Instructions May Sept. Dec. using allowance method 7 Chart of Accounts General Journal 24 Sold merchandise on account to Old Town Cafe $36,010. The cost of goods sold was $22,050. Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. 30 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash in full payment. Joumalize the above transactions in the accounts of 2ppy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible rece

Instructions May Sept. Dec. using allowance method 7 Chart of Accounts General Journal 24 Sold merchandise on account to Old Town Cafe $36,010. The cost of goods sold was $22,050. Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. 30 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash in full payment. Joumalize the above transactions in the accounts of 2ppy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible rece

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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Sales tax transactions Instructions Instructions Journalize the entries to record the following selected transactions. Refer to the Chart of Accounts for exact wording of account titles. Journal 1 Journalize the entries to record the selected transactions on December 31. Refer to the Chart of Accounts for exact wo 2 3 Chart of Accounts Journal A. Sold $61,900 of merchandise on account, subject to a sales tax of 5%. The cost of the goods sold was $37,430. B. Paid $40,280 to the state sales tax department for taxes collected. DATE DESCRIPTION JOURNAL POST. REF. DEBIT 1
Journal Entries for Merchandise Transactions on Seller’s and Buyer’s Records—Periodic System The following are selected transactions for Jefferson, Inc., during the month of April: April 20 Sold and shipped on account to Lind Stores merchandise for $3,000, with terms of 1/10, n/30. April 27 Lind Stores returned defective merchandise billed at $300 on April 20. April 29 Received from Lind Stores a check for full settlement of the April 20 transaction. Required Prepare the necessary journal entries for (a) Jefferson, Inc., and (b) Lind Stores. Both companies use the periodic inventory system. Sellers journal entries Buyer's journal entries JEFFERSON, INC. GENERAL JOURNAL Date Description Debit Credit Apr. 20 Answer Answer Answer Answer Answer Answer Sold merchandise to Lind Stores terms 1/10, n/30. 27 Answer Answer Answer Answer Answer Answer Merchandise returned by Lind Stores. 29…
> 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 ?
Instructions May Sept Dec. 24 Sold merchandise on account to Old Town Cafe $39,560. The cost of the goods sold was $24,540. Received $11,930 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible 30 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $27,630 cash in full payment. Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables Refer to the Chart of Accounts for exact wording of account t untitles
Nov. 1 Dollar Store purchases merchandise for $1,300 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 returns $150 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays $65 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,404 with terms n/30. The cost of the merchandise is $702. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $285 and cost $143; the items were not damaged and were returned to inventory.
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.
A5
Mar 2 sold merchandise on credit to Ryan Co Invoice number 854, for $27,600 (cost is 17,000) Mar 12 received payment from Ryan Co For the March 2 sale less the discount of $552 What is the journal entry
Hi can you post this transaction for me please
Recording Purchases of Merchandise On June 1st Maximum Appliances purchased $22,000 in inventory from a supplier. The terms of the purchase are 1/10, net 3 June 6th Maximum Appliances returned $2,000 worth of inventory, and then on June 8th paid the full amount owing. Which Following is the correct journal entry to record the payment made on June 8th? Dr. Accounts Payable $20,000; Cr. Merchandise Inventory $200; Cr. Cash $19,800 O Dr. Accounts Payable $20,000; Cr. Purchase Discounts $200; Cr. Cash $19,800 Dr. Accounts Payable $20,000; Cr. Cash $20,000 O Dr. Accounts Payable $19,800; Cr. Cash $19,800 Submit
May 24 Sold merchandise on account to Old Town Cafe, $36,010. The cost of goods sold was $22,050. Sept 30 Received $11,500 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Reinstated the account of Old Town Cafe that had been written off on September 30 and received $24,510 cash ir full payment. Dec. 7 Journalize the above transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables
Score $250 vork i Saved Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this…