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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Jordan Books buys books and magazines directly from publishers and distributes them to grocery stores. The wholesaler expects to purchase the following inventory Required purchases (on account) April $ 106,000 May $ 126,000 June $ 138,000 Jordan Books' accountant prepared the following schedule of cash payments for inventory purchases Jordan Books' suppliers require that 85 percent of purchases on account be paid in the month of purchase, the remaining 15 percent are paid in the month following the month of purchase Required a. Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. b. Determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash payments for inventory purchases by filling in the missing amounts. Schedule of Cash Payments for Inventory Purchases…
On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms 2/10, n30. The cost of the items sold is $4,500. Klein uses PERPETUAL inventory system and the GROSS METHOD of accounting for sales. Babson pays the invoice on March 17th and takes the appropriate discount. What is the journal entry Klein makes on March 17th?