Journalize the following sales transactions for Antique Mall. Explanations are not E5-21 Jo required. The company estimates sales returns at the end of each month. Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods Jan. 4 is $8,000. Received a $300 sales return on damaged goods from the customer. Cost 8. of goods damaged is $150. 13 Antique Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. Antique Mall paid $70 on freight out. 20 Received payment from the customer on the amount due from Jan. 20, 29 less the discount.

Journalize the following sales transactions for Antique Mall. Explanations are not E5-21 Jo required. The company estimates sales returns at the end of each month. Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods Jan. 4 is $8,000. Received a $300 sales return on damaged goods from the customer. Cost 8. of goods damaged is $150. 13 Antique Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. Antique Mall paid $70 on freight out. 20 Received payment from the customer on the amount due from Jan. 20, 29 less the discount.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 27 bushels of flowers to a customer for $1,200 cash; cost of sale $630. Oct. 21 Sold 60 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company. Oct. 31 Received payment in full from the October 21 sale. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
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
Following are the merchandising transactions of Dollar Store. November 1 Dollar Store purchases merchandise for $2,800 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. November 5 Dollar Store pays cash for the November 1 purchase. November 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. November 10 Dollar Store pays $140 cash for transportation costs for the November 1 purchase. November 13 Dollar Store sells merchandise for $3,024 with terms n/30. The cost of the merchandise is $1,512. November 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $205 and cost $103; the items were not damaged and were returned to inventory. Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method.
Oswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
Required: Record the following transactions of Fashion Park in a general journal. Fashion Park must charge 8 percent sales tax on all sales. The company uses the perpetual inventory system. DATE TRANSACTIONS 20X1 April 2 Sold merchandise for cash, $2,500 plus sales tax. The cost of merchandise sold was $1,500. 3 The customer purchasing merchandise for cash on April 2 returned $250 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $150. 4 Sold merchandise on credit to Jordan Clark; issued Sales Sslip 908 for $1,050 plus tax, terms n/30. The cost of the merchandise sold was $630. 6 Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $150 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $90. 30 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. View transaction list
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.
Purchase-Related Transactions Stylon Co., a women's clothing store, purchased $28,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30 using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,200, receiving a credit memo. a. ournalize Stylon’s entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank b. Journalize Stylon’s entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Letter Depot purchases $11,480 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $460 cash. Terms of the purchase are 2/10, n/40, FOB Destination, invoice dated March 9. Mar. 20 Letter Depot sells $7,500 worth of merchandise to a customer who pays on credit. The merchandise has a cost to Letter Depot of $2,850. Shipping charges are an extra $420 cash. Terms of the sale are 3/15, n/50, FOB Destination, invoice dated March 20. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Instructions May 1. Sold merchandise on account to Taiwan Palace Co., $43,440. The cost of the merchandise sold was $22,060. Aug. 30. Received $9,980 from Taiwan Palace Co, and wrote off the remainder owed on the sale of May 1 as uncollectible. Dec. 8. Reinstated the account of Taiwan Palace Co. that had been written off on August 30 and received $33,460 cash in full payment. Required: Journalize the above transactions in the accounts of Arizona Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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
Please help me with all answers thanku