAMAGED MERCHANDISE RETURNED BY A ASHE) | ||||
| SALES ACCOUNT | ||||
| PARTICULARS | DR AMT | PARTICULARS | CR AMT | |
| A ASHE ACCOUNT | 2900 | |||
| SALES RETURN ACCOUNT | 650 | |||
| PROFIT AND LOSS ACCOUNT | 2250 | |||
| TOTAL | 2900 | TOTAL | 2900 | |
| SALES RETURN ACCOUNT | ||||
| PARTICULARS | DR AMT | PARTICULARS | CR AMT | |
| A ASHE ACCOUNT | 650 | |||
| SALES ACCOUNT | 650 | |||
| TOTAL | 650 | TOTAL | 650 | |
| A ASHE ACCOUNT | ||||
| PARTICULARS | DR AMT | PARTICULARS | CR AMT | |
| SALES ACCOUNT | 2900 | SALES RETURN ACCOUNT | 650 | |
| CLOSING BALANCE | 2250 | |||
| TOTAL | 2900 | TOTAL | 2900 |
ekkarill92 answered 2 years agoRelated Solutions
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20
G. Perez gave a $4,700, 90-day, 6% note to extend time for
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G. Perez's note is discounted at Commerce Bank at a discount
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Apr. 20
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Notes Receivable Discounting Marienau Suppliers had the following transactions: Mar. 1 Sold merchandise on account to...
Notes Receivable Discounting
Marienau Suppliers had the following transactions:
Mar. 1
Sold merchandise on account to G. Perez, $5,200.
20
G. Perez gave a $5,200, 90-day, 6% note to extend time for
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30
G. Perez's note is discounted at Commerce Bank at a discount
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Apr. 20
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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
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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
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Explanation:
f. February 12-accepted defective
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Bascomb Company purchased $420,000 in merchandise on account during the month of April, and merchandise costing $350,000 was sold on account for $425,000
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0.... The account in which returns of merchandise sold are recorded ........... 1.... The...
0.... The account in
which returns of merchandise sold are recorded ...........
1.... The principal
ledger that contains all of the balance sheet and income
statement accounts is called the
............................................................
2.... Each subsidiary
ledger is represented by a summarizing account in
the general ledger called a(n)
.................................................................
3.... The accounts in
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.......................................................................................
4.... The bill that the
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Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $11,750 with terms 2/10,...
Sales Transactions
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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.
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merchandise returned was $6,600.
Refund
Inventory
Journalize the following merchandise transactions: A. Sold merchandise on account, $13,100 with terms 2/10, net 30....
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amount box does not require an entry, leave it blank. Sale Accounts
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blank b408b3fa8fce01a_3 Sales fill in the blank b408b3fa8fce01a_5
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Sold fill in the blank b408b3fa8fce01a_8 47,200 fill in the blank
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Journalize the following entries for the seller and the buyer: (a) Seller sold merchandise on account...
Journalize the following entries for the seller
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(b) Buyer pays within the discount period on December 31.
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