LO 6-4 E6-12 Reporting Net Sales after Sales Discounts and Sales Returns And to dinem ad aud The following transactions were selected from among those completed by Bear's Retail Store: Nov. 2001 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in gunzco aboog huopan cash. The goods cost Bear's $300. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear's $2,500. Dec. 6 30 29 To ilosa tot vecum 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,000 (total); terms 3/10, n/30. The goods cost Bear's $4,000. 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. Nancy's Gym paid the account balance in full. Vasko Athletics paid in full for the invoice of November 25. 000.00 equired: ompute the Net Sales to be reported over the two months. a une Multistep Income State 2none 22010 290novell esta

LO 6-4 E6-12 Reporting Net Sales after Sales Discounts and Sales Returns And to dinem ad aud The following transactions were selected from among those completed by Bear's Retail Store: Nov. 2001 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in gunzco aboog huopan cash. The goods cost Bear's $300. 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000 (total); terms 3/10, n/30. The goods cost Bear's $2,500. Dec. 6 30 29 To ilosa tot vecum 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $6,000 (total); terms 3/10, n/30. The goods cost Bear's $4,000. 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. Nancy's Gym paid the account balance in full. Vasko Athletics paid in full for the invoice of November 25. 000.00 equired: ompute the Net Sales to be reported over the two months. a une Multistep Income State 2none 22010 290novell esta

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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Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
A5
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.
Carla Vista Company uses special journals and a general journal. The following transactions occurred during September 2022. Sept. 2 (a) 10 12 21 25 Purchased merchandise on account from D. Downs $820, terms n/30. 27 Sold merchandise to S. Miller for $730 cash. The cost of the merchandise sold was $415. Sold merchandise on account to H. Drew, invoice no. 101, $695, terms n/30. The cost of the merchandise sold was $375. Date Purchased merchandise on account from A. Pagan $555, terms 2/10, n/30. Purchased office equipment on account from R. Cairo $6,400. Sold merchandise on account to G. Holliday, invoice no. 102 for $765, terms 2/10, n/30. The cost of the merchandise sold was $465. Prepare a sales journal and record the transactions for September that should be journalized. (Record entries in the order presented in the problem statement.) 2022 Account Debited CARLA VISTA COMPANY Sales Journal Invoice No. Ref. Accounts Receivable Dr. Sales Revenue Cr. S1 Cost of Goods Sold Dr. Inventory…
How do you make a general journal entry for these sales transactions?
Hi, please answer the attached question BR,
Journalizing Sales Transactions Enter the following transactions in a sales journal. Use a 6% sales tax rate. May 1 Sold merchandise on account to J. Adams, $1,800, plus sales tax. Sale No. 488. 4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489. 8 Sold merchandise on account to A. Duck, $1,500, plus sales tax. Sale No. 490. 11 Sold merchandise on account to E. Hill, $1,950, plus sales tax. Sale No. 491.
Prime book entries?
Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
Your company completed the following merchandise transactions during year 6: 1. On January 1, Year 6, your company had merchandise which cost $18,000 and had a net realizable value of $17,900. 2. Purchased $23,000 of merchandise for cash 3. Sold $19,000 of the merchandise for $36,400 on account. 4. Purchased $10,000 of merchandise on account, terms 2/10, n/30. 5. Paid for the merchandise in #3 on the eighth day after the purchase. 6. There were other purchases and sales throughout the year, but you do not need to record them, so no entry here. 7. Ended the year with merchandise which cost $26,000 (according to your calculations) and had a net realizable value of $25,400. INSTRUCTIONS: a. Prepare the entries for the transactions above assuming a Periodic inventory system, the allowance method for LCNRV, and the net method for purchase discounts. b. Prepare the entries for the transactions above assuming a Perpetual inventory system, the direct inventory reduction method for LCNRV, and…
Calculate the gross profit percentage for the sale to Sarah’s cycles
On September 1, ABC Company bought goods with a list price of $20,000 terms 2/10, n/30. On On September 5, ABC Company returned goods with a list price of $2,500 for credit. On September 9, ABC Company made a payment for their inventory purchase. How much did ABC Company pay for the inventory? $17,500 $19,600 $20,000 $17,150