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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Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,800 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $140 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $3,024 with terms n/30. The cost of the merchandise is $1,512. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.
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On November 5, of the current year, Ligaya Merchandising Enterprise purchased merchandise with the list price of P120,000. The merchandise is subject to a treade discount of 15%, 10%, 5% with credit terms of 3/10, n/30. (Ligaya Merchandising Enterprise is a non-VAT registered business) 1. How much is the invoice price? 2. At what amount should Ligaya Merchandising Enterprise debit Purchases? 3. How much is the trade discount? 4. How much is the cash discount? 5. Up to what date is the discount period? 6. If Ligaya Merchandising make payment on November 15, how much should it pay in full settlement of its account? 7. If payment is made on November 20, how much should Ligaya pay in full settlement of its November 5, account?
Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $9,000 of the merchandise, receiving a credit memo. Journalize Warwick’s entries to record (a) the purchase, (b) the merchandise return, and (c) the payment within the discount period of ten days, and (d) payment beyond the discount period of ten days. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions. Chart of Accounts CHART OF ACCOUNTS Warwick’s Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns 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…
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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Domestic
Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $35,200, terms n/30. The cost of the merchandise sold is $21,100. Showcase Co. issues a credit memo for $6,000 as a price adjustment prior to Balboa Co. paying the original invoice. a. Journalize Balboa Co.’s entry for the purchase. b. Journalize Balboa Co.’s entry for the credit memo. c. Journalize Balboa Co.’s entry for the payment of the invoice.
am. 103.
On June 14, Year 1, Sure-Fit Shoe Store sold $13,000 of merchandise that cost $8,700 and accepted credit cards as payment. Sure-Fit electronically transmitted the credit card forms to the credit card company which charges a 4% fee to handle such transactions. On June 18, Year 1, Sure-Fit received the proceeds from the credit card company. Required: a. How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? b. How will the entry to record the credit card proceeds on June 18, Year 1, affect the company's financial statements? Complete this question by entering your answers in the tabs below. Required A Required B How will the entry to record the sale of the merchandise on June 14, Year 1, affect the company's financial statements? Note: Enter any decreases to account balances and cash outflows with a minus sign. Leave cells blank if no input is needed. Assets Balance Sheet Liabilities Stockholders' Equity Revenue Income…
The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $2,200 sales price in cash. The goods cost Bear's $1,200. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $7,600 (total); terms 3/10, n/30. The goods cost Bear's $4,300. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bear's $4,900. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory…
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