Journalize the following sales transactions for Paul Sportswear. Explanations are not required. Aug. 1 Paul sold $67,000 of women's sportswear on account, credit terms of 2/10, n/60. Cost of goods is $34,000. 5 Paul received a $3,500 sales return on damaged goods from the customer. Cost of goods damaged is $1,750. 10 Paul receives payment from the customer on the amount due, less the return and discount. Journalize the sales transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclud explanations from journal entries.) Aug. 1: Paul sold $67,000 of women's sportswear on account, credit terms of 2/10, n/60. Cost of goods is $34,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Aug. 1

Journalize the following sales transactions for Paul Sportswear. Explanations are not required. Aug. 1 Paul sold $67,000 of women's sportswear on account, credit terms of 2/10, n/60. Cost of goods is $34,000. 5 Paul received a $3,500 sales return on damaged goods from the customer. Cost of goods damaged is $1,750. 10 Paul receives payment from the customer on the amount due, less the return and discount. Journalize the sales transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclud explanations from journal entries.) Aug. 1: Paul sold $67,000 of women's sportswear on account, credit terms of 2/10, n/60. Cost of goods is $34,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Aug. 1

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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Use these to fill in the general journal. • July 1 Credit granted to customer Elizabeth Edwards for returned merchandise, $198.00 plus sales tax $13.86 for total of $211.86. Credit m - July 4 Credit granted to customer Eastside Hospital for damaged merchandise, $1,118.02 (no sales tax). Credit memo #4. - July 7 Credit granted to customer Chevy Chase for returned merchandise, $592.06 plus sales tax $41.44 for total of $633.50. Credit memo # - July 9 Credit granted to customer Wolf Blitzer for returned merchandise, $377.19 plus sales tax $26.40 for total of $403.59. Credit memo #6 Also answer these questions please. 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.
Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $9,000 of the merchandise, receiving a credit memo. Journalize Warwick’s entries to record (a) the purchase, (b) the merchandise return, and (c) the payment within the discount period of ten days, and (d) payment beyond the discount period of ten days. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions. Chart of Accounts CHART OF ACCOUNTS Warwick’s Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment…
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The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $2,200 sales price in cash. The goods cost Bear's $1,200. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $7,600 (total); terms 3/10, n/30. The goods cost Bear's $4,300. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bear's $4,900. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory…
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May you explain how to complete journal entries? How to properly do this one?
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