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- 8) Rash sold merchandise on account worth $ 50000 and the cost of merchandise sold was $ 22000. Prepare the journalentry for sales and cost of sales.f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. how would I journalize this?Information related to Swifty Co. is presented below. 1 2. 3. 4 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10.net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.
- Jones Company, a customer, has been authorized to return $1,000 of goods purchased on account. The journal entry to record this transaction is a. Sales Returns and Allowances 1,000 Accounts Receivable 1,000 b. Sales 1,000 Sales Returns and Allowances 1,000 c. Accounts Receivable 1,000 Sales Returns and Allowances 1,000 d. Sales Returns and Allowances 1,000 Inventory 1,000Enter the following transactions in the General Journal. Calculate GST @ 5% and PST @ 6% on all transactions as applicable Note the following: o All amounts given are pre-tax values. o Discounts are determined on pre-tax amounts. 2 Bought merchandise on account from KFG Manufacturing, $7,500. Invoice #321. terms 2/10, n/30. July 4. Paid Johnson's Trucking for transporting the merchandise bought from KFG Manufacturing, $350. Paid by cheque #65. 4. Sold $435 worth of merchandise to Alfred Wren. He paid by cheque # 42. 4. A. Wren returned $65 worth of merchandise due to damage. A full cash refund was issued. 11. Paid KFG Manufacturing for Invoice #321. Cheque #66. 12. The owner of KFG Manufacturing withdraw cash of $500 from the business and took a used desk valued at $350. 15. Bought equipment for the store for $2650.00 16. Paid telephone expense $900 (include GST & PST)MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is 114.000 +10 % VAT. Freight In was 6.000 TL +10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2) Machinary is purchased for 326.000 TL + %10 VAT, Note is endorced for purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half paid by check balance is on account. 3) Merchandise sold for 64.000 USD (rate 7.05 TL/ USD) + 10% VAT received note for sale. VAT paid cash. Cost of good Sold is 235.000 TL 4) Bank Credit Memorandum states that , 95.000 TL issued check is collected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for 384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid (cash) by the customer for USD Merchandise sale. Rate is 7.15 TL/USD. 7) Customer transferred 85 .000 TL to the Bank, to close the open account 8) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .…
- They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. A. Sold $64,400 of merchandise on account, subject to a sales tax of 4%. The cost of the goods sold was $38,240. B. Paid $38,220 to the state sales tax department for taxes collected.16.On 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: 1. Gross Method2. Net Method
- Check my work Use me ToilowiLng mmoiTllation TOI tihe Cxercises pelowv. (Alyuj [The following information applies to the questions displayed below.] 1. On July 15, Piper Co. sold $25,000 of merchandise (costing $12,500) for cash. The sales tax rate is 5%. On August 1, Piper sent the sales tax collected from the sale to the government. 2. On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $750 cash. On November 20, the Bucks played the first game of the six-game pack (this represented one-sixth of the advance ticket sales). Exercise 9-3 (Algo) Financial statement impact of current liability transactions LO C2 Analyze each separate transaction by showing its effects on the accounting equation-specifically, identify the accounts and amounts (including + or -) for each transaction. (Enter all amounts as positive values.) Date Assets Liabilities + July 15 + July 15 %3D August 1 %3D November 3 November 20 %3DOn December 31, 20X1, the Income Statement section of the worksheet is shown below. The balance of Francine Parker's drawing account is $30,000. INCOME STATEMENT COLUMNS ACCOUNT NAME Income Summary Sales Sales Returns and Allowances Interest Income Purchases Freight In Purchases Returns and Allowances Purchases Discounts Sales Salaries Expense Office Salaries Expense Office Supplies Expense Utilities Expense Payroll Taxes Expense Uncollectible Accounts Expense Depreciation Expense Office Equipment Totals Net Income DEBIT $ 61,000 5,900 85,000 3,700 51,000 19,900 840 4,900 2,500 2,600 800 CREDIT $ 67,000 240,000 740 2,700 3,300 238,140 75,600 $ 313,740 $ 313,748 Prepare the closing entries that should be made in the general journal. 313,740Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would include:* O A credit to Accounts Receivable $52,0o00 and a debit to Sales Revenue $52,000 A debit to Cost of Goods Sold $21,000 and a credit to Finished Goods Inventory $21,000 A debit to Cost of Goods Sold $52,000 and a credit to Finished Goods Inventory $52,000 None of the above Time tickets indicated 8.000labochours in thelnmduction of lob115.out.of