At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci presented a $5- off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Chris paid cash for his purchase. Journalize the February 6 sale to Marci Andrews. If an amount box does not require an entry, leave it blank.

At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci presented a $5- off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Chris paid cash for his purchase. Journalize the February 6 sale to Marci Andrews. If an amount box does not require an entry, leave it blank.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 5PB: The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms...

See similar textbooks

Similar questions

The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
Guardian Services Inc. had the following transactions during the month of April: a. Record the June purchase transactions for Guardian Services Inc. in the following purchases journal format: b. What is the total amount posted to the accounts payable and office supplies accounts from the purchases journal for April? c. What is the April 30 balance of the Officemate Inc. creditor account assuming a zero balance on April 1?
Sales promotions At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci presented a $5-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Chris paid cash for his purchase. Assume that Seifert Stores Inc. sold $40,000,000 of merchandise in March and that 1,400,000 of the $2-off coupons were redeemed. The cost of the merchandise sold was $23,600,000. a. Journalize on March 31, the March sales for Seifert Stores Inc. If an amount box does not require…
Answer complete question, answer in text form please (without image), Note: .Every entry should have narration please
Phantom Book Warehouse distributes hardcover books to retail stores and extends credit terms of n/30 to all of its customers. Phantom uses a perpetual inventory system and the earnings approach. At the end of May, Phantom had an inventory of 230 books purchased at $7 each. During the month of June, the following merchandise transactions occurred: June 1 Purchased 170 books on account for $7 each Reader’s World Publishers, terms n/30, FOB destination. 2 The correct company paid $85 freight on the June 1 purchase. 3 Sold 190 books on account to Book Nook for $12 each. 6 Received $70 credit for 10 books returned to Reader’s World Publishers. 18 Issued a $48 credit to Book Nook for the return of four damaged books. The books were determined to be no longer saleable and were destroyed. 20 Purchased 140 books on account for $6.50 each from Reader’s World Publishers, terms n/30, FOB shipping point. 21 The correct company paid $70 freight for the July…
Please do not give solution in image format thanku
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and November 5, for a cash refund. 10 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $210 and cost $105; the items were not damaged and were returned to inventory. returns $100 of defective merchandise purchased on November 1, and paid for on Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet 2 3 4 5 6 7 > Dollar Store purchases merchandise for $1,500 on…
On January 8, FDN Trading sold merchandise with an invoice price of P72,000 on terms 3/10, n/30. Two days after, P22,000 worth of merchandise returned was received. The account was paid on January 18. How much was the sales discount?
Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are recorded at the point of sale. a. Assume that sales are subject to a 6% sales tax. Record the sales entry.b. Now assume that the cash collected on sales includes the 6% sales tax. Record the sales entry. ● Note: Round your answers to the nearest whole dollar. Account Name Dr. Cr. a. To record the sale entry. b. To record the sale entry.
Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 -Mart sold merchandise for \$1,001 (that had cost $650) and accepted the customer'a -store credit card. May 31 -Mart recorded $4 of interest earned from its store credit card ap of this month-end.
StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020: Sept. 3 Purchased merchandise on credit for $6,200 from Pacer Co. 7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. 9 Borrowed $5,500 by giving a note to the bank. 13 The owner, Dale Trent, invested an additional $7,000 cash into the business. 18 Sold merchandise to B. Baird for $460 cash. Cost, $280. 22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3. 27 Received $1,764 from J. Namal in payment of the September 7 purchase. 30 Paid salaries of $3,200. Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order) Image attached…