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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- Monster 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 5.8. 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.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 days16.0n 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 method
- On December 10, Year 1, Cantlay Inc. made $500,000 in sales on account to various customers. The cost of the merchandise sold is $350,000. Cantlay estimates that 4% of the merchandise will be returned. Cantlay allows customers to return merchandise for a credit or refund within 30 days of purchase. On December 20, Cantlay gave $16,000 credit to various customers related to the return of merchandise. Assume that Cantlay uses a perpetual inventory system. Required: Question Content Area 1. Prepare the journal entries to record the sale on December 10, the return of merchandise on December 20, and any adjusting entry necessary on December 31.a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…Alberto & Sons, Inc., a retailer of antique figurines, engages in the following transactions duringOctober of the current year:Oct. 1 Purchases 100 Hummels at $50 each.Oct. 5 Sells 50 of the Hummels at $80 each.Compute Alberto & Sons’s gross profit for October.
- 1) On the 1% day of December shepherds 's shoe store ordered inventory. They purchased 100 pairs of tennis shoes at $25 each on account, terms 3/15, n/30. 2) On the 3rd of the month, they returned 12 pairs that were the wrong style for credit. 3) On the 22 of the month, they paid for the purchase. (note discount period) 4) The first week, the store sold 12 pairs for $ 50 each in cash sales. 5) On the 10th, a sale of 30 pairs of shoes for $50 each was made to the razorbacks's basketball teams on account, terms 2/10, n/30. 6) 4 pairs of shoes were returned from a previous month sale that had a sales price of $50 per pair and a cost of $25 per pair. 7) The school paid for the purchase on the 16th of the month. Record the receipt of cash. (note discount period) 8) shepherd's purchased an additional 50 pairs of tennis shoes on the 20th from nike on account at a cost of $25 per pair with terms 2/10, net 30. 9) On the 22nd, they paid $ 60 cash for freight in on the latest purchase. 10) The…A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case. The customer pays with a Merill credit card. Merill charges a usage fee to the company of 5% of the total sale. What is the sales entry for this purchase?On March 5, Blowout Sales makes $22,500 in sales on account. The cost of the merchandise sold is $16,825. Journalize the sales and recognition of the cost of merchandise sold.
