Bradley's Appliance Store had the following transactions during the month of May 20X1. May 5 6 8 15 20 25 Sold a refrigerator to Mary Wilson that had a retail price of $560. Sales tax of $28.00 was also charged. Sold a freezer to Sam Lee. Issued sales slip for $810 plus sales tax of $40.50. Gave Mary Wilson an allowance for scratches on her refrigerator sold on May 5. Issued credit memorandum for $157.50, Which includes $7.50 of sales tax. Sold a television to Jill Hanna. Issued sales slip for $300 plus sales tax of $15.00. Sold two ovens to Steve Ferguson. Issued sales slip for $130 plus sales tax of $6.50. Accepted a return of a defective oven from Steve Ferguson. The oven was originally sold on May 20. Issued credit memorandum for $68.25, which included sales tax of $3.25 Prepare journal entries to record the above transactions. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. 5 following... 6 Sold a refrigerator to Mary Wilson that had a retail price of $560. Sales tax of $28.00 was also charged. < Prev 2 of 66 # Next > >

Bradley's Appliance Store had the following transactions during the month of May 20X1. May 5 6 8 15 20 25 Sold a refrigerator to Mary Wilson that had a retail price of $560. Sales tax of $28.00 was also charged. Sold a freezer to Sam Lee. Issued sales slip for $810 plus sales tax of $40.50. Gave Mary Wilson an allowance for scratches on her refrigerator sold on May 5. Issued credit memorandum for $157.50, Which includes $7.50 of sales tax. Sold a television to Jill Hanna. Issued sales slip for $300 plus sales tax of $15.00. Sold two ovens to Steve Ferguson. Issued sales slip for $130 plus sales tax of $6.50. Accepted a return of a defective oven from Steve Ferguson. The oven was originally sold on May 20. Issued credit memorandum for $68.25, which included sales tax of $3.25 Prepare journal entries to record the above transactions. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 4 Note: Enter debits before credits. 5 following... 6 Sold a refrigerator to Mary Wilson that had a retail price of $560. Sales tax of $28.00 was also charged. < Prev 2 of 66 # Next > >

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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Record the transactions on the books of Martinez corporation.
Spring Appliances received an invoice dated May 15 with terms 3/10 E.O.M. for the items listed below.5 refrigerators at $970 each less 20% and 5 % 4 dishwashers at $622 each Less 16(1/3), 12.8%, and 3 % (a) What is the last day for taking the cash discount? (b) What is the amount due if the invoice is paid on the last day for taking the discount? (c) What is the amount of the cash discount if a partial payment is made such that a balance of $1700 remains outstanding on the invoice?
Apr. 30 Received $495,000 from Commerce Bank after signing a 12-month, 5 percent, promissory note. June Purchased merchandise on account at a cost of $68,000. (Assume a perpetual inventory 6 system.) July 15 Paid for the June 6 purchase. Aug. Signed a contract to provide security service to a small apartment complex and collected six months' fees in advance amounting to $19,800. (Use an account called Unearned Revenue.) 31 Dec. 31 Determined salary and wages of $33,000 were earned but not yet paid as of December 31 (ignore payroll taxes). Dec. 31 Adjusted the accounts at year-end, relating to interest. Dec. 31 Adjusted the accounts at year-end, relating to security service. Required: 182. Complete the required journal entries for each of the above transactions. (Do not round Intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" In the first account fleld.) 1. Record the borrowing of $495,000. 2. Record the purchase of inventory…
JellyFelly sold a lamp to a cash customer, the retail price was $299.99 and sales tax is 9%. The journal entry to record this transaction would include a: O Debit to Cash for $299.99 • Credit to Sales Revenue for $326. O Credit to Sales Tax Payable $27. O Debit to Sales Revenue for $299.99
Kathy's Corner Store has total cash sales for the month of $34,000 excluding sales taxes. If the sales tax rate is 5%, which journal entry is needed? (Ignore Cost of Goods Sold.) A. debit Cash $35,700, credit Sales Revenue $35,700 B. debit Cash $32,300, debit Sales Tax Receivable for $1,700 and credit Sales Revenue for $34,000 C. debit Cash $34,000 and credit Sales Revenue $34,000 D. debit Cash $35,700, credit Sales Revenue $34,000 and credit Sales Tax Payable $1,700
Saenz Company uses a voucher system in which it records invoices at the gross amount. The following vouchers were issued during February and were unpaid on March 1: Voucher Number Company For Date of Voucher Amount 1729 Kipley Company Merchandise, FOB destination Feb. 26 $3,436 1732 J. R. Steven Merchandise, FOB destination Feb. 28 4,710 The following transactions were completed during March: Mar. 3 Issued voucher no. 1734 in favor of Larry Company for March rent, $1,220. 3 Issued Ck. No. 1829 in payment of voucher no. 1734, $1,220. 5 Bought merchandise on account from Lorenzo, Inc., $3,890; terms 2/10, n/30; FOB shipping point; freight prepaid and added to the invoice, $72 (total, $3,962). Issued voucher no. 1735. 5 Issued Ck. No. 1830 in payment of voucher no. 1729, $3,401.64 ($3,436 less 1 percent cash discount). 9 Issued voucher no. 1736 in favor of Mario Electric Company for electric bill, $216. 9 Issued Ck. No. 1831 in payment of…
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: January 6 Sold goods for $260 to Wizard Incorporated with terms 2/30, n/60. The goods cost Solitare $78. January 6 Sold goods to Spyder Corporation for $104 with terms 2/10, n/30. The goods cost Solitare $68. January 14 Collected cash for the amount due from Wizard Incorporated. February 28 Collected cash for the amount due from Spyder Corporation. Required: Compute the Net Sales Solitare would report over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Net Sales 132 H 11 **** 1 +
Harry O'Brien operates Leather Warehouse, a leather shop that sells luggage, handbags, business cases, and other leather goods. During the month of May, the following transactions took place. The applicable sales tax rate is 6%. May 2 Sold merchandise on account to James Koffsky, $250.00, plus sales tax, 9 Sold merchandise on account to Kevin Nolon, $470.00, plus sales tax. 12 James Koffsky returned $40.00 worth of merchandise purchased on May 2 for credit. 18 Sold merchandise on account to Joyce McKay, $110.00, plus sales tax. 19 Sold merchandise on account to Tim Carney, $165.00, plus sales tax. 22 Recelved payment from James Koffsky on account. 26 Joyce McKay was given an allowance of $30.00 when she reported damage In the merchandise purchased May 18. 28 Sold merchandise on account to James Koffsky, $500.00, plus sales tax. 29 Sold merchandise on account to Kevin Nolon, $230.00, plus sales tax. 31 Recelved payment from Joyce McKay on account. 31 Cash sales for the month were…
Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 28 bushels of flowers to a customer for $1,200 cash; cost of sale $620. Oct. 21 Sold 40 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company. Oct. 31 Received payment in full from the October 21 sale. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
During December, Far West Services makes a $3,600 credit sale. The state sales tax rate is 6% and the local sales tax rate is 2.5%. (Note: the sales tax amount is in addition to the credit sale amount.) Record sales and sales tax payable. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, “If your pet is not becoming to you, he should be coming to us.” The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: September Transactions: Sept. 2 Sold a fish aquarium on account to Ken Shank, $125 plus tax of $7.50, terms n/30. Sale No. 101. 3 Sold dog food on account to Nancy Truelove, $68.25 plus tax of $4.10, terms n/30. Sale No. 102. 5 Sold a bird cage on account to Jean Warkentin, $43.95 plus tax of $2.64, terms n/30. Sale No. 103. 8 Cash sales for the week were $2,332.45 plus tax of $139.95. 10 Received cash for boarding and grooming services, $625 plus tax of $37.50. 11 Jean Warkentin stopped by the store to point out a minor defect in the bird cage…
Collins Book Distributors distributes books to retail stores and extends credit terms of 2/10, n/30 to all its customers. During the month of June, the following merchandising transactions occurred: June Purchased 170 books on account for $6 each from Alpha Publishers, terms 3/10, n/30. 6 Received $60 credit for 10 books returned to Alpha Publishers. 6. Paid Alpha Publishers for balance due. 17 Sold 140 books on account to Cozy Bookstore for $11 each. 24 Received payment in full from Cozy Bookstore. 28 Sold 10 books on account to Ivy Bookstore for $11 each. 30 Granted Ivy Bookstore $22 credit for 2 books returned total cost was $12. Journalize the transactions for the month of June for Collins Book Distributors, using a perpetual inventory system. Assume the purchase cost of each book sold was $6.