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 $400 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $275. July 15 Sold merchandise to Customer T at an invoice price of $4,000; terms 2/10, n/30. Cost of goods sold was $2,000. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,400; cost of goods sold was $840. Complete the following table by entering the amounts of the effects of each transaction, including the related cost of goods sold. (Indicate decreases with a minus sign.) Transaction Net Sales July 12 July 15 July 20 July 21 Cost of Goods Sold Gross Profit

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 $400 purchase on her American Express card. American Express charges a 2 percent credit card fee. Cost of goods sold was $275. July 15 Sold merchandise to Customer T at an invoice price of $4,000; terms 2/10, n/30. Cost of goods sold was $2,000. July 20 Collected cash due from Customer T. July 21 Before paying for the order, a customer returned shoes with an invoice price of $1,400; cost of goods sold was $840. Complete the following table by entering the amounts of the effects of each transaction, including the related cost of goods sold. (Indicate decreases with a minus sign.) Transaction Net Sales July 12 July 15 July 20 July 21 Cost of Goods Sold Gross Profit

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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StickUps Company uses a Sales Journal, a Purchases Journal, a Cash Receipts Journal, a Cash Disbursements Journal, and a General Journal. The following transactions occurred during the month of September 2020: Sept. 3 Purchased merchandise on credit for $6,200 from Pacer Co. 7 Sold merchandise on credit to J. Namal for $1,800, subject to a 2% sales discount if paid by the end of the month. Cost, $1,000. 9 Borrowed $5,500 by giving a note to the bank. 13 The owner, Dale Trent, invested an additional $7,000 cash into the business. 18 Sold merchandise to B. Baird for $460 cash. Cost, $280. 22 Paid Pacer Co. $6,200 for the merchandise purchased on September 3. 27 Received $1,764 from J. Namal in payment of the September 7 purchase. 30 Paid salaries of $3,200. Journalize the September transactions that should be recorded in the Cash Receipts Journal, assuming the perpetual inventory system. (Enter transactions in order) Image attached…
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am. 103.
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On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms 2/10, n30. The cost of the items sold is $4,500. Klein uses PERPETUAL inventory system and the GROSS METHOD of accounting for sales. Babson pays the invoice on March 17th and takes the appropriate discount. What is the journal entry Klein makes on March 17th?