Question
In: Accounting
Sales-Related Transactions, Including the use of Credit Cards Journalize the entries for the following transactions:
Sales-Related Transactions, Including the use of Credit Cards
Journalize the entries for the following transactions:
a. Sold merchandise for cash, $25,730. The cost of the goods sold was $15,440. (Record the sale first.)
b. Sold merchandise on account, $14,050. The cost of the goods sold was $8,430. (Record the sale first.)
c. Sold merchandise to customers who used MasterCard and VISA, $115,570. The cost of the goods sold was $69,340.(Record the sale first.)
d. Sold merchandise to customers who used American Express, $53,560. The cost of the goods sold was $32,140. (Record the sale first.)
e. Received and paid an invoice from National Clearing House Credit Co. for $7,980, representing a service fee paid for processing MasterCard, VISA, and American Express sales.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a....
Sales-Related Transactions, Including the Use of Credit
Cards
Journalize the entries for the following transactions:
a. Sold merchandise for cash, $20,800. The cost
of the goods sold was $12,480. (Record the sale first.)
b. Sold merchandise on account, $8,890. The
cost of the goods sold was $5,330. (Record the sale first.)
c. Sold merchandise to customers who used
MasterCard and VISA, $114,550. The cost of the goods sold was
$68,730. (Record the sale first.)
d. Sold merchandise to customers who...
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a....
Sales-Related Transactions, Including the Use of Credit
Cards
Journalize the entries for the following transactions:
a. Sold merchandise for cash, $116,300. The The
cost that is reported as an expense when merchandise is sold.cost
of the merchandise sold was $72,000. (Record the sale first.)
Accounts Receivable
Cash
Credit Card Expense
Sales
Sales Discounts
Accounts Receivable
Cash
Cost of Merchandise Sold
Sales
Sales Discounts
Accounts Receivable
Cost of Merchandise Sold
Cash
Merchandise Inventory
Sales
Accounts Receivable
Cash
Cost of Merchandise Sold...
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a....
Sales-Related Transactions, Including the Use of Credit
Cards
Journalize the entries for the following transactions:
a. Sold merchandise for cash, $25,000. The cost
of the goods sold was $17,500. (Record the sale first.)
b. Sold merchandise on account, $98,000. The
cost of the goods sold was $58,800. (Record the sale first.)
c. Sold merchandise to customers who used
MasterCard and VISA, $475,000. The cost of the goods sold was
$280,000. (Record the sale first.)
d. Sold merchandise to customers who...
Sales-Related Transactions, Including the Use of Credit Cards
Sales-Related Transactions, Including the Use of Credit CardsJournalize the entries for the following transactions:a. Sold merchandise for cash, $25,000. The cost of the goods sold was $17,500. (Record the sale first.)b. Sold merchandise on account, $98,000. The cost of the goods sold was $58,800. (Record the sale first.)c. Sold merchandise to customers who used MasterCard and VISA, $475,000. The cost of the goods sold was $280,000. (Record the sale first.)d. Sold merchandise to customers who used American Express, $63,000. The cost of the goods...
Purchase-Related Transactions Journalize entries for the following related transactions of Manville Heating & Air Company: a....
Purchase-Related Transactions
Journalize entries for the following related transactions of
Manville Heating & Air Company:
a. Purchased $25,000 of merchandise from Wright
Co. on account, terms 2/10, n/30.
b. Paid the amount owed on the invoice within
the discount period.
c. Discovered that $5,000 of the merchandise
purchased in (a) was defective and returned items, receiving
credit.
d. Purchased $3,700 of merchandise from Wright
Co. on account, terms n/30.
e. Received a refund from Wright Co. for return
in (c)...
Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: a....
Purchase-Related Transactions
Journalize entries for the following related transactions of
Lilly Heating & Air Company:
a. Purchased $25,000 of merchandise from Schell Co. on account,
terms 2/10, n/30.
b. Paid the amount owed on the invoice within the discount
period.
c. Discovered that $5,000 before purchases discount of the
merchandise was defective and returned items, receiving credit.
d. Purchased $3,900 of merchandise from Schell Co. on account,
terms n/30.
e. Received a check for the balance owed from the return...
Purchase-Related Transactions Journalize entries for the following related transactions of Lilly Heating & Air Company: Purchased...
Purchase-Related Transactions
Journalize entries for the following related transactions of
Lilly Heating & Air Company:
Purchased $23,000 of merchandise from Schell Co. on account,
terms 1/10, n/30.
Paid the amount owed on the The bill that the seller sends to
the buyer.invoice within the discount period.
Discovered that $4,600 before purchases discount of the
merchandise was defective and returned items, receiving
credit.
Purchased $3,800 of merchandise from Schell Co. on account,
terms n/30.
Received a check for the balance owed...
Sales Tax Transactions Journalize the entries to record the following selected transactions. a. Sold $7,600 of...
Sales Tax Transactions
Journalize the entries to record the following selected
transactions.
a. Sold $7,600 of merchandise on account,
subject to a sales tax of 5%. The cost of the goods sold was
$4,480.
If an amount box does not require an entry, leave it blank.
b. Paid $45,520 to the state sales tax
department for taxes collected.
Journalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the...
Journalize entries for the following related transactions of Lilly Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles. A. Purchased $36,000 of merchandise from Schell Co. on account, terms 1/10, n/30. B. Paid the amount owed on the invoice within the discount period. C. Discovered that $9,000 of the merchandise purchased in (A) was defective and returned items, receiving credit. D. Purchased $5,000 of merchandise from Schell Co. on account, terms n/30. E....
Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the...
Journalize entries for the following related transactions of Manville Heating & Air Company. Refer to the Chart of Accounts for exact wording of account titles.
Mar.
1
Purchased $90,000 of merchandise from Wright Co. on account, terms 2/10, n/30.
9
Paid the amount owed on the invoice within the discount period.
11
Discovered that $18,000 of the merchandise purchased in (a) was defective and returned items, receiving credit for $17,640 [$18,000 ? ($18,000 × 2%)].
18
Purchased...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 1) Alternative compiled code sequence using instructions in classes A, B, C. What is the average...
- An asset is purchased on January 1 for $48,700. It is expected to have a useful...
- Do we have any online or offline tool to convert c and cpp programs into MIPS...
- -what is the pH of HCl 0,1M and NaCl 0,1M mixed together solution? -What is the...
- function X=extractDWT(x_train,startS,endS,wStep,wRange) % x_train = input signal % startS = from second % endS = end...
- Do you agree that Social Loafing is similar to Theory X. Give an example to support...
- Computing Cost of Goods Sold and Ending Inventory. Bartov Corporation reports the following beginning inventory and...
ADVERTISEMENT