Journalize the entries for the following transactions: a.  Sold merchandise for cash, $22,250. The cost of the merchandise sold was $13,350. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  b.  Sold merchandise on account, $11,880. The cost of the merchandise sold was $7,130. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  c.  Sold merchandise to customers who used MasterCard and VISA, $118,400. The cost of the merchandise sold was $71,040. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  d.  Sold merchandise to customers who used American Express, $35,660. The cost of the merchandise sold was $21,400. (Record the sale first.)     fill in the blank          fill in the blank      fill in the blank          fill in the blank  e.  Paid $6,900 to National Clearing House Credit Co. for service fees for processing MasterCard, VISA, and American Express sales.     fill in the blank

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A: Step 1:Answer a.The total amount due on a sale was $28,200 which the customer has already paid.…

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A: Gross profit: It implies to the profit that is earned by the business after subtracting it's direct…

Q: 1 2 3 4 5 6 7 8 9 10 11 12 MASHAKAR HE 13 18 Paid rent for May, $5,000. Sold Merchandise on account…

A: A Journal is the primary book in which transactions of a business are recorded.A journal entry…

Q: Abbey Co. sold merchandise to Gomez Co. on account, $33,500, terms 2/15, net 45. The cost of the…

A: Net sales = Gross sales - Sales returns and allowance - Sales discount = $33,500 - $2,800 -…

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A: The credit terms is 1/10, n/30 which means if the payment has been paid within 10 days, then 1%…

Q: Merchandise with a sales price of $1,100 is sold on account with terms 2/10, n/30. The journal entry…

A: 2/10, n/30 indicates that a discount of 2% will be given if payment is received within 10 days and…

Q: Record the following transactions in general journal form. a. Sold merchandise on account to A.…

A: Journal entries are the first step of recording the transactions journalization is the process of…

Q: Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Purchase-related transactions The Stationery Company purchased merchandise on account from a…

A: Perpetual inventory system is an effective inventory system which is used to record inventory in a…

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A: There are charges when a company accepts payment through the bank cards and that charges are as per…

Q: A sales invoice included the following information: merchandise price, $7,100; terms 1/10, n/eom;…

A: The amount of cash that should be received by the seller = Invoice price + Freight charges –…

Q: Pierce Company sold merchandise on account to Stanton Company, terms FOB shipping point, / 30, for…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $5,500 (that had…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of…

A: Gross profit is the profit earned by the entity after considering the cost of merchandise sold. It…

Q: Valley Company purchases merchandise on account for $6,236 from Corn Company with credit terms of…

A: The cash discount is allowed to buyer, if payment is made within discount period.  The FOB shipping…

Q: Sales-Related Transactions Merchandise is sold on account to a customer for $21,200, terms FOB…

A: Introduction:- The following basic information as follows under:- Gross sales $21,200 FOB shipping…

Q: Basie Company engaged in the following transactions: June 2-Received merchandise purchased on…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: What is the entry on Kiner's books to record the payment of the invoice within the discount period?

A: In the normal course of business, Business Entities allow credit to their customers on some terms…

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A: Journal entry is the first stage of accounting process.Journal entry used to record business…

Q: Purchase transactions: Rolfes company purchased merchandise on account from Springhill Company for $…

A: Purchase discount is calculated by multiplying purchase less return by discount rate. 2/10, n/30…

Q: Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of…

A: Purchases is an activity of acquiring the merchandise inventory of a business.   Sales is an…

Q: Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the…

A: Step 1: Introduction to Gross Profit:Gross profit refers to the amount of profit that remains after…

Q: Barans Company purchased merchandise on account from a supplier for $7,100, terms 2/10, n/30. Barans…

A: The cash discount which has available on the purchases is when the condition is fulfilled and the…

Q: Which of the following is an element of the journal entry to account for a purchase of merchandise…

A: The journal entry for sales is recorded after computing the sales tax included in such sales. The…

Q: On October 4, 2006, an Corporation had credit sales transactions of $4,800 from merchandise having…

A: When sales are made to customers, then the sales and cost of goods sold transactions are recorded in…

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A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…

Q: A sales invoice included the following information: merchandise price, $11,800; terms 1/10, n/eom;…

A: Sales - Return = Net Sales  Merchandise Price = $11,800 Prepaid Freight  = $560  Merchandise…

Q: Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $9,800…

A: 1. Journal Entries - Journal Entries are records of the company transactions. It is recorded in the…

Q: aent manually.) On July 1, Sandhill Co. sold merchandise on account to Waegelein Inc. for $16,400,…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: nces Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,500 (that…

A: Journal Entry :— It is an act of recording transactions in books of account when transaction…

Q: Prepare journal entries for the following credit card sales transactions (the company uses the…

A: 1. Credit card expense = $21000*5% = $1,050 2. Credit card expense = $5,100 x 4% = $204

Q: Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had…

A: Journal entry is the act of keeping records of transactions in an accounting journal. An accounting…

Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: A sales invoice included the following information: merchandise price, $9,000; terms 1/10, n/eom;…

A: The seller is a person who sells the goods and would receive money for the goods sold.

Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and…

A: The process of recording business transactions in the books of accounts for the first time is…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is