geNOWv21 Online teachir XkeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress-falseeBook4 Show Me HowCalculatorSales-Related Transactions, Including the Use of Credit CardsJournalize the entries for the following transactions: (If an amount box does not require an entry, leave it blank.)a. Sold merchandise for cash, $25,000. The cost of the gods sold was $17,500, (Record the sale first.)Cash5. 50ld merchandise on account, S99,000. The cost of the goods sold was $58,800, (Record the sale first.)c. Sold m erchandise.to customers. who used MasterCard and VISA, S475,000. The cost of the goods sold was $280,000. (Record the sale first.)9:33

a. Prepare journal entry to record sale of merchandise for cash and the cost of goods sold.

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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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1 2 3 4 Sold $32,000 of merchandise on MasterCard credit cards. MasterCard charges a 5% fee. eBook Hint Note: Enter debits before credits. Print Transaction General Journal Debit Credit References 1-a Cash Credit card expense Sales Mc Graw Hill Education Prev 1 of 17 Score answer Type here to search a
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Moving to another question will save Question 13 A. Cash payments journal A company entered into the following transactions. Match each transaction with the appropriate journal in which it should be record Purchased merchandise from Able Co. for $2,000 terms 2/10, n/30. Invoice dated August 1. B. Purchases journal - Paid cash to incite Telephone Co. for monthly telephone bill $250, Check No. 758. c. General Journal - Sold merchandise on credit to Delta Corp. for $3,000, terms, 2/10, n/30, Involce No. 246. Cost of Goods Sold is $1,740. D. Cash receipts journal Received cash payment in full from Delta Corp. for August 5 sale. E. Sales Journal -Recorded cash sales for the month, $9,000. Returned defective inventory purchased on account from Able Co. for $550.
sesión en Outlook * CengageNOW2 | Online teachin x M McGraw Hill - Login eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30. Oppenheimer Company returned $1,700 c the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return?
Use the following sales journal to record the transactions. All credit sales are terms of n/30. (If a box is not used in the journal leave the box empty; do not select information or enter a zero.) A (Click the icon to view the transactions.) Sales Journal Page Invoice Customer Post. Accounts Receivable DR Cost of Goods Sold DR Date No. Account Debited Ref. Sales Revenue CR Merchandise Inventory CR 2024 Jun. More Info Jun. 1 Sold merchandise inventory on account to Fred Jig, $1,270. Cost of goods, $1,000. Invoice no. 101. Jun. 8 Sold merchandise inventory on account to lan Frog, $2,225. Cost of goods, $1,580. Invoice no. 102. Jun. 13 Sold merchandise inventory on account to Jillian Trump, $380. Cost of goods, $300. Invoice no. 103. Jun. 28 Sold merchandise inventory on account to Glen Whitney, $900. Cost of goods, $610. Invoice no. 104. Print Done
b Preview File Edit View Go Tools Window Help mgt120h-a17.pdf Page 5 of 10 15. The retailer considers VISA and MasterCard sales as a. Cash sales. b. Promissory notes. c. Credit sales. d. Contingent sales. Cost-Volume-Profit Analysis 40 14. Receivables might be sold to a. Lengthen the cash-to-cash operating cycle. b. Take advantage of deep discounts on the cash realizable value of receivables. c. Generate cash quickly. d. Finance companies at an amount greater than cash realizable value. The Effect Of Prepaid Taxes On Assets And Liabili... O Debenture Valuation CC 7 D ↑ V Search (Cª Ơ Sat Apr 15 3:05 PM 13. Goodwill can be recorded When customers keep returning because they b. When the company ang because they are satisfied with the company's products. d. Only when there is an exchange transaction involving the purchase of an entire business. c. When the company has exceptional mor business 400-0 -0 =1 Page 4 of 11

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