July 2 Sold $60,000 of merchandise to Odom Jewels on account. July 3 Sold $13,000 of merchandise to Brennan Crystals, which paid by credit card. The credit card company charges Woodshine a fee of 3% on credit card sales. July 16 Odom Jewels paid the balance of what it owed for the purchase on July 2. July 17 Sold $25,000 of merchandise to Powell Stones on account. July 19 Powell Stones noticed that some of the merchandise received was damaged, so it returned $4,000 worth of merchandise to Woodshine. July 30 Powell Stones paid the balance of what it owed for the purchase on July 17. Woodshine Jewelry sells to retailers who then resell the products. Woodshine does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale with a credit card. The company had the following selected transactions during July: LOADING... (Click the icon to view the transactions.) Read the requirements LOADING... . Requirement 1. Journalize Woodshine's July transactions. (You do not need to record the cost of goods sold entries.) (Record debits first, then credits. Exclude explanations from any journal entries.) July 2: Sold $60,000 of merchandise to Odom Jewels on account. Journal Entry Date Accounts Debit Credit July 2 July 3: Sold $13,000 of merchandise to Brennan Crystals, which paid by credit card. The credit card company charges Woodshine a fee of 3% on credit card sales. Journal Entry Date Accounts Debit Credit July 3 July 16: Odom Jewels paid the balance of what it owed for the purchase on July 2. Journal Entry Date Accounts Debit Credit July 16 July 17: Sold $25,000 of merchandise to Powell Stones on account. Journal Entry Date Accounts Debit Credit July 17 July 19: Powell Stones noticed that some of the merchandise received was damaged, so it returned $4,000 worth of merchandise to Woodshine. (Assume that expected future returns have been recorded.) Journal Entry Date Accounts Debit Credit July 19 July 30: Powell Stones paid the balance of what it owed for the purchase on July 17. Journal Entry Date Accounts Debit Credit July 30 Requirement 2. Calculate the gross sales revenue for the month. Woodshine Jewelry's gross sales for the month is $ . Choose from any list or enter any number in the input fields and then continue to the next question.

July 2 Sold $60,000 of merchandise to Odom Jewels on account. July 3 Sold $13,000 of merchandise to Brennan Crystals, which paid by credit card. The credit card company charges Woodshine a fee of 3% on credit card sales. July 16 Odom Jewels paid the balance of what it owed for the purchase on July 2. July 17 Sold $25,000 of merchandise to Powell Stones on account. July 19 Powell Stones noticed that some of the merchandise received was damaged, so it returned $4,000 worth of merchandise to Woodshine. July 30 Powell Stones paid the balance of what it owed for the purchase on July 17. Woodshine Jewelry sells to retailers who then resell the products. Woodshine does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale with a credit card. The company had the following selected transactions during July: LOADING... (Click the icon to view the transactions.) Read the requirements LOADING... . Requirement 1. Journalize Woodshine's July transactions. (You do not need to record the cost of goods sold entries.) (Record debits first, then credits. Exclude explanations from any journal entries.) July 2: Sold $60,000 of merchandise to Odom Jewels on account. Journal Entry Date Accounts Debit Credit July 2 July 3: Sold $13,000 of merchandise to Brennan Crystals, which paid by credit card. The credit card company charges Woodshine a fee of 3% on credit card sales. Journal Entry Date Accounts Debit Credit July 3 July 16: Odom Jewels paid the balance of what it owed for the purchase on July 2. Journal Entry Date Accounts Debit Credit July 16 July 17: Sold $25,000 of merchandise to Powell Stones on account. Journal Entry Date Accounts Debit Credit July 17 July 19: Powell Stones noticed that some of the merchandise received was damaged, so it returned $4,000 worth of merchandise to Woodshine. (Assume that expected future returns have been recorded.) Journal Entry Date Accounts Debit Credit July 19 July 30: Powell Stones paid the balance of what it owed for the purchase on July 17. Journal Entry Date Accounts Debit Credit July 30 Requirement 2. Calculate the gross sales revenue for the month. Woodshine Jewelry's gross sales for the month is $ . Choose from any list or enter any number in the input fields and then continue to the next question.

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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Question

July 2		Sold $60,000 of merchandise to Odom Jewels on account.
July 3		Sold $13,000 of merchandise to Brennan Crystals, which paid by credit card. The credit card company charges Woodshine a fee of 3% on credit card sales.
July 16		Odom Jewels paid the balance of what it owed for the purchase on July 2.
July 17		Sold $25,000 of merchandise to Powell Stones on account.
July 19		Powell Stones noticed that some of the merchandise received was damaged, so it returned $4,000 worth of merchandise to Woodshine.
July 30		Powell Stones paid the balance of what it owed for the purchase on July 17.

Woodshine

Jewelry sells to retailers who then resell the products.

Woodshine

does not offer sales discounts for early payment; it asks that customers pay in full within

days or at the point of sale with a credit card. The company had the following selected transactions during

July:

(Click

the icon to view the transactions.)

Read the

requirements

Requirement 1. Journalize

Woodshine's

July

transactions. (You do not need to record the cost of goods sold entries.) (Record debits first, then credits. Exclude explanations from any journal entries.)

July

2: Sold

$60,000

of merchandise to

Odom

Jewels on account.

Journal Entry
Date	Accounts	Debit	Credit
July	2

July

3: Sold

$13,000

of merchandise to

Brennan

Crystals, which paid by credit card. The credit card company charges

Woodshine

a fee of

on credit card sales.

Journal Entry
Date	Accounts	Debit	Credit
July	3

July

16:

Odom

Jewels paid the balance of what it owed for the purchase on

July

Journal Entry
Date	Accounts	Debit	Credit
July	16

July

17: Sold

$25,000

of merchandise to

Powell

Stones on account.

Journal Entry
Date	Accounts	Debit	Credit
July	17

July

19:

Powell

Stones noticed that some of the merchandise received was damaged, so it returned

$4,000

worth of merchandise to

Woodshine.

(Assume that expected future returns have been recorded.)

Journal Entry
Date	Accounts	Debit	Credit
July	19

July

30:

Powell

Stones paid the balance of what it owed for the purchase on

July

17.

Journal Entry
Date	Accounts	Debit	Credit
July	30

Requirement 2. Calculate the gross sales revenue for the month.

Woodshine Jewelry's gross sales for the month is $

Choose from any list or enter any number in the input fields and then continue to the next question.

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