LO 6-4 E-0 01 E6-10 Reporting Net Sales after Sales Discounts During the months of January and February, Solitare Corporation sold goods to two custo The sequence of events was as follows: Jan. 6 Mang 6 14 Feb. 28 Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The good Solitare $70. Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goo- Solitare $60. Collected cash for the amount due from Wizard Inc. Collected cash for the amount due from Spyder Corp. Required: Eva odnow trope Compute the Net Sales Solitare would report over the two months.

LO 6-4 E-0 01 E6-10 Reporting Net Sales after Sales Discounts During the months of January and February, Solitare Corporation sold goods to two custo The sequence of events was as follows: Jan. 6 Mang 6 14 Feb. 28 Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The good Solitare $70. Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goo- Solitare $60. Collected cash for the amount due from Wizard Inc. Collected cash for the amount due from Spyder Corp. Required: Eva odnow trope Compute the Net Sales Solitare would report over the two months.

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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Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $420 to B. Facer for $630 cash, invoice number 5703. May 5 Purchased $2,100 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $1,134 to J. Dryer for $1,644, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $284 to R. Lamb for $454, terms n/30, invoice number 5705. May 16 Received $1,611 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $470 to T. Taylor for $738, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date Account Debited SALES JOURNAL Invoice Number Accounts Receivable Debit Sales…
EE 6-5 Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.
Calculate the gross profit percentage for the sale to Sarah’s cycles
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
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Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. May 2 Sold merchandise costing $340 to B. Facer for $510 cash, invoice number 5703. May 5 Purchased $2,550 of merchandise on credit from Marchant Corporation. May 7 Sold merchandise costing $918 to J. Dryer for $1,331, terms 2/10, n/30, invoice number 5704. May 8 Borrowed $8,000 cash by signing a note payable to the bank. May 12 Sold merchandise costing $230 to R. Lamb for $368, terms n/30, invoice number 5705. May 16 Received $1,304 cash from J. Dryer to pay for the purchase of May 7. May 19 Sold used store equipment (noninventory) for $900 cash to Golf, Incorporated. May 25 Sold merchandise costing $390 to T. Taylor for $612, terms n/30, invoice number 5706. Journalize the following transactions that should be recorded in the sales journal. Date May 07 May 12 May 25 SALES JOURNAL Account Debited Invoice Number J. Dryer R.…