Only 5-12 TuJtumers who used MasterCard and VISA, $475,000, The cost of the goods sold was $280,000.was $58,800.d.Sold merchandise to customers who used American Express, $63,000. The cost of the goods sold was S39,000.Received an invoice from National Clearing House Credit Co. for $13,450 representing a service fee paid for pro-cessing MasterCard, VISA, and American Express sales.е.EX 5-10 Customer refundSenger Company sold merchandise of $15,500, terms 2/10, n/30, to Burris Inc. on April 23. Burrispaid Senger for the merchandise on May 2. On May 12, Senger paid Burris $650 for costs incurredby Burris to repair defective merchandise. (a) Journalize the entry by Senger Company to record thecustomer refund to Buris Inc. (b) Assume that instead of paying Burris cash, Senger issued a creditmemo to Burris to be used against Burris's outstanding account receivable balance. Journalize theentry by Senger Company to record the issuance of the credit memo.Obj. 2EX 5-11Customer return and refundObj. 2On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. withterms 2/10, n/30. The cost of the goods sold was $11,200. On December 31, 20Y3, Silvermanprepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4,Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoiceamount of the returned merchandise was $4,000 and the merchandise originally cost SilvermanEnterprises $2,350. (a) Journalize the entries by Silverman Enterprises to record the December 28,20Y3, sale. (b) Journalize the entries by Silverman Enterprises to record the merchandise returnedby Beasley Co. on January 3, 20Y4. (c) Journalize the entry to record the receipt of the amountdue by Beasley Co. on January 7, 20Y4.Obj. 2EX 5-12 Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer withinthe discount period, the seller consents to the return of the entire shipment for a cash refund.The cost of the merchandise returned is $16,800. (a) What is the amount of the refund owed tothe customer? (b) Journalize the entries made by the seller to record the return and the refund.SHOW ME HOW

Hi student Since there are multiple questions, but as per question requirement we will answer 5-12…

EX 5-12 Sales-related transactions Obj. 2 After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,800. (a) What is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller to record the return and the refund.

EX 5-12 Sales-related transactions Obj. 2 After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The cost of the merchandise returned is $16,800. (a) What is the amount of the refund owed to the customer? (b) Journalize the entries made by the seller to record the return and the refund.

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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