in by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit journalize the expense related to the May 1 sale-Cost of goods sold is $8,000. O More Info Date Accounts Debit Credit May 1 Bargain sold $22,000 of men's sportswear for cash. Cost of goods sold is $8,000. May 5 Bargain received a $1,500 sales return damaged is $750. damaged goods from the customer on May 1. Cost of goods 5: Bargain received a $1,500 sales return on damaged goods from the customer on May 1. Cost of goods damaged is $75 Print Done t by preparing the entry to record the sales return and refund of cash. Do not update the Merchandise Inventory with this e Date Accounts Debit Credit 5 prepare the entry to update the Merchandise Inventory account for the cost of the returmed merchandise Cost of goods returned, $750. Date Accounts Debit

in by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit journalize the expense related to the May 1 sale-Cost of goods sold is $8,000. O More Info Date Accounts Debit Credit May 1 Bargain sold $22,000 of men's sportswear for cash. Cost of goods sold is $8,000. May 5 Bargain received a $1,500 sales return damaged is $750. damaged goods from the customer on May 1. Cost of goods 5: Bargain received a $1,500 sales return on damaged goods from the customer on May 1. Cost of goods damaged is $75 Print Done t by preparing the entry to record the sales return and refund of cash. Do not update the Merchandise Inventory with this e Date Accounts Debit Credit 5 prepare the entry to update the Merchandise Inventory account for the cost of the returmed merchandise Cost of goods returned, $750. Date Accounts Debit

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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> Journalize the following transactions using the direct write-off method of accounting for Apr. 1 Sold merchandise on account to Jim Dobbs, $6,000. The cost of goods sold is $4,000. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. If an amount box does not require an entry, leave it blank. Apr. 1 Apr. 1 June 10 Oct. 11 ctible receivables. Oct. 11 ?
B1.
Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
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1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
1
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Use the transactions to fill in the plank chart of purchases. I’ve also wrote them below: Transactions: August; Purchased $1,500.00 in merchandise on account from Beads R Us, invoice 158. Bought a new computer on account from Best Buy for $1,600.00, invoice 822. Purchased gems (merchandise) from The Gem Mine for $1,100.00 on account, terms 2/15, n/30, invoice Purchased $525.00 in pens and paper from Staples on account, terms n/30, invoice 28. Bought an office desk on account from Office Depot for $750.00, invoice 76. Bought merchandise on account from The Gem Mine for $5,000.00, terms 2/15, n/30, invoice 282. Purchases
Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…
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Purchase-related transactionsStylon Co., a women's clothing store, purchased $48,000 of merchandisefrom a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an Invoice amount of $7,500, receiving acredit memo. Journalize Stylon's entries to record (a) the purchase, (b)the merchandise return, (c) the payment within the discount period of10 days, and (d) the payment beyond the discount period of 10 days.
record any necessary journal entries for Mary’s Hat Shop April 10 Mary's Hat Shop purchases $2500 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $120.00 cash. Termsof the purchase are FOB shipping point. April 14 Mary’s Hat Shop sells $3,000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mary’s of $1,800. Shipping charges are an extra $120 cash. Terms of the sale are FOB Shipping Point. Assume the perpetual inventory system is used.