Jan 1: 711 sold Beverage products to a customer for $200 cash. The cost of the bevarage products is $75. What is the correct Journal Entry to record the Revenue? A. Debit Cash 200, Credit Sale Revenue 200 B. Debit Cost of Goods Sold 200, Credit Inventory 200 C. Debit Account Receivable 200, Credit Sale Revenue 200 D. Debit Cost of Goods Sold 75, Credit Inventory 75
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- Delta Company sells goods and performs services for its customers. On May 1, 2021 "Accounts Receivable" had a debit balance of $150. During the month of May the following transactions occurred. Date Transaction description May 5 Sold goods to customer A on credit for $400, 2/10, n/30 May 8 Performed services for customer B for $200 cash May 12 Customer A returned goods with a sales price for $100 May13 Received payment from customer A for the balance due May 17 Performed services for customer C and billed the customer $100 May20 Received a partial payment of $80 from customer C Required: (a) Prepare the journal entries for the above transactions (Ignore COGS) (b) What is the balance of Accounts Receivable on May 31 Solution (a) Date Account title $ May5 Dr.________ ___ Cr.______ ___ Date Account title $ May 8 Dr.________ ___ Cr.______ ___ Date Account title $…1. During October, the company had several transactions. Prepare journal entries for the transactions below and post them to the t-accounts. a. Sold merchandise with an original cost of $73,000 on account for a total selling price of $170,000. DR Accounts Receivable CR Revenue DR COGS CR Inventory DR Inventory DR PP&E I b. Purchased merchandise inventory on account from various suppliers for $92,600. 92,600 CR Accounts Payable Paid rent of $23,500 for the month of October. CR Cash 170,000 23,500 73,000 23,500 170,000 73,000 92,600A customer returned merchandise purchased with cash with a sales price of $7,500. The cost of goods was $3,000. Which of the following represents the correct way to record this transaction assuming an adjusting entry had been prepared for estimated returns? A. Refunds Payable 7,500 Sales Revenue 7,500 Merchandise Inventory 3,000 Estimated Returns Inventory 3,000 B. Refunds Payable 7,500 Cash 7,500 Merchandise Inventory 3,000 Estimated Returns Inventory 3,000 C. Sales Returns and Allowances 7,500 Cash 7,500 Estimated Returns Inventory 3,000 Merchandise Inventory 3,000 D. Sales Revenue 7,500 Cash 7,500 Merchandise Inventory 3,000 Cost of Goods Sold 3,000
- Company A purchases goods for cash on January 15. They purchase 10 items at a cost of $50 per item. 5 of these items are sold on January 29 for $700 cash. What is/(are) the entry/(ies) on January 29 to record the sale of the goods? O Debit Cash $700 Credit Sales Revenue S700 O Debit Accounts Receivable $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $250 Credit Inventory $250 Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold S250 Credit Inventory $250 O Debit Cash $700 Credit Sales Revenue $700 Debit Cost of Goods Sold $500 Credit Inventory 5500Cash Hard #1Please help me
- Record the following transactions as general journal entries. Use the gross-price method. Aug. 6 Purchased $830 of merchandise on account from Johnston Co. Credit terms 2/10, n/30. 8 Bought an $18,000 truck from Pillner Co., paying $3,000 down; balance on account. 13 Purchased $2,611 of merchandise for cash from Pillner and Co. 15 Paid for the August 6 purchase of merchandise from Johnston Co. 17 Purchased $1,743 of merchandise from Luis Co. Credit terms 2/10, n/30. If an amount box does not require an entry, leave it blank. If required, round answers to the nearest cent. Page: 1 DATE ACCOUNT TITLE DOC.NO. POST.REF. DEBIT CREDIT 1 Aug. 6 fill in the blank 2 fill in the blank 3 1 2 fill in the blank 5 fill in the blank 6 2 3 Aug. 8 fill in the blank 8 fill in the blank 9 3 4 fill in the blank 11 fill in the blank 12 4 5 fill in the blank 14 fill in the blank 15 5 6 Aug. 13 fill in the blank 17 fill in the…On April 3, a customer returned $600 of merchandise that had been purchased withcash to Ryan Supplies. Ryan’s cost of the goods returned was $200. Which journal entry orentries should Ryan prepare? (No sales discount was offered for early payment.)a. One entry to debit Cash and credit Sales Refunds Payable for $600; another entry todebit Inventory Returns Estimated and credit Inventory for $200.b. One entry to debit Sales Refunds Payable and credit Cash for $600; another entry todebit Inventory and credit Inventory Returns Estimated for $200.c. One entry to debit Sales Revenue for $600 and credit Cash for $600.d. One entry to debit Sales Revenue for $400, debit Refund Expense for $200, and creditCash for $600.Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: Question Content Area a. Sold merchandise for cash, $20,280. The cost of the merchandise sold was $12,170. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area b. Sold merchandise on account, $8,130. The cost of the merchandise sold was $4,880. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question Content Area c. Sold merchandise to customers who used MasterCard and VISA, $122,860. The cost of the merchandise sold was $73,720. (Record the sale first.) blank - Select - - Select - - Select - - Select - blank - Select - - Select - - Select - - Select - Question…