a local shoe outlet ordered 30 pairs of tennis shoes from nike corporation. The shoes were priced at $75 for eaxh pair with the following terms: 4/10, 2/30, n/60. The invoice was dated october 15. The store sent in a payment on October 28. What should have been the amount of the check?
Q: Carla Vista's cash register tape showed sales of $59,000 on June 16 for charges to customers'…
A: JOURNAL ENTRIESJournal Entry is the first stage of Accounting Process. Journal Entry is the Process…
Q: 1. Home Appliances allows customers to pay for merchandise with cash, debit cards, bank credit…
A: The procedure of entering business transactions for the first time in the books of accounts is known…
Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…
A: The cash receipt journal is one of the accounting records where only cash receipts are recorded. It…
Q: Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $55,000, terms…
A: Journal: It is the systematic record of a financial transactions of a business recorded in a…
Q: Lamps Unlimited, a wholesaler, sold several crates of lighting for $3,100 on account, to a customer…
A: Credit terms of 2/20, n/60 indicates:- If the payment made within the 20 days, 2% discount will be…
Q: If vests costing $00 with terms 2/20, n/60 ROG were received by the company on April 12 with an…
A: The invoice with term ROG states that due date for invoice would be counted from the date of receipt…
Q: Bennett Retailers had the following transactions in November and December: November 20 Sold 20 items…
A: Net sales : Net sales of a company or a business entity refers to the net amount that remains after…
Q: A. How can sales clerks employed at Ramona's clothing use the stores return policy to steal money…
A: The process for sales return at the store is as follows – Sales Return => With Receipt =>…
Q: On March 1, Bates Board Shop sells 267 surfboards to a local lifeguard station at a sales price of…
A: "Terms of credit" refers to the specific conditions and terms under which credit is extended to a…
Q: The College Store accepts MasterCard for payments of purchases made by students. The credit card…
A: Service charge expense = Amount deposited x MasterCard charges = $10,000 x 1.55% = $155
Q: On March 1, Bates Board Shop sells 287 surfboards to a local lifeguard station at a sales price of…
A: Discount period is that when a customer paid within the prescribed period they will get a cash…
Q: Suppose that you made three purchases using your credit card during the month of January. The first…
A: Average daily balance represents the balance of the credit card each day on an average depending…
Q: Pharoah Company sells merchandise on account for $3500 to Riverbed Company with credit terms of…
A: Calculate the amount of check.
Q: On March 1, Bates Board Shop sells 351 surfboards to a local lifeguard station at a sales price of…
A: Total sales = No. of surfboards sold x sales price = 351 x $303 = $106,353
Q: At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on…
A: Cash short and over = Cash income recorded on tape - Cash collected = $881.40 - ($18.25 + $433.60 +…
Q: On January 31, Jema hardware received a check from a customer for payment of an invoice. The 6,000…
A: A cash receipts journal refers to a journal in the books of accounts that records all the receipts…
Q: In the month of September, Billy Jo made the following purchases: $4,000.00 on September 3…
A: Data given: Previous balance=Nil APR=15% Minimum payment=2% Details of purchases Date Amount…
Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…
A: This journal is used for the treatment of receipts only.
Q: A local Sports Authority ordered 40 pairs of tennis shoes from Nike Corporation. The shoes were…
A: Lets understand the basics here. Sellers for the attracting early payment from the buyers gives the…
Q: A credit card account’s due date is June 9, and the outstanding balance on that day is $460. On that…
A: The question is based on the concept for calculation of charges in credit card . Average daily…
Q: If a company accepts credit cards, they must record the expense on their books. Please prepare the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Walmart received an invoice of $25,800, dated July 27, with terms of sale 4/15 EOM. Walmart would…
A: 4/15 EOM means that the company can receive 4% discount if it pays in 15 days, otherwise pay the…
Q: Suppose that you made three purchases using your credit card during the month of January. The first…
A: A plastic card is issued by financial institutions such as banks to the account holders. This card…
Q: Spring Co. bought merchandise from All Co. with terms 2/10, n/30. Joanne Ring, the bookkeeper,…
A: Given that, Spring co. purchases the merchandise. Terms of payment = 2/10, n/30 Accountant = Mel…
Q: Archer allows customers to use bank credit cards to charge purchases. The bank used by Archer…
A: Credit card expense = Total bank credit card receipt * Rate of processing fee Total bank credit…
Q: A local Sports Authority ordered 50 pairs of tennis shoes from Nike Corporation. The shoes were…
A: In this scenario, we will calculate the amount that the local Sports Authority should have paid to…
Q: Honeybee Hippie is a retail store specializing in women’s clothing. The store has established a…
A: SOLUTION- A- THE RETURN POLICY OF HH IS FLAWED AND ALSO SALES CLERK TO WRITE IRREGULAR REFUNDS ,…
Q: A small retailer accepts credit cards and has its own store credit card. Prepare journal entries to…
A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…
Q: On March 19 Gunderson’s Hardware received a $20,800 invoice dated March 15. Cash discount terms were…
A: The question is based on the concept of Financial Accounting.
Q: Ramona’s Clothing is a retail store specializing in women’s clothing. The store has established a…
A: Since we only answer up to 3 sub-parts, we’ll answer the first three. Please resubmit the question…
Q: A customer purchased P5,000 of goods on credit
A: The sale revenue is recognized when right to receive payment in respect of the sale is established.
Q: Record the following transactions in the cash receipts journal. Jun. 12 Your company received…
A: Sales discount = Sales x discount rate = $1,715 x 2% = $34.30 Cash received = Sales - Sales…
a local shoe outlet ordered 30 pairs of tennis shoes from nike corporation. The shoes were priced at $75 for eaxh pair with the following terms: 4/10, 2/30, n/60. The invoice was dated october 15. The store sent in a payment on October 28. What should have been the amount of the check?
![](/static/compass_v2/shared-icons/check-mark.png)
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- A local Sports Authority ordered 40 pairs of tennis shoes from Nike Corporation. The shoes were priced at $75 for each pair with the following terms: 5/10, 3/30, n/60. The invoice was dated October 15. Sports Authority sent in a payment on October 28. What should have been the amount of the check? (Do not round intermediate calculation.) Amount of the checkOn January 31, Jema hardware received a check from a customer for payment of an invoice. The 6,000 invoice was dated May 22, and included credit terms of 1/10, n/45. On January 25, the customer returned P600 of the merchandise because it was defective. How would this transaction be recorded in Jema's cash receipts journal?If a company accepts credit cards, they must record the expense on their books. Please prepare the journal entries for the following scenario: Company A sells $480,000 on credit card sales. The credit card charges a 4.5% fee for the use of the card. The card company also deposits the cash into the company’s bank account the same night as the credit cards are accepted.
- Carla Vista's cash register tape showed sales of $59,000 on June 16 for charges to customers' MasterCards. The bank charges a service fee of 3%. Prepare the entry to record MasterCard credit card sales. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Jun. 16 Debit CreditArcher allows customers to use bank credit cards to charge purchases. The bank used by Archer processes all bank credit cards in exchange for a 3% processing fee. All credit card receipts deposited are credited to the company account on the day of deposit. Assume that on August 10, Archer sold and deposited $5,200 worth of bank credit card receipts. The cost of sales is $2,800. Record this transaction in the general journal.Ramona's clothing has a retail store specializing in women's clothing. the store has established a liberal return policy for the holiday season in order to encourage gift purchases.any item purchased or November and December may be returned through January 31st, with a receipt, for cash or exchange. if the customer does not have a receipt cash will still be refunded for any item under $75. If the item is more than $75, a check is mailed to the customer. whenever an item is returned, a store clerk completes a return slip, which the customer signs. the return slip is placed in special box. The store manager visits the return counter approximately once every 2 hours to authorize the return slips clerks are instructed to place the returned merchandise on the proper rack on the cell and floor as soon as possible. This year, returns at Ramona's clothing have reached an all-time high. There are large number of returns under $75 with receipts. A. How can sales clerks employed at Ramona's…
- What is reginalds check account balance at the end of December?Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,715 for merchandise purchased on June 4 for $1,750, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,600. The company paid for invoice #1027, dated June 1, in the amount of $2,600, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $62. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank. CASH RECEIPTS JOURNAL Page: 24 Date Account InvoiceNo. Ref. CashDR SalesDiscountsDR AccountsReceivable,Sales, orotheraccounts CR 2019 Jun. 12 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 Jun. 15…Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,323 for merchandise purchased on June 4 for $1,350, invoice #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2,900. The company paid for invoice #1027, dated June 1, in the amount of $2,900, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $52. The Utility Expense account number is #450. Record receipt of the refund. If an amount box does not require an entry, leave it blank.
- Honeybee Hippie is a retail store specializing in women’s clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item purchased during November and December may be returned through January 31, with a receipt, for cash or exchange. If the customer does not have a receipt, cash will still be refunded for any item less than $200. If the item is more than $200, a check is mailed to the customer.Whenever an item is returned, a store clerk completes a return slip, which the customer signs. The return slip is placed in a special box. The store manager visits the return counter approximately once every two hours to authorize the return slips. Clerks are instructed to place the returned merchandise on the proper rack on the selling floor as soon as possible.This year, returns at Honeybee Hippie reached an all-time high. There are a large number of returns of less than $200 without receiptsHow can sales clerks employed at…Record the following transactions in the cash receipts journal. Jun. 12 Your company received payment in full from Jolie Inc. in the amount of $1,225 for merchandise purchased on June 4 for $1,250, invoice number #1032. Jolie Inc. was offered terms of 2/10, n/30. Record the payment. Jun. 15 Portman Inc. mailed you a check for $2500. The company paid for invoice #1027, dated June 1, in the amount of $2,500, terms offered 3/10, n/30. Jun. 17 Your company received a refund check (its check #12440) from the State Power Company because you overpaid your electric bill. The check was in the amount of $72. The Utility Expense account number is #450. Record receipt of the refund.At the end of the day, the cash register tape lists $881.40 as total income from services. Cash on hand consists of $18.25 in coins, $433.60 in currency, $100.00 in traveler's checks, and $427.00 in customers' checks. The amount of the Change Fund is $100. How would I record this entry in a journal, what would be debited and credited and how much?