More infoJan. 4Jan. 8Jan. 13Jan. 20Jan. 20Sold $19,000 of antiques on account, credit terms are n/30. Cost ofgoods is $9,500.Received a $400 sales return on damaged goods from the customer.Cost of goods damaged is $200.Antiques by Alice received payment from the customer on the amountdue from Jan. 4, less the return.Sold $4,600 of antiques on account, credit terms are 1/10, n/45, FOBdestination. Cost of goods is $2,300.Antiques by Alice paid $60 on freight out.Received payment from the customer on the amount due from Jan. 20,Jan. 29 less the discount.IX Antiques by Alice uses a perpetual inventory system. Journalize the following sales transactions forAntiques by Alice. Explanations are not required. The company estimates sales returns at the end of each month.(Record debits first, then credits. Exclude explanations from journal entries. Assume the company records sales at thenet amount. Round all numbers to the nearest whole dollar.)i Click the icon to view the transactions.)Jan. 4: Sold $19,000 of antiques on account, credit terms are n/30. Cost of goods is $9,500.Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to thesale. We will do that in the following step.DateJan. 4AccountsDebitCredit

Journal Entry is the primary step to record the transaction in the books of accounts.The increase in…

Answered: More info Jan. 4 Jan. 8 Jan. 13 Jan. 20…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 17Q: A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300....

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Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
Journalize the following sales transactions for Antique Mall. Explanations are not E5-21 Jo required. The company estimates sales returns at the end of each month. Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods Jan. 4 is $8,000. Received a $300 sales return on damaged goods from the customer. Cost 8. of goods damaged is $150. 13 Antique Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20 Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. Antique Mall paid $70 on freight out. 20 Received payment from the customer on the amount due from Jan. 20, 29 less the discount.
PA1. Record journal entries for the following transactions of Furniture Warehouse. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. Aug. 18: Customer paid their account in full with cash.
PB1. LO 6.1Record journal entries for the following transactions of Furniture Warehouse. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. July 10: Furniture Warehouse returned 5 couches for a full refund. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. July 20: Furniture Warehouse paid their account in full with cash.
E5-21 Journalizing sales transactions Journalize the following sales transactions for Antique Mall. Explanations are not required. The company estimates sales returns at the end of each month. Jan. 4 Sold $16,000 of antiques on account, credit terms are n/30. Cost of goods is $8,000. 8. Received a $300 sales return on damaged goods from the customer. Cost of goods damaged is $150. 13. Antique Mall received payment from the customer on the amount due from Jan. 4, less the return. 20. Sold $4,900 of antiques on account, credit terms are 1/10, n/45, FOB destination. Cost of goods is $2,450. 20. Antique Mall paid $70 on freight out. 29. Received payment from the customer on the amount due from Jan. 20, less the discount.
PA1. LO 6.1 Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $500 each to a customer, credit terms 2/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $150 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 15: Customer found 4 defective couches but kept the merchandise for an allowance of $1,000. D. Aug. 18: Customer paid their account in full with cash.
on 8 E-max sold Dishwashers on credit, worth OMR 55,000 to customers, out of these Dishwashers customers return damaged Dishwashers for OMR 6,000. Record the entry for the Dishwashers returned? red d out of O a. Debit Sales returns and allowance 6,000; Credit A/c Recelvable 6,000 O b. Debit Accounts recelvable 55,000; Credit Refrigerators 55,000 O C. Debit Bad debts expense 38,000; Credit A/c Recelvable 38,000 ion O d. Debit A/c Receivable 6,000; Credit Sales returns and allowance 6,000 tion 9 ret vered Dohtar Power Company issues a cheque of OMR 10,000 to its supplier, but this was not shown on bank statement. How is this OMR 10,000 shown on bank reconciliation statement? ced out of O a. As an Unpresented cheque added to the bank statement balance O b, As an Uncredited deposit added to the bank statement balance ag stion O C. As an Unpresented cheque deducted from the bank statement balance O d. As an Uncredited deposit deducted from the bank statement balance estion 10 Which of the…
Jan. 4: Sold $17,000 of antiques on account, credit terms are n/30. Cost of goods is $8,500. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Jan. 4 Accounts Debit Credit
Record the following purchase transactions of Money Office Supplies. Aug. 3 Purchased 40 chairs on credit, at a cost of $60 per chair. Shipping charges are an extra $3 cash per chair and are not subject to discount. Terms of the purchase are 4/10, n/60, FOB Shipping Point, invoice dated August 3. Aug. 7 Purchased 25 chairs with cash, at a cost of $50 per chair. Shipping charges are an extra $4.00 cash per chair and are not subject to discount. Terms of the purchase are FOB Destination. Aug. 12 Money Office Supplies pays in full for their purchase on August 3. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Aug. 3 Purchase Aug. 3 Shipping charges Aug. 7 Purchase with cash Aug. 12 Payment
1. Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3: Sold 15 couches at $114 each to a customer, credit terms 4/15, n/30, invoice date August 3; the couches cost Furniture Warehouse $14 each. B. Aug. 8: Customer returned 2 couches for a full refund. The merchandise was in sellable condition at the original cost. C. Aug. 18: Customer paid their account in full with cash.
Jan. 1 Raymond purchased $5,000 of merchandise on account from Geeslin with credit terms of 2/10, n/30. The cost of the merchandise was $3,750. Assume that Geeslin uses the net method to record sales discounts. 8 Raymond returned $500 of themerchandise to Geeslin. The cost of the merchandise returned was $375. 10 Raymond paid invoices totaling $3,000 to Geeslin for the merchandise purchased on January 1. 30 Raymond paid Geeslin the balance due. Required: For a compound transaction, if an amount box does not require an entry, leave it blank. Prepare the journal entries to record these transactions on the books of Raymond. Jan. 1 (Purchased inventory on credit) Jan. 8 (Returned merchandise) Jan. 10 (Recorded payment within discount period) Jan. 30 (Recorded payment outside of discount period) O O D00 O
Journalize the following sales transactions for Paul Sportswear. Explanations are not required. Aug. 1 Paul sold $67,000 of women's sportswear on account, credit terms of 2/10, n/60. Cost of goods is $34,000. 5 Paul received a $3,500 sales return on damaged goods from the customer. Cost of goods damaged is $1,750. 10 Paul receives payment from the customer on the amount due, less the return and discount. Journalize the sales transactions. Explanations are not required. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Exclude explanations from journal entries.) Aug. 1: Paul sold $67,000 of women's sportswear on account, credit terms of 2/10, n/60. Cost of goods is $34,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Aug. 1

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