GOT Jewelers uses the perpetual inventory system. On April 5, GOT sold merchandise for $110,000 to a customer on account with terms 3/10, n/30. The cost of goods sold (COGS) was $42,000. On April 14, GOT received payment from the customer. Calculate the amount of gross profit.
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- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Pepper Company completed the following selected transactions and events during March of this year. (Terms of allcredit sales for the company are 2/10, n/30.) Mar. Sold merchandise on credit to Jennifer Nelson, Invoice No. 954, for P16,800 (cost is P12,200). 4 6 Purchased P1,220 of office supplies on credit from Mack Company. Invoice dated March 3, termsny30. Sold merchandise on credit to Dennie Hoskins, Invoice No. 955, for P10,200 (cost is 6 P8,100). Purchased P52,600 of merchandise, invoice dated March 6, terms 2y10, ny30, from 11 Defore Industries. 12 Borrowed P26,000 cash by giving Commerce Bank a long-term promissory note payable. Received cash payment from Jennifer Nelson for the March 4 sale less the discount (Invoice No. 954). 14 16 Received a P200 credit memorandum from Defore Industries for unsatisfactory merchandise Pepper purchased on March 11 and later returned. Received cash payment from Dennie Hoskins for the March 6 sale less the discount 16 (Invoice No. 955). Purchased…Iρng Corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay’s Lace in the amount of $15,000 with terms of 2/10, n/30. Lyndsay’s paid Long on January 28. Long records accounts receivable and sales using the gross price method. Prepare the related journal entries for Iρng.
- Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the merchandise sold is $18000. Abbey Co. issued a credit memo for $4000 for merchandise returned that originally cost $2200. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? Add your answerFollowing are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and November 5, for a cash refund. 10 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $210 and cost $105; the items were not damaged and were returned to inventory. returns $100 of defective merchandise purchased on November 1, and paid for on Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet 2 3 4 5 6 7 > Dollar Store purchases merchandise for $1,500 on…Record the following transactions for adcok 1.on April 12 sold$11000 of merchandise to milton inc ..term 2/10,n/30 2.on April 15 Milton returned $2000 of merchandise 3.on April 22 Milton paid for the merchandise
- Abbey Co. sold merchandise to Gomez Co. on account, $10,400, terms 2/15, net 30. The cost of the goods sold is $7,280. Abbey Co. issued a credit memo for $3,000 for merchandise returned that originally cost $2,100. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions?Griffin Shoe Company records Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts as contra-revenues. July 12 Sold merchandise to customer at factory store who charged the $800 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $675. July 15 Sold merchandise to Customer T at an invoice price of $5,000; terms 3/10, n/30. Cost of goods sold was $2,500. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,200%; cost of goods sold was $720. Complete the following table by entering the amounts of the effects of each transaction, including the related cost of goods sold. Note: Indicate decreases with a minus sign. Transaction Net Sales Cost of Goods Sold Gross Profit July 12 784 675 109 July 15 5,000 2,500 2,500 July 20 4,850 0 X 0 July 21 (1,200) (720) ✓ (480)en June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit terms of 1/10, n/30. If the custome ays on June 20, select the correct entry to record the receipt of the customer's payment: Multiple Choice Account Name Debit Credit Cash 4,000 Accounts Receivable 4,000 Account Name Debit Credit Cash 3,960 Sales Discounts 40 Accounts Receivable 4,000 Account Namė Debit Credit Accounts Receivable 3,960 Sales Discounts 40 Cash 4,000 ***. MAY 7
- review the following situations and record any necessary journal entries for Mequon's Boutique. May 10 - Mequons Boutique purchases $2400 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $130 cash. Terms of the purchase are FOB Shipping Point. May 14 - Mequon's Boutique sells $3000 woth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon's of $1750. SHipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point.4. On January 1st, 2018, Blue Co. made a $10,000 sale for 1,000 water bottles on account with terms: of 2/15, n/30. If the company uses the net method, which of the following will be included in the Journal entry to record customer payment for all 1,000 water bottles on January 28th, 2018? a) credit Accounts Receivable $10,000 b) credit Sales Discounts Forfelted $200 c) debit Sales Discount $200 d) debit Cash $9,800Princess Jewelry purchased $7,000 of inventory on credit from Wholesale Jewelry on February 2. The sale term they offered was 3/10 n/30. When they received the merchandise there were some broken pieces with a total value of $800.00, which they returned to Wholesale Jewelry. On February 8, Princess Jewelry paid the balance due. Record in the journal the purchase, the return, and the payment made.Part 2. Record the following purchase, sale and return entries in the journal.