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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Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system. (a) Sold merchandise for $645. The cost of goods sold was $375. (b) Sold merchandise for $432 and accepted VISA as the form of payment. The cost of goods sold was $195. (c) Sold merchandise on account for $670. The cost of goods sold was $438. (d) Paid credit card fees for the month of $85. Journal Date Description Debit Credit
Select a description for each transaction recorded in the following T accounts: Cash (c) 5,042.10 Accounts Receivable (a) 5,320 (b) 175 (c) 5,145 Sales (a) 5,320 Sales Returns andAllowances (b) 175 Sales Discounts (c) 102.90 descriptions available: Issued credit memo for merchandise returned or as an allowance for damaged merchandise. Received check from customer for amount paid within the discount period less the return. Sold merchandise for cash. Sold merchandise on account. Sold supplies for cash.
p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1
From the general journal, record to the accounts receivable subsidiary ledger and post to the general ledger accounts as appropriate. Record to the accounts receivable subsidiary ledger. Use transaction dates as posting references. Accounts Receivable Subsidiary Ledger Henry Co. Lincoln Co. Now post to the partial general ledger. Use transaction dates as posting references. Partial General Ledger Accounts Receivable 112 Merchandise Inventory 142 Sales 411 Cost of Goods Sold 505
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 $1,800 of merchandise on credit from Roman Corp. 9 Sold merchandise costing $495 to R. Allen for $825, terms n/10, Invoice No. 2080. 12 Sold merchandise costing $390 to J. Meyer for $650 cash, Invoice No. 2081. pay for the purchase of June 9. 19 Received $825 cash from R. Allen to 27 Sold merchandise costing $525 to B. Kraft for $750, terms n/10, Invoice No. 2082. Date Account Debited SALES JOURNAL Invoice Number Accounts Receivable Dr. Sales Cr. Cost of Goods Sold Dr. Inventory Cr.
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.
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.
Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $12,900, with terms 2/10, net 30. The cost of the merchandise sold was $8,385. Sale Cost b. Received payment within the discount period.
Cash receipt journal
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
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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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