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 an entry, leave it blank. Mar 31 Accounts Receivable Sales Cash Mar. 31 ost of Goods Sold 000 00 000 00

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 an entry, leave it blank. Mar 31 Accounts Receivable Sales Cash Mar. 31 ost of Goods Sold 000 00 000 00

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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