January 3: Cash sale, $180. The cost of the merchandise was $108. Record the cost of the sale. Date Jan. 3 Date Jan. 8 Account Titles Debit January 8: Issued credit memorandum no. 1 to Capetown Co. for defective merchandise, $300. The cost of the merchandise was $180. Begin by recording the receivable portion of the adjustment. Do not yet adjust for the cost of the merchandise returned. We will do that in the following step. Account Titles Credit Debit Credit

January 3: Cash sale, $180. The cost of the merchandise was $108. Record the cost of the sale. Date Jan. 3 Date Jan. 8 Account Titles Debit January 8: Issued credit memorandum no. 1 to Capetown Co. for defective merchandise, $300. The cost of the merchandise was $180. Begin by recording the receivable portion of the adjustment. Do not yet adjust for the cost of the merchandise returned. We will do that in the following step. Account Titles Credit Debit Credit

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 merchandise transactions. Refer to the Chart of Accounts for exact wording of account titles. Jan. 1 Sold merchandise on account, $18,000 with terms 1/10, n/30, using the net method under a perpetual inventory system. The cost of the goods sold was $10,800. Received payment less the discount. Refunded $600 to customer for defective merchandise that was not returned. 6 7
Hider Company had a customer return merchandise purchased with cash with a sales price of $7,500. The cost of goods was $3,000. Hider refunded the cash to the customer. The journal entries to record the return, using the perpetual inventory system and assuming an adjusting entry was recorded for estimated sales returns would be:
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A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom; FOB shipping point with prepaid freight of $560 added to the invoice. Assuming that a credit for merchandise returned of $2,400 is granted prior to payment and that the invoice is paid within the discount period, what is the amount of cash that should be received by the seller? O $11,800 O $12,236 O S2400 O $9,866 Previous Next 6:28 PM 3/22/20 38) II
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On September 1, Jerry's Lighting purchased merchandise with a list price of $4,100 with credit terms of 3/10, n/60; freight of $200 prepaid and added to the invoice. On September 3, Jerry's returns of $500 of the merchandise. If payment is made within the discount period, the total amount paid by Jerry's Lighting is;
please answer part C and part D but not in image format
Returned defective merchandise with cost $1200 to A B C company from the last monthe purchase .. that will recorded at ... a. Cash receipt journal or b. General journal
On June 3, Marigold Company sold to Chester Company merchandise having a sale price of $3,800 with terms of 4/10, n/60, f.o.b. shipping point. An invoice totalling $91, terms n/30, was received by Chester on June 8 from John Booth Transport Service for the freight cost. On June 12, the company received a check for the balance due from Chester Company. (a) Prepare journal entries on the Marigold Company books to record all the events noted above under each of the following bases. (1) (2) No. Your answer is partially correct. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) (1) (2) Sales and receivables are entered at gross selling price. Sales and receivables are entered at net of cash discounts. Date June 3 June 3 June 12 June 3…
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