LO 6-4Jesensel bre3E6-10 Reporting Net Sales after Sales DiscountsDuring the months of January and February, Solitare Corporation sold goods to two customers.The sequence of events was as follows:Jan. 6Hors614Feb. 28Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The goods costSolitare $70.motnovniSold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goods costSolitare $60.Collected cash for the amount due from Wizard Inc.Collected cash for the amount due from Spyder Corp.Required:entropeld eesdaw basCompute the Net Sales Solitare would report over the two months.togs t

The sales is the amount of revenue which is earned by selling the goods or providing the services.…

LO 6-4 e bak E6-10 Reporting Net Sales after Sales Discounts univolley art to lose not During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: Jan. 6 6 14 Feb. 28 Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $70. 59003109 notnoval Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goods cost. Solitare $60. Collected cash for the amount due from Wizard Inc. Collected cash for the amount due from Spyder Corp. Required: eintropeld eesrious bus Compute the Net Sales Solitare would report over the two months.

LO 6-4 e bak E6-10 Reporting Net Sales after Sales Discounts univolley art to lose not During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows: Jan. 6 6 14 Feb. 28 Sold goods for $100 to Wizard Inc. with terms 2/30, n/60. The goods cost Solitare $70. 59003109 notnoval Sold goods to Spyder Corp. for $80 with terms 5/10, n/60. The goods cost. Solitare $60. Collected cash for the amount due from Wizard Inc. Collected cash for the amount due from Spyder Corp. Required: eintropeld eesrious bus 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

See similar textbooks

Similar questions

Make a general journal using these transactions.
Please do not give solution in image format thanku
Information on Monty Corp., which reports under ASPE, follows: July 1 Dec. 29 3 5 9 Monty Corp. sold to Sandhill Ltd. merchandise having a sales price of $9,200, terms 2/10, n/60. Ignore cost of goods sold entry. Sandhill returned defective merchandise having a sales price of $900. The merchandise was not saleable and was scrapped. Accounts receivable of $20,200 are factored with Pronghorn Corp. without recourse at a financing charge of 8%. Cash Is received for the proceeds and collections are handled by the finance company. Specific accounts receivable of $15,700 are pledged to Landon Credit Corp. as security for a loan of $10,700 at a finance charge of 3% of the loan amount plus 8% Interest on the outstanding balance. Monty will continue to make the collections. All the accounts receivable pledged are past the discount period and were originally subject to a 2% discount. Sandhill notifies Monty that It Is bankrupt and will be able to pay only 10% of its account. Prepare the entry to…
Qc 1
None
Show Journal entries 3/1/22 Purchased $10,000 merchandise on account. Terms were 2/10, n/30, FOB Shipping Point. Sales taxes were 6% not included in the price. The shipping cost was $100. 3/3/22 Sold $20,000 merchandise to WG Company. Credit terms were 2/10, n/30, FOB Destination. The cost of goods sold was $8,000. Sales tax was 7% not included in the price. Paid $100 to UPS to ship the merchandise to WG Company 3/6/22 Bought back 500 shares of its own common stock at $14 per share from an unsatisfied stockholder 3/10 Collected from WG Company for the above sales.
What is the estimated ending inventory and cost of good sold for june under fifo cost bass land average cost basis.
s
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…
khu.2
None
Entries for Uncollectible Receivables, using Alowance Method 1. EX.08.01 Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of 2 EX 08.02 ALGO accounting for uncollectible recelvables: 3. EX.08.03 ALGO May 24 Sold merdchandise on account to Old Town Cafe, $10,200. The cost of goods sold was $7,300. Sept. 30 Received $3,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. 4. EX.08.04 ALGO Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $7,200 cash in full payment. 5. EX.08.06 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable-old Town Cafe 6. EX 08.07 May 24-sale 7. EX.08.20 ALGO Sales v 8. PRO8.02A BLANKSHEET Cost of Goods Sold v Inventory v May 24-cost Sept. 30 Cash Allowance for Doubtful Accounts Accounts Receivable-old Town Cafe v Dec. 7-reinstate Accounts…