Levine
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Exercise 9-2 Accounting for credit card sales LO C1
Levine Company uses the perpetual inventory system.
| Apr. | 8 | Sold merchandise for $7,500 (that had cost $5,543) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. | ||
| 12 | Sold merchandise for $5,600 (that had cost $3,629) and accepted the customer's Continental Card. Continental charges a 2.5% fee. |
Prepare
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- Journalizing Sales Transactions Enter the following transactions in a general journal. Use a 6% sales tax rate. May Sold merchandise on account to J. Adams, $4,000 plus ' sales tax. Sale No. 488. Sold merchandise on account to B. Clark, $3,800 plus sales tax. Sale No. 489. Sold merchandise on account to A. Duck, $3,500 plus 8. sales tax. Sale No. 490. Sold merchandise on account to E. Hill, $3,950 plus sales 11 tax. Sale No. 491. Page: ACCOUNT TITLE DOC. POST. NO. REF. DATE DEBIT CREDIT 20-- May 1 2 2 3 4 4 5 May 4 6. 7 8. 8 9 May 8 9 10 10 11 11 12 12 13 May 11 13 14 14 15 15Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 Z-Mart sold merchandise for $2,800 (that had cost $1,550) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $3 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. View transaction list Journal entry worksheet 1 3 Z-Mart sold merchandise for $2,800 and accepted the customer's Z-Mart store credit card. Note: Enter debits before credits. Date General Journal Debit Credit Apr 30 Record entry Clear entry View general journalExercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 z-Mart sold merchandise for $2,400 (that had cost $1,350) and accepted the customer's Z-Mart store credit card. May 31 Z-Mart recorded $6 of interest earned from its store credit card as of this month-end. Prepare journal entries to record the above credit card transactions of Z-Mart. View transaction list Journal entry worksheet 2 Z-Mart sold merchandise for $2,400 and accepted the customer's Z-Mart store credit card. Note: Enter debits before credits. Debit Credit Date General Journal Apr 30 MacBook Air
- Sheffield Ltd. sells rock-climbing products and operates an indoor climbing facility for climbing enthusiasts. On July 1, 2024, Sheffield issued a three-month $25,200 note payable to Climbing Ropes Ltd. for some inventory it purchased due on September 30, 2024, and bearing interest at 6%. Principal and interest are payable at maturity. The company records adjusting entries annually at its year end, December 31. During the next four months, Sheffield incurred the following: Sept. 1 Purchased inventory on account for $28,200 from Black Diamond, terms n/30. The company uses a perpetual inventory system. 30 Repaid the $25,200 note payable to Climbing Ropes (see opening balance), as well as any interest owed. Oct. 1 2 Dec. 31 Issued a six-month, 8%, $28,200 note payable to Black Diamond in exchange for the account payable (see September 1 transaction). Interest is payable on maturity. Borrowed $90,000 cash from Montpelier Bank. The 3-year bank loan at 6% financed the building of a new…Theab User Management,... H https://outlook.offi... FES Protection Plan System 7 - North C... Homework Exercises Saved Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purchased merchandise on account from Salinas Company; Invoice 100 for $1,005; terms n/30. 15 Recorded purchases for cash, $1,490. 30 Paid amount due to Salinas Company for the purchase on June 4. June Book Required: Record these transactions in a general journal. erences View transaction list Journal entry worksheet 1. 21 3 Paid amount due to Salinas Company for the purchase on June 4. Note: Enter cebits before credits.
- Practice Quiz Retail Transactions ABC Co. began operations on January 1. Please prepare journal entries, where appropriate, for the following transactions during January. Jan 2 Purchased $8,000 merchandise, 2/10, n/30. FOB Shipping Point Jan 4 The responsible party paid the freight bill of $75 Jan 8 Returned $600 of merchandise purchased on Jan 2 receiving credit memo Jan 12 Paid amount owed for January 2 Jan 14 Sold $4,000 of merchandise, 1/10, n/30, FOB Destination. Cost of the merchandise was $1,500 Jan 16 The responsible party paid the freight bill of $50 Jan 24 Collected amount owed from January 14 Jan 29 Sold $2,000 of merchandise, n/30, FOB Shipping Point. Cost of the merchandise was $750 Jan 31 The responsible party paid the freight bill of $50 Prepare a multi-step Income Statement for the month of January using the above information and the additional information below: Sales Salaries $800 Property Taxes…Match the last day the discount may be taken to each letter Last Date Date Merchandise was Invoice Date Terms for Cash Received Discount a. September 28 October 4 8/10 EOM b. July 28 August 2 8/10 ROG C. January 22 January 27 2/10 EOM d. March 21 March 27 2/10 ROG е. May 30 June 6 1/15, n/30 f. September 14 September 17 3/10,n/30 [Choose] ( Choose ) I Choose) [ Choose] [Choose ) [ Choose]EB 14. LO 6.5 Review the following situations and record any necessary journal entries for Wall World. Dec. 6 Wall World purchases $5,510 worth of merchandise on credit from a manufacturer. Shipping charges are an extra $146 cash. Terms of the purchase are 2/15, n/40, FOB Shipping Point, invoice dated December 6. Dec. 10 Wall World sells $3,590 worth of merchandise to a customer, who pays on credit. The merchandise has a cost to Wall World of $1,400. Shipping charges are an extra $115 cash. Terms of the sale are 4/10, n/30, FOB Destination, invoice dated December 10.
- Chapter 11 Homework еBook Show Me How Print Item Trade Discount and Cash Discounts Instructions Chart of Accounts Calculations General Journal Instructions Merchandise was purchased on account from Grant's Distributors on June 12. The purchase price was $4,000, less a 10% trade discount and credit terms of 2/10, n/30. Required: 1. Calculate the net amount to record the invoice, less the 10% trade discount. 2. Calculate the amount to be paid on this invoice within the discount period. 3. Journalize the purchase of the merchandise on June 12 and the payment on June 22 (within the discount period) in a general journal. %3DExercise 4-3 (Static) Recording purchases, purchases returns, and purchases allowances LO P1 Prepare journal entries to record the following transactions for a retail store. The company uses a perpetual inventory system and the gross method. April 2 Purchased $4,600 of merchandise from Lyon Company with credit terms of 2/15, n/60, invoice dated April 2, and FOB shipping point. Paid $300 cash for shipping charges on the April 2 purchase. April 3 April 4 Returned to Lyon Company unacceptable merchandise that had an invoice price of $600. April 17 Sent a check to Lyon Company for the April 2 purchase, net of the discount and the returned merchandise. Purchased $8,500 of merchandise from Frist Corporation with credit terms of 1/10, n/30, invoice dated April April 18 18, and FOB destination. April 21 After negotiations over scuffed merchandise, received from Frist a $500 allowance toward the $8,500 owed on the April 18 purchase. April 28 Sent check to Frist paying for the April 18 purchase,…13. Paid Hoagie Co. for invoice of October 3. 14. Paid Taco Co. for invoice of October 4, less debit memo of October 6. 19. Purchased merchandise from Veggie Co., $27,300, terms FOB shipping point, n/com. 19. Paid freight of $400 on October 19 purchase from Veggie Co. 20. Purchased merchandise from Caesar Salad Co., $22,000, terms FOB destination, 1/10, n/30. 30. Paid Caesar Salad Co. for invoice of October 20. 31. Paid UK Imports Co. for invoice of October 1. 31. Paid Veggie Co. for invoice of October 19. Instructions Journalize the entries to record the transactions of Capers Company for October. PR 6-2A Sales-related transactions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers: Mar. 2. Sold merchandise on account to Equinox Co., $18,900, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was $13,300. 3. Sold…
