culatorTransactionsJan. 4 Sold $15,000 of furniture on account, credit terms are 1/15, n/30, toAnchorage Furniture Store. Cost of goods is $7,500.Jan. 8 Received a $100 sales return on damaged goods fromAnchorage Furniture Store. Cost of goods damaged is $50.Jan. 13 Interior Wholesale received payment from Anchorage Furniture Store onthe amount due from Jan. 4, less the return and discount.Jan. 20 Sold $4,500 of furniture on account, credit terms are 1/10, n/45,FOB destination, to Salt Lake City Furniture. Cost of goods is $2,250.Jan. 20 Interior Wholesale paid $50 on freight out.Jan. 25 Interior Wholesale negotiated a $1,200 allowance on the goods sold onJan. 20 to Salt Lake City Furniture.Jan. 29 Received payment from Salt Lake City Furniture on the amount due fromJan. 20, less the allowance and discount.PrintDone-X

Detailed Explanation:Step1:Transactions Breakdown Sales on January 4Revenue: $15,000COGS:…

Answered: culator Transactions Jan. 4 Sold…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1PB: Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...

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Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.
Record journal entries for the following transactions of Mason Suppliers. A. Sep. 8: Purchased 50 deluxe hammers at a cost of $95 each from a manufacturer. Credit terms are 5/20, n/60, invoice date September 8. B. Sep. 12: Mason Suppliers returned 8 hammers for a full refund. C. Sep. 16: Mason Suppliers found 4 defective hammers, but kept the merchandise for an allowance of $250. D. Sep. 28: Mason Suppliers paid their account in full with cash.
Record journal entries for the following transactions of Barrera Suppliers. A. May 12: Sold 32 deluxe hammers at $195 each to a customer, credit terms 10/10, n/45, invoice date May 12; the deluxe hammers cost Barrera Suppliers $88 each. B. May 15: Customer returned 6 hammers for a full refund. The merchandise was in sellable condition at the original cost. C. May 20: Customer found 2 defective hammers but kept the merchandise for an allowance of $200. D. May 22: Customer paid their account in full with cash.
A customer discovers 60% of the total merchandise delivered from a retailer is damaged. The original purchase for all merchandise was $3,600. The customer decides to return 35% of the damaged merchandise for a full refund and keep the remaining 65%. What is the value of the merchandise returned?
Blue Barns sold 136 gallons of paint at $31 per gallon on July 6 to a customer with a cost of $19 per gallon to Blue Barns. Terms of the sale are 2/15, n/45, invoice dated July 6. The customer pays their account in full on July 24. On July 28, the customer discovers 17 gallons are the wrong color and returns the paint for a full cash refund. Blue Barns returns the gallons to their inventory at the original cost per gallon. Record the journal entries to recognize these transactions for Blue Barns.
10 Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches.for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash. Solution Debit Credit Date Accounts and Explanation
Do not use Ai
Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash. Solution Date Accounts and Explanation Debit Credit
Journalize the following sales transactions for Paul Sportswear. Explanations are not required. Aug. 1 Paul sold $67,000 of women's sportswear on account, credit terms of 2/10, n/60. Cost of goods is $34,000. 5 Paul received a $3,500 sales return on damaged goods from the customer. Cost of goods damaged is $1,750. 10 Paul receives payment from the customer on the amount due, less the return and discount. Journalize the sales transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Aug. 1: Paul sold $67,000 of women's sportswear on account, credit terms of 2/10, n/60. Cost of goods is $34,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Aug. 1
Journalize the following sales transactions for Antique Mall. Explanations are not E5-21 Jo required. The company estimates sales returns at the end of each month. Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods Jan. 4 is $8,000. Received a $300 sales return on damaged goods from the customer. Cost 8. of goods damaged is $150. 13 Antique Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. Antique Mall paid $70 on freight out. 20 Received payment from the customer on the amount due from Jan. 20, 29 less the discount.
Vintage World uses a perpetual inventory system. Journalize the following sales transactions for Vintage World. Explanations are not required. The company estimates sales returns at the end of each month. (Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at the net amount. Round all numbers to the nearest whole dollar.) (Click the icon to view the transactions.) Jan. 4: Sold $10,000 of antiques on account, credit terms are n/30, to Conch Designs. Cost of goods is $5,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Accounts Credit Date Jan. 4 Now journalize the expense related to the January 4 sale-Cost of goods, $5,000. Debit Date Jan. 4 Debit Accounts ... Credit
Journalize the following transactions for Iron Sports Corp.: March 1 Iron Sports Corp. sold $64,200 of merchandise on account with credit terms of 2/10, n/30. Cost of merchandise sold was $29,900. March 8 Iron Sports Corp. received $5,000 sales return on damaged goods from the customer. The cost of merchandise returned was $2,400. March 15 Iron Sports Corp. received payment from the customer on the amount due, less the return and discount. Date March 1 March 1 March 8 March 8 March 15 Description + + + ◆ + M + Debit Credit

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