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Established a petty cash fund for $150. i. h. Sold appliances on account to Bill Contractors for $215,000, terms n/30 (cost, $86,000). Sold appliances to Down Contracting for $150,000 (cost, $65,000), receiving a 6- j. month, 8% note. k. Recorded credit card sales of $80,000 (cost, $35,000), net of processor fee of 2%. All fees are recorded at the time of the sale. I. Received payment in full from Bill Contractors. Purchased appliances from Long Appliance Manufacturers on account for $650,000. m. 200 000

Established a petty cash fund for $150. i. h. Sold appliances on account to Bill Contractors for $215,000, terms n/30 (cost, $86,000). Sold appliances to Down Contracting for $150,000 (cost, $65,000), receiving a 6- j. month, 8% note. k. Recorded credit card sales of $80,000 (cost, $35,000), net of processor fee of 2%. All fees are recorded at the time of the sale. I. Received payment in full from Bill Contractors. Purchased appliances from Long Appliance Manufacturers on account for $650,000. m. 200 000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Record each transaction in a journal entry. Explanations are not required.

### Financial Transaction Records **Transaction Records Overview:** h. **Petty Cash Fund:** Established a petty cash fund with an amount of $150. i. **Sales on Account to Bill Contractors:** - Sold appliances to Bill Contractors for $215,000. - Terms: n/30 - Cost of goods sold: $86,000. j. **Sales on Account to Down Contracting:** - Sold appliances for $150,000. - Cost of goods sold: $65,000. - Received a 6-month note with an interest rate of 8%. k. **Credit Card Sales:** - Recorded sales amounting to $80,000. - Cost of goods sold: $35,000. - Net of a processor fee of 2%. - All fees are recorded at the time of sale. l. **Payment from Bill Contractors:** - Full payment received from Bill Contractors. m. **Purchase of Appliances:** - Purchased appliances from Long Appliance Manufacturers on account for $650,000. This document outlines various financial transactions, focusing on sales, purchases, receivables, and petty cash management. Each transaction includes specific details about the terms, costs, and payment conditions involved.
Transcribed Image Text:### Financial Transaction Records **Transaction Records Overview:** h. **Petty Cash Fund:** Established a petty cash fund with an amount of $150. i. **Sales on Account to Bill Contractors:** - Sold appliances to Bill Contractors for $215,000. - Terms: n/30 - Cost of goods sold: $86,000. j. **Sales on Account to Down Contracting:** - Sold appliances for $150,000. - Cost of goods sold: $65,000. - Received a 6-month note with an interest rate of 8%. k. **Credit Card Sales:** - Recorded sales amounting to $80,000. - Cost of goods sold: $35,000. - Net of a processor fee of 2%. - All fees are recorded at the time of sale. l. **Payment from Bill Contractors:** - Full payment received from Bill Contractors. m. **Purchase of Appliances:** - Purchased appliances from Long Appliance Manufacturers on account for $650,000. This document outlines various financial transactions, focusing on sales, purchases, receivables, and petty cash management. Each transaction includes specific details about the terms, costs, and payment conditions involved.
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