Brief Exercise 3-7 (Algo) Determine the amount of net sales. LO 3-7 Monique Wallace owns an upscale Jewelry store in downtown Atlanta, GA. The following events occurred during her first year of operations, Year 1: 1. The store sold on account merchandise with a list price of $71,000 on June 1, Year 1. The sale offered the customer payment terms of 2/10, n/30. 2. On June 2, Year 1, the customer from the first event returned merchandise to Monique with a list price of $26,200. 3. On June 5, Year 1, Monique collected the balance of accounts receivable from the customer in Event 1. Required: Determine the amount of net sales from the Information given. Answer is not complete. Calculation of Net Sales For the Year Ended December 31, Year 1 Sales S 71,000 Less: Sales returns (28,200) Less: Sales discounts Net sales ✔ S 44,800

Brief Exercise 3-7 (Algo) Determine the amount of net sales. LO 3-7 Monique Wallace owns an upscale Jewelry store in downtown Atlanta, GA. The following events occurred during her first year of operations, Year 1: 1. The store sold on account merchandise with a list price of $71,000 on June 1, Year 1. The sale offered the customer payment terms of 2/10, n/30. 2. On June 2, Year 1, the customer from the first event returned merchandise to Monique with a list price of $26,200. 3. On June 5, Year 1, Monique collected the balance of accounts receivable from the customer in Event 1. Required: Determine the amount of net sales from the Information given. Answer is not complete. Calculation of Net Sales For the Year Ended December 31, Year 1 Sales S 71,000 Less: Sales returns (28,200) Less: Sales discounts Net sales ✔ S 44,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July: July 1 Issued Check No. 314 for July rent, $1,400. 1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211, $2,500, terms 2/10, n/30. 3 Purchased merchandise on account from Jones & Company, Invoice No. 812, $2,800, terms 1/10, n/30. 5 Returned merchandise purchased from Topper’s Toys receiving a credit memo on the amount owed, $400. 8 Purchased merchandise on account from Downtown Merchants, Invoice No. 159, $1,600, terms 2/10, n/30. 11 Issued Check No. 315 to Topper’s Toys for merchandise purchased on account, less return of July 5 and less 2% discount. 13 Issued Check No. 316 to Jones & Company for merchandise purchased on account, less 1% discount. 15 Returned merchandise purchased from Downtown Merchants receiving a credit memo on the amount owed, $600. 18 Issued…
Maddie Inc. has the following transactions for its first month of business. Transactions May 1 Credit sale to Green Lantern Inc. for $1,999 May 2 Credit sale to Wonder Woman Inc. for $2,000 May 3 Credit sale to Flash Inc. for $3,050 May 4 Received $1,000 on account from Green Lantern Inc. May 5 Credit sale to Black Panther Inc. for $1,875 May 6 Received the full amount from Flash Inc. What are the individual account balances, and the total balance, in the accounts receivable subsidiary ledger?Accounts Receivable Subsidiary Ledger Customer Balance Green Lantern owes $ Wonder Woman owes Black Panther owes Total balance in AR subsidiary ledger $ What is the balance in the accounts receivable general ledger (control) account? $
A-5
Please read the questions carefully the First question is asking for journal entry.
Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
16. Joseph Howard owns a bicycle parts business called Quality Bike Products. The following transactions took place during July the current year. July 5 Purchased merchandise on account from Wheeler Warehouse, $3,300. 8 Paid freight charge on merchandise purchased, $330. 12 Sold merchandise on account to Big Time Spoiler, $4,500. The merchandise cost $2,500. 15 Received a credit memo from Wheeler Warehouse for merchandise, $470. Required: 1. Journalize the above transactions in a general journal using the periodic inventory method. 2. Journalize the above transactions in a general journal using the perpetual inventory method. GENERAL JOURNAL (Periodic Inventory Method) Page 1 Post Date Description Ref. Debit Credit
Req A, B, C, D
Directions: Below are the accounts of Llamado Poultry Supply Store for the year ended June 30, 2020. 1. Create SCI using a multi-step approach. Please make the proper indention of accounts as you write them in the SCI. 2. The indention will serve as your guide in computing and will make your document look formal. Sales P 100,000 Sales Returns and Allowances 1,000 1,500 Sales Discount Merchandise Inventory, Beginning 38,000 Purchases 30,000 Purchase Returns and Allowances. 2,000 Purchase Discount 1,000 Freight-in Merchandise Inventory, Ending 700 20,000 Interest Income 7,000 Rent Income 3,000 Sales Salaries 12,000 Depreciation Expense - Store Equipment Utilities Expense-Store 9,000 2,000 Office Salaries 12,000 Office Supplies 1,000 Bad Debts 1,300 Finance Cost 2,100
The question in the images. Thank you for your help!
Prepare journal entries 1-8 please and thank you.
hello please solve home work