1. How would this transaction be journalized by the seller? Identifythe accounts, the amounts and whether the entry is a debit orcredit.2. What journal should the seller use for this transaction? EXPLAIN.3. What is the business name of the vendor (seller)? How do youknow this?4. What is the business name of the merchandiser (buyer)? How doyou know this?5. P.O. Number stands for Purchase Order Number. What is apurchase order? Which part, buyer or seller, typically creates thepurchase order?AugustIOkay Module 8 Lesson 1 AssignmentABC CompanySALES INVOICE123 Main StreetWilmington, NC 28401Phone 910.555.1212 Fax 910.555.1234INVOICE #10DATE: JANUARY 10, 20XXTO:SHIP TO:Accounts Payable DepartmentSports Emporium991 Industry AvenueWilmington, NC 28412910.555.9876Receiving ClerkSports Emporium991 Industry AvenueWilmington, NC 28412910.555.5678COMMENTS OR SPECIAL INSTRUCTIONS:SALESPERSONP.O. NUMBERREQUISITIONERSHIPPED VIAF.O.B. POINTTERMSOvernightExpressFred Taylor123456Cindy JacksonDestination2/10, n/30UNIT PRICEТOTALDESCRIPTIONQUANTITY$20.00$1,000.0050Spalding NCAA Basketball$125.00$1,875.0015Louisville Slugger Baseball Bat$65.00$1,300.0020Koho Hockey SticksSUBTOTAL$4,175.00SALES TAXSHIPPING & HANDLINGTOTAL DUE$4,175.00

Journal means the book of prime entry where all entries are recorded in different pages. Ledger…

Answered: 1. How would this transaction be…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

1. How would this transaction be journalized by the seller? Identify the accounts, the amounts and whether the entry is a debit or credit. 2. What journal should the seller use for this transaction? EXPLAIN. 3. What is the business name of the vendor (seller)? How do you know this? 4. What is the business name of the merchandiser (buyer)? How do you know this? 5. P.O. Number stands for Purchase Order Number. What is a purchase order? Which part, buyer or seller, typically creates the purchase order? August I Okay

Module 8 Lesson 1 Assignment
ABC Company
SALES INVOICE
123 Main Street
Wilmington, NC 28401
Phone 910.555.1212 Fax 910.555.1234
INVOICE #10
DATE: JANUARY 10, 20XX
TO:
SHIP TO:
Accounts Payable Department
Sports Emporium
991 Industry Avenue
Wilmington, NC 28412
910.555.9876
Receiving Clerk
Sports Emporium
991 Industry Avenue
Wilmington, NC 28412
910.555.5678
COMMENTS OR SPECIAL INSTRUCTIONS:
SALESPERSON
P.O. NUMBER
REQUISITIONER
SHIPPED VIA
F.O.B. POINT
TERMS
Overnight
Express
Fred Taylor
123456
Cindy Jackson
Destination
2/10, n/30
UNIT PRICE
ТOTAL
DESCRIPTION
QUANTITY
$20.00
$1,000.00
50
Spalding NCAA Basketball
$125.00
$1,875.00
15
Louisville Slugger Baseball Bat
$65.00
$1,300.00
20
Koho Hockey Sticks
SUBTOTAL
$4,175.00
SALES TAX
SHIPPING & HANDLING
TOTAL DUE
$4,175.00

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions