Advanced Computer Parts uses the perpetual inventory system and the net method of recording sales revenue. On May 5, Advanced sold merchandise with a cost of $1,500 for $5,000 to a customeron account with terms of 4/10, n/30. Which of the following journal entries correctly records the payment received from the customer on May 30?OA. CashAccounts ReceivableOB. CashAccounts ReceivableOC. CashOD. CashAccounts ReceivableSales Discounts ForfeitedSales Discounts ForfeitedAccounts Receivable4,8005,0005,0004,8002004,8005,0004,8002005,000

The objective of the question is to determine the correct journal entry to record the payment…

Answered: Advanced Computer Parts uses the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Can you help me explain how does it work? what is $5000 stand for and $2400 stand for? A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30. Complete the two journal entries to record the sales transaction by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns. The first journal entry is to record the revenue part of the transaction and the second journal entry is to record the cost part.
You are to enter up the sale, purchases, return inwards and returns outwards day book" from the following details. then to post the items to the relevant accounts in the sales and purchases ledgern, The total of the day books are then to be transferred to the account in the general Ledger. 2009 in drawing May 1 Credit sales: T 0mpson Tshs 56,000; L Rodriguez Tshs 148,000; K Barton Tshs 145.000. 3 Credit purchase: P Potter 144.000'. H Harris Tshs 25000 Spencer Tshs 76.000. 7 credit sales K Kelly 89.000; N Mendes Toho 78.000; N lee Tshs 237,000. 9 Credit purchases: B Perkins 24,000; H Haris Tshs 58000 H miles Tshs 123000 11 Good return by to: p Potter Tshs 12000 B. Spencer Tshs22.000. 14 Goods returned to by: T. Thompson Tshs 5.000; K Barton Tshs 11,000; K Kelly Tshs 14000. 17 Credit purchases: H Harris Tshs 54,000; B Perkins Tshs 65000L Nixon Tshs 75.000. 20 Goods returned by us to B Spences Tshs 14000 24 credit sales: K Muhammed Tshs 57000 , K Kelly Tshs 65000, O . Green Tshs 112000 28…
Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $4,200 of merchandise on credit from Roman Corporation June 9 Sold merchandise costing $1,395 to R. Allen for $2,325, terms n/10, Invoice Number 2080. June 12 Sold merchandise costing $750 to J. Meyer for $1,250 cash, Invoice Number 2081. June 19 Received $2,325 cash from R. Allen to pay for the June 9 purchase. June 27 Sold merchandise costing $945 to B. Kraft for $1,350, terms n/10, Invoice Number 2082.
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Caesar Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Journalize the following transactions that should be recorded in the sales journal. June 5 Purchased $3,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $1,245 to R. Allen for $2,075, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $690 to J. Meyer for $1,150 cash, Invoice No. 2081. 19 Received $2,075 cash from R. Allen to pay for the purchase of June 9. 27 Sold merchandise costing $875 to B. Kraft for Date Account Debited SALES JOURNAL Invoice Number $1,250, terms n/10, Invoice No. 2082. Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
Cash receipt journal
Journalize the following merchandise transactions. The company uses the perpetual inventory system. a. Sold merchandise on account, $14,900 with terms 2/10, net 30. The cost of the goods sold was $9,685. If an amount box does not require an entry, leave it blank. b. Received payment within the discount period. If an amount box does not require an entry, leave it blank.
The following are the transactions of CARI, INC during 2022: The company follows a periodic inventory system 04.01.2022 Purchases merchandise, in cash SR 100,000.00 01.03.2022 Sales merchandise, on credit SR 180,000.00 06.03.2022 Customer takes discount and pays SR 162,000.00 15.10.2022 Pays downtow's shop rent SR 4,000.00 30.12.2022 Purchases a machinery, in cash SR 35,000.00 31.12.2022 Closes beginning inventory SR 30,000.00 31.12.2022 Records the ending inventory SR 12,000.00 31.12.2022 Revenues & expenses balanced off TBD Record the transactions, prepare the trial balance and show the following financial statements: → Balance sheet (Statement of Financial Position) as of 31.12.2022 → Profit & Loss account (Income Statement) for 2022
1
Prepare the journal entries to record these transactions on the books of Geeslin. Jan. 1 Accounts Receivable Sales Revenue (Record sale to customer) Jan. 1 Cost of Goods Sold Inventory (Recorded cost of merchandise sold) Jan. 8 Sales Revenue Accounts Receivable (Recorded return of merchandise) Jan. 8 Inventory Cost of Goods Sold (Recorded cost of merchandise returned) Jan. 10 Cash Accounts Receivable (Recorded receipt within discount period) Jan. 30 Cash Cash Accounts Receivable Accounts Receivable Sales Revenue
Using the five journals as named here: Sales, Purchases, Cash Receipts, Cash Disbursements, and General and using the following as possible column header titles: Date, Account, Acct. No., Check No., Purchase Order No., Sales Invoice No., Ref. or None and using the accounts listed below, record journal entries for the following transactions, which uses the perpetual inventory system: Accounts Payable Merchandise Inventory Sales Accounts Receivable Purchases Sales Discounts Cash Purchase Discounts Sales Returns and Allowances Cost of Goods Sold Purchase Returns and Allowances Sales Tax Payable PLEASE NOTE: You must enter the journal names, header titles, and account names exactly as written above (or in the transactions below) and all dollar amounts will be with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. On March 1, you paid Duke Mfg. (account number D101) for inventory purchased on Feb. 27 for $1,000.…
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done

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