64% O 11:55Goods costing $21,000 were sold for$52,000 on account. The entry torecord this transaction would include:A credit to Accounts Receivable$52,000 and a debit to SalesRevenue $52,000A debit to Cost of Goods Sold$21,000 and a credit to FinishedGoods Inventory $21,000A debit to Cost of Goods Sold$52,000 and a credit to FinishedGoods Inventory $52,000None of the aboveTime tickets indicated 8,000 laborhours in the production of Job .115,out of which 1,000 were indirectlabor hours. The company pays $10per each labor hour. The entry torecord this transaction is:A debit to Work in Process Inventory$70,000 and a credit to FactoryLabor $70,000 Goods costing $21,000 were sold for$52,000 on account. The entry torecord this transaction would include:A credit to Accounts ReceivableO $52,000 and a debit to SalesRevenue $52,000A debit to Cost of Goods Sold$21,000 and a credit to FinishedGoods Inventory $21,000A debit to Cost of Goods SoldO $52,000 and a credit to FinishedGoods Inventory $52,000None of the above

Sales are described as the term which is used when the business provides the goods or services to…

Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would include: A credit to Accounts Receivable $52,000 and a debit to Sales Revenue $52,000 A debit to Cost of Goods Sold O $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 O None of the above

Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would include: A credit to Accounts Receivable $52,000 and a debit to Sales Revenue $52,000 A debit to Cost of Goods Sold O $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 O None of the above

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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Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box, does not require an entry, leave it blank. Sale Credit Memo Payment 00 00 00 00 00 00 00 00 00 00 00 00
Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 1/10, net 30, for $9,500. Pierce prepaid the $285 shipping charge. Which of the following entries does Pierce make to record this sale? a.Accounts Receivable—Stanton, debit $9,785; Sales, credit $9,785 b.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500 c.Accounts Receivable—Stanton, debit $9,500; Sales, credit $9,500, and Delivery Expense, debit $285; Cash, credit $285 d.Accounts Receivable—Stanton, debit $9,405; Sales, credit $9,405, and Accounts Receivable—Stanton, debit $285; Cash, credit $285
Purchase-related transaction Shepherd Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Shepherd Company returned $1,500 of the merchandise before payment was made and received full credit. a. If Shepherd Company pays the invoice within the discount period, what is the amount of cash required for the payment? $ b. Which accounts are decreased by Shepherd Company to record the return Inventory and Accounts Payable
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $23,950 with terms 2/10, n/30. The cost of the merchandise sold was $14,370. If an amount box does not require an entry, leave it blank. Sale Accounts Receivable Sales Cost Cost of Merchandise Sold Merchandise Inventory b. Received payment less the discount. If an amount box does not require an entry, leave it blank. Cash Accounts Receivable c. Issued a $1,100 credit memo for damaged merchandise. The customer agreed to keep the merchandise. If an amount box does not require an entry, leave it blank. Customer Refunds Payable Accounts Receivable
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Returns and Allowances a. $21,800 - FOB shipping point, 1/10, n/30 $1,100 b. 12,000 $500 FOB shipping point, 1/10, n/30 1,400 c. 6,500 - FOB destination, 1/10, n/30 600 d. 2,900 100 FOB shipping point, 1/10, n/30 400 e. 3,600 - FOB destination, 1/10, n/30 - a. $fill in the blank 1 b. $fill in the blank 2 c. $fill in the blank 3 d. $fill in the blank 4 e. $fill in the blank 5
Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $2,100. Determine the following: (a) amount of the sale, (b) amount debited to Accounts Receivable, and (c) amount received within the discount period.
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Freight Paid by Seller Returns and Allowances a. $14,800 - FOB shipping point, 1/10, n/30 $700 b. 11,500 $500 FOB shipping point, 1/10, n/30 1,400 c. 5,200 - FOB destination, 2/10, n/30 500 d. 4,300 200 FOB shipping point, 2/10, n/30 600 e. 3,600 - FOB destination, 2/10, n/30 -
Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…
Hh1. calculate net sales, cost of goods sold and gross profit from sales
M&M Corp. paid its supplier $300 in cash for inventory that it had previously purchased on account. Which of the following would be part of the correct journal entry? DEBIT to Accounts Payable for $300 DEBIT to Inventory for $300 DEBIT to Cost of Goods Sold for $300 DEBIT to Accounts Receivable for $300
a. Sampson Co. sold merchandise to Batson Co. on account, $35,200, terms 2/15, n/45. b. The cost of the goods sold is $26,400. c. The Batson Co. paid the invoice within the discount period. Assume that both Sampson and Batson use a perpetual inventory system and that Sampson Co. uses the net method of recording sales discounts. If no entry is required, select "No entry required" and leave the amount boxes blank. Journalize the entries that Sampson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C. Journalize the entries that Batson Company would record for the information above. If an amount box does not require an entry, leave it blank. a. b. C.
17. The Corbit Corp. sold merchandise for $10,000 cash. The cost of the merchandise sold was $7.590, The journal entries to record this transaction under the perpetual inventory system would be A. Cash 10,000 Merchandise Inventory 10,000 Cost of Merchandise Sold Sales 7,590 7,590 B. Cash 10,000 Sales 10,000 Cost of Merchandise Sold Merchandise Inventory 7,590 7,590 Cash 10,000 Sales 10,000 Merchandise Inventory Cost of Merchandise Sold 10,000 10,000 d. Cash 7,590 Sales 7,590 Cost of Merchandise Sold 7,590 Merchandise Inventory 7,590