Jan. 3Brown's Repair paid $19,200 on its account.4Custom Repair paid $1,200 on its account that had previously been written off.8Jen's Auto Body purchased $3,600 of merchandise on account.9Antique Auto Repair paid cash for $1,400 of merchandise.18Jen's Auto Body returned $800 of merchandise.19Luxury Autos paid $13,200 on its account.2220Jen's Auto Body paid $24,800 on its account.23Brown's Repair purchased $5,200 on account.25Custom Repair purchased $10,600 of merchandise on Visa.26Luxury Autos purchased $19,600 of merchandise on account.31Sunland determined that the Best Auto Repair account receivable was not collectible.(a)Record the above transactions. Ignore credit card fees and any entries to merchandise inventory and cost of goods sold for thepurposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debitSUPP

January 3: Brown's Repair paid $19,200 on its account.The entry debits (increases) the cash account…

Answered: Jan. 3 Brown's Repair paid $19,200 on…

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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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.
a clothing store accecpted a debit card payment for $127.49 in merchandise. The commission charged was 75 cents plus 1.4%. How much did the store actually recieve?
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Sydney returns $1,300 of the $29,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. Note: Enter debits before credits. Date General Journal Debit Credit May 12
July 1 Sold $21,600 of computers to Robertson Company with terms 3/15, n/60. Windsor uses the gross method to record cash discounts. Windsor estimates allowances of $1,404 will be honored on these sales. 10 Windsor received payment from Robertson for the full amount owed from the July transactions. 17 Sold $216,000 in computers and peripherals to The Clark Store with terms of 2/10, n/30. 30 The Clark Store paid Windsor for its purchase of July 17. Prepare the necessary journal entries for Windsor Computers. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation (To record sales revenue.) (To record allowance for sales returns.) Debit Credit
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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
On November 3, FDN Trading sold merchandise for P170,000 less 10-5 on terms 3/10 2/20 n/30. Two days after, the customer returned P10,000 worth of defective goods. On November 13, the customer made a partial payment of P80,000. The account was finally paid in full on November 23. How much cash was received by FDN Trading on November 23?
Entries for Uncollectible Receivables, using Allowance Method Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 24 Sold merchandise on account to Old Town Cafe, $19,100. The cost of goods sold was $13,800. Sept. 30 Received $4,400 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $14,700 cash in full payment. May 24-sale Accounts receivable-old town cafe sales May 24-cost Cost of goods sold Inventoru Sep 30 Cash Allowance for doubtful accounts accounts receivable old town cafe Dec 7-reinstate Accounts receivable old town cafe Allowance for doubtful accounts Dec 7-collection cash accounts receivable old town cafe
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Journalize the following transactions in the accounts of BBH inc., a wholesaler of arcade cabinets that uses the allowance method of accounting for uncollectible receivables: May 24 - Sold merchandise on account to Big Castle $18,450. The cost of goods sold was $11,000. 30 - Received $6,000 from Big Castle and wrote off the remainder owed on the sale of May 24 as uncollectible. Dec. 7 - Reinstated the account of Big Castle that had been written off on September 30 and received $12,450 cash in full payment

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