Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $285. Note: Enter debits before credits.
Q: Sales-related transactions After the amount due on a sale of $28,200, terms n/eom, is received from…
A: Step 1:Answer a.The total amount due on a sale was $28,200 which the customer has already paid.…
Q: Recognizing Accounts Receivable On June 7, Pixer Co. sells $1,500 of merchandise to Jasmine Co. on…
A: a.On June 7, Pixer Co. sells $1500 of merchandise to Jasmine Co. on account. When Pixer Co. sells…
Q: invoice dated July 27 with terms of 3/10 EOM. Determine (a) the last day of the discount period, and…
A: Generally the discount is given by the supplier in order to receive the immediate payment and create…
Q: On June 12, Music, Incorporated sells $4,000 of goods on account to a credit customer with credit…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Journalize the following transactions using the allowance method of accounting for uncollectible…
A: Journal Entries are prepared to record the financial and non financial transactions of the business…
Q: When the cash count sheets for the day equal $14280 and the cash register reports $14280 the journal…
A: Journal entry: It refers to the recording of company's financial transactions in it's primary book…
Q: Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,250. The…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On October 10, 202X, Jackson Co. issued debit memorandum no. 1 for $380 to Ada Co. for merchandise…
A: Journal entry:Journal entry is a set of economic events which can be measured in monetary terms.…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: Increase in asset is debited, Decrease in asset is credited. Increase in liability is credited,…
Q: Sales transactions are recorded in the general journal by debiting Accounts Receivable and crediting…
A: On July 17, Brook's Floor and Tile Supply sold merchandise on account to Erica's Interiors Inc. The…
Q: Journalize the entries to record the following selected transactions
A: The chart of accounts as mentioned in the question is not provided herewith. Journal entries are the…
Q: On May 18, Wildhorse Company sells $820 of merchandise on account with a cost of $460 to Windsor…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: Record the following sales transactions in general journal form on the books of Collins Company (the…
A: The answer has been presented in the supporting sheets. All the parts has been solved with detailed…
Q: January 3: Cash sale, $180. The cost of the merchandise was $108. Record the cost of the sale. Date…
A: Journal entry: This is the first step to record accounts. It is written in the same order in which…
Q: Valley Company purchases merchandise on account for $6,236 from Corn Company with credit terms of…
A: The cash discount is allowed to buyer, if payment is made within discount period. The FOB shipping…
Q: Journalize the following transactions using the direct write-off method of accounting for…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Journalize the following transactions using the allowance method of accounting for uncollectible…
A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…
Q: Barans Company purchased merchandise on account from Springhill Company for $10,600, terms 2/10,…
A: Net Purchases = Purchases - Purchase return = $10,600 - $2,200 = $8,400
Q: Complete the following: Invoice Jan. 26 Date goods are received Terms 4/10 EOM Last day of discount…
A: The time between the final day that the discount terms are still in effect and the date when the…
Q: Issued Check No. 319 to Martin Company for merchandise purchased September 2, $8,500, terms 1/10,…
A: A credit memo is given at time of sales return by the seller to the buyer. 1/10, n/30 terms means…
Q: nal entries to record the activities related to the gift cards. (Record debits first, then credits.…
A: Journal entry is the first stage of accounting process.Journal entry used to record business…
Q: On December 31, the company estimates future sales refunds to be $900. As of that date, the company…
A: A journal entry is the act of recording each individual financial transaction that a company does in…
Q: Barans Company purchased merchandise on account from a supplier for $7,100, terms 2/10, n/30. Barans…
A: The cash discount which has available on the purchases is when the condition is fulfilled and the…
Q: Journalize, record, and post when appropriate, the following transactions into the general journal…
A: Posting to the General LedgerAccounts Payable Subsidiary LedgerA. Morris Company:Date…
Q: credit purchase of goods
A: Most of the purchase and sales of any venture are on credit terms. Whenever the due date arrives and…
Q: On November 10 of the current year, Flores Mills sold carpet to a customer for $7,700 with credit…
A: The gross method records the face value of receivables. If the customer takes advantage of the…
Q: Complete the following: Invoice April 27 Date goods are received Terms 4/10 EOM Last day of discount…
A: Given, Term = 3/10 Invoice date = April 27 The discount date would not be calculated from the date…
Q: On September 12, 8 customers use debit cards to purchase merchandise totalling $610.00 from…
A: Date: September 12 Description: Debit Card Sales AccountDebit ($USD)Credit ($USD)Cash Received from…
Q: Company Crane sells $ 800 of merchandise on account to Company Blossom with credit terms of 1/15,…
A: Credit term: credit term is the conditions of credit payment set by a company an example of credit…
Q: The cash register tape for Larkspur Industries reported sales of $7,146.30. Record the journal entry…
A: a. Cash = Sales revenue - Cash short = 7146.30 - 52.78 = 7093.52 b. Cash = Sales revenue + Cash…
Q: Recognizing Accounts Receivable On June 7, Bixby Co. sells $950 of merchandise to Jasmine Co. on…
A: Journal Entry:— It is an act of recording transactions in books of account when transaction…
Q: company A sells $1,500 of merchandise on account to company B with credit terms of 2/10, n/30. If…
A: DISCOUNT TERMThe 2/10 net 30 calculation is a way of providing cash discounts on purchases. This…
Q: Greenleaf Company uses a sales journal, purchases journal, cash receipts journal, cash payments…
A: The journal entries are prepared to record the transactions on regular basis. The adjustment entries…
Q: On February 3, Smart Company sold merchandise in the amount of $2,400 to Truman Company, with credit…
A: Journal entries are used to keep financial transactions organized. You enter transaction data into…
Q: Using the allowance method of accounting for uncollectible receivables. Transactions: April 1…
A: Journal Entries - Journal Entries are the primary method of recording transaction into debit and…
Q: On May 10, Blossom Company sold merchandise for $4,500 and accepted the customer's Best Business…
A: Journal entry is the first stage of accounting process.Journal entry used to record business…
Q: Select a description for each transaction recorded in the following T accounts: Cash (c) 5,042.10…
A: (a) Sold merchandise on account.
Q: On May 10, Blossom Company sold merchandise for $11,600 and accepted the customer's America Bank…
A: Step 1:The required journal entry to record the sale of merchandise:DateAccount TitlesDebitCredit…
Q: On April 7, Rainforest Co. sold merchandise in the amount of $4,200 to Stellar Co. with credit terms…
A: Journalizing is the process of recording financial transactions in a chronological order, providing…
Q: Star Company uses a purchases journal to record all purchases on account, including merchandise…
A: Note: 2/10, n/30: Here, 2 represent the discount rate if payment is made within ten days. And if…
Q: April 1 Sold merchandise on account to Jim Dobbs, $7,500. The cost of the merchandise is $6,300. If…
A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…
Q: Listed below are selected transactions of Riverbed Department Store for the current year ending…
A: Answer:-An adjusted entry, in accounting, is a journal entry made at the end of an accounting period…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Using the direct write-off method of accounting for uncollectible receivables. Transactions: 1 Sold merchandise on account to Jim Dobbs, $6,600. The cost of the merchandise is $2,640. April June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount.Using the allowance method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Supplies…Consider the following transactions for Z-Container Co.: April 4 Z-Container Co. buys $30,400 worth of merchandise from Can Makers Corp. on account with credit terms of 2/10, n/30. April 10 Z-Container Co. returns $4,800 of the merchandise to Can Makers Corp. What is the net amount of Accounts Receivable due if Z-Container Co. makes payment withing the discount period? $30,400 $25,088 $25,600 $29,792 Consider the following transactions for Grote's Shipping Materials: April 6 Grote's Shipping Materials buys $149,600 worth of merchandise inventory on account with credit terms of 3/10, n/30. Assuming Grote's Shipping Materials uses the periodic inventory system, which is the correct journal entry for this transaction? Accounts Payable $149,600 Debit Purchases $149,600 Credit Inventory $149,600 Debit Accounts Payable $149,600 Credit Purchases $149,600 Debit Accounts Payable $149,600 Credit Accounts Payable $149,600 Debit Inventory…
- An invoice is dated for June 28 for $8657 with terms of 8/10 EOM,ROG . The merchandise was received on July 3 , how much should be paid on or before August 1?On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. The merchandise was paid for on March 14. Assume all discounts are taken. Required: Journalize the entries for Sally Co. and Buck Co. for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.Journalize the following transactions using the allowance method of accounting for uncollectible receivables. Apr. 1 Sold merchandise on account to Jim Dobbs, $7,770. The cost of the merchandise is $3,885. If an amount box does not require an entry, leave it blank. Apr. 1 fill in the blank 95f337068076f92_2 fill in the blank 95f337068076f92_3 fill in the blank 95f337068076f92_5 fill in the blank 95f337068076f92_6 Apr. 1 fill in the blank 95f337068076f92_8 fill in the blank 95f337068076f92_9 fill in the blank 95f337068076f92_11 fill in the blank 95f337068076f92_12 June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. If an amount box does not require an entry, leave it blank. June 10 fill in the blank becc7c06d02c06d_2 fill in the blank becc7c06d02c06d_3 fill in the blank becc7c06d02c06d_5 fill in the blank becc7c06d02c06d_6 fill in the blank becc7c06d02c06d_8 fill in the blank…
- Please answer and explain all with working and steps answer in textUsing the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $8,400. The cost of the merchandise is $3,360. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs for and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to nearest dollar amount. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest…Using the direct write-off method of accounting for uncollectible receivables. Transactions: April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment. Required: Journalize the above transactions. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alan Albertson 122 Accounts Receivable-Jim Dobbs 123 Accounts Receivable-John Groves 124 Accounts Receivable-Jan Lehn 125 Accounts Receivable-Jacob Marley 126 Accounts Receivable-Mr.Potts 127 Accounts Receivable-Chad Thomas 128 Accounts Receivable-Andrew Warren 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145…
- The cash register tape for Tamarisk Industries reported sales of $8,103.30.Record the journal entry that would be necessary for each of the following situations. (a) Sales per cash register tape exceeds cash on hand by $59.85. (b) Cash on hand exceeds cash reported by cash register tape by $33.39. (Round answers to 2 decimal places, e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Transactions Account Titles and Explanation Debit Credit (a) enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places enter an account title enter a debit amount rounded to 2 decimal places enter a credit amount rounded to 2 decimal places (b) enter an account title enter a debit amount rounded to 2 decimal…. Journalize the following transactions using the allowance method of accounting for uncollectible receivables. April 1 Sold merchandise on account to Jim Dobbs, $7,200. The cost of the merchandise is $5,400. June 10 Received payment for one-third of the receivable from Jim Dobbs and wrote off the remainder. Oct. 11 Reinstated the account of Jim Dobbs and received cash in full payment.Record the following transactions on the books of Pharoah Co. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. b. C. a. b. С. On July 1, Pharoah Co. sold merchandise on account to Waegelein Inc. for $16,600, terms 4/10, n/30. On July 8, Waegelein Inc. returned merchandise with a sales price of $5,300 to Pharoah Co. On July 11, Waegelein Inc. paid the balance due. Account Titles and Explanation Debit Credit