December 9 sold 200 certons of organic lemonade on account (credit terms net 30) at a cost of $3 per unit
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- h) During January, 50 units costing $25 per unit were sold on account for selling price of $35 per unit. Calculations: Debit Credit Db Cr Debit Credit Db CrAccount journalistMonster Drinks sells twenty-four cases of beverages on October 18 for $120 per case. On October 25, Monster sells another thirty-five cases for $140 per case. Sales tax is computed at 4% of the total sale. Prepare journal entries for each sale, including sales tax, and the remittance of all sales tax to the tax board on November 5.
- Essence of Skunk Fragrances, Limited, sells 4,000 units of its perfume collection each i year at a price per unit of $500. All sales are on credit with terms of 2/10, net 30. The discount is taken by 70 percent of the customers. What is the amount of the company's accounts receivable? Multiple Choice $54,794.52 $83,287.67 $49,315.07 $87671.23 $92.054.798. Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse, Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Paramount Apparel paid its account in full with a cash Jul. 3 per barrel. Jul. 5 Jul. 8 Jul. 13 раyment, less any discounts.Journal Entry September 30: Sold 15 bicycles on special at $150 each and 5 golf club sets at $350 each. The customer put 12% on account and paid cash for the rest.
- New Sunrise Bookstore sold 600 books on credit at $20.00 each with a sales term of 2/10 n/30. The cost of the books sold is $8,500. After selling the books, the customer returned 50 books because they were damaged. The customer paid the balance due on the fifth day after purchasing the books. Record in the journal the sale, the return, and the payment made by the customer. Indicate the gross profit that New Sunrise Bookstore made on this sale.D. Dean bought goods on credit from Easy Traders for 3600. A mark up of 20% on cost applied to these goods.Cat Supplies offers terms of 1/15, net 40. The discount is taken by 69 percent of customers. What is the company's average collection period? 22.75 days 27.50 days O 16.04 days 21.52 days 25.13 days
- 16.0n October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments. Required: Prepare journal entries for October 24 using the: Gross method and Net methodJade makes all purchases on account, subject to the following payment pattern: Paid in the month of purchase ……………… ….. 30% Paid in the first month following the purchase ……. 60% Paid in the second month following the purchase .. 10% If purchases for January, February and March were P200,000; P180,000; and P230,000, respectively, what were the firm’s budgeted payments in March?Can you assist please The BEV Toy Shop purchased 50 wagons at $45 per wagon less a 40% trade discount on May 8. The invoice had terms of 3/10, 2/20, N/30. On May 18, the shop sent a check for an amount that gave it a credit for ½ the balance due. On May 31, the remaining balance was paid. The shop expects a profit of 30% of cost and 15% of cost for operating expenses. From May until the end of September, the shop sold 40 wagons at its regular markup. From September through December, the remaining wagons were sold with a 35% markdown price. It is your task to determine the following, remembering to show and label all calculations: The regular list price per wagon rounded to the nearest cent. The reduced list price per wagon rounded to the nearest cent. The total revenue received from the sale of all wagons. thanks
