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 1 year ago

Next > < Previous

Related Solutions

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, $4,700. 20 G. Perez gave a $4,700, 90-day, 6% note to extend time for payment. 30 G. Perez's note is discounted at Commerce Bank at a discount rate of 8%. Apr. 20 Received a $3,400, 60-day, 6% note from D. Larson in payment for sale of merchandise. May 5 D. Larson's note is discounted at Commerce Bank at a discount rate of...

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 payment. 30 G. Perez's note is discounted at Commerce Bank at a discount rate of 8%. Apr. 20 Received a $2,900, 60-day, 6% note from D. Larson in payment for sale of merchandise. May 5 D. Larson's note is discounted at Commerce Bank at a discount rate of...

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...

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

Provide the solution that is required, making sure to demonstrate how you obtained the answer. 4) 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. Required: 1. Prepare journal entries to record the purchases and sales assuming Bascomb uses a perpetual inventory system. 2. Prepare journal entries to record the purchases and sales assuming Bascomb uses a periodic inventory system. 5) Meteor Co. purchased merchandise on March 4, 2018, at a...

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 the accounts payable ledger have a normal balance of (debit or credit) ....................................................................................... 4.... The bill that the seller sends to the buyer...

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

Journalize the following merchandise transactions: A. Sold merchandise on account, $13,100 with terms 2/10, net 30....

Journalize the following merchandise transactions: A. Sold merchandise on account, $13,100 with terms 2/10, net 30. The cost of the merchandise sold was $7,000. B. Received payment less the discount. C. Purchased merchandise on account from a supplier for $5,600, terms 2/10, net 30. D. Returned $1,150 of the merchandise and received full credit. E. Paid for the merchandise within the discount period.

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10,...

Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10, n/30. The cost of the merchandise sold was $47,200. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable fill in the blank b408b3fa8fce01a_2 78,600 fill in the blank b408b3fa8fce01a_3 Sales fill in the blank b408b3fa8fce01a_5 fill in the blank b408b3fa8fce01a_6 78,600 Cost Cost of Merchandise Sold fill in the blank b408b3fa8fce01a_8 47,200 fill in the blank b408b3fa8fce01a_9 Merchandise...

Journalize the following entries for the seller and the buyer: (a) Seller sold merchandise on account...

Journalize the following entries for the seller and the buyer: (a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB destination on December 21. The cost of the merchandise is $2,850. The seller pays the freight of $75. (b) Buyer pays within the discount period on December 31.

may 24 sold merchandise on account to old town cafe $18,450. the cost of goods sold...

may 24 sold merchandise on account to old town cafe $18,450. the cost of goods sold was $11,000. sept. receive$6,000 from old cafe and wrote off the remainder owed on the sale of may 24 as uncollectible

Subjects