More info Jan. 4 Jan. 8 Sold $17,000 of antiques on account, credit terms are n/30. Cost of goods is $8,500. Jan. 20 Jan. 20 Received a $200 sales return on damaged goods from the customer. Cost of goods damaged is $100. Vintage World received payment from the customer on the amount due Jan. 13 from Jan. 4, less the return. Sold $5,400 of antiques on account, credit terms are 2/10, n/45, FOB destination. Cost of goods is $2,700. Vintage World paid $50 on freight out. Received payment from the customer on the amount due from Jan. 20, Jan. 29 less the discount.

More info Jan. 4 Jan. 8 Sold $17,000 of antiques on account, credit terms are n/30. Cost of goods is $8,500. Jan. 20 Jan. 20 Received a $200 sales return on damaged goods from the customer. Cost of goods damaged is $100. Vintage World received payment from the customer on the amount due Jan. 13 from Jan. 4, less the return. Sold $5,400 of antiques on account, credit terms are 2/10, n/45, FOB destination. Cost of goods is $2,700. Vintage World paid $50 on freight out. Received payment from the customer on the amount due from Jan. 20, Jan. 29 less the discount.

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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Use these to fill in the general journal. • July 1 Credit granted to customer Elizabeth Edwards for returned merchandise, $198.00 plus sales tax $13.86 for total of $211.86. Credit m - July 4 Credit granted to customer Eastside Hospital for damaged merchandise, $1,118.02 (no sales tax). Credit memo #4. - July 7 Credit granted to customer Chevy Chase for returned merchandise, $592.06 plus sales tax $41.44 for total of $633.50. Credit memo # - July 9 Credit granted to customer Wolf Blitzer for returned merchandise, $377.19 plus sales tax $26.40 for total of $403.59. Credit memo #6 Also answer these questions please. 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.
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4 Harwell Company manufactures automobile tires. On July 15, 2018, the company sold 1,000 tires to the Nixon Car Company for $50 each. The terms of the sale were 2/10, n/30. Harwell uses the gross method of accounting for cash discounts. Required: 1. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on July 23, 2018. 2. Prepare the journal entries to record the sale on July 15 (ignore cost of goods) and collection on August 15, 2018. 01-19-27 Complete this question by entering your answers in the tabs below.
PB9. LO 6.5 Record the following purchase transactions of Custom Kitchens Inc. Oct. 6 Purchased 230 cabinet doors on credit at a cost of $46 per door. Shipping charges are an extra $2 cash per door and are not subject to discount. Terms of the purchase are 5/15, n/35, FOB Shipping Point, invoice dated October 6. Oct. 9 Purchased 100 cabinet doors with cash at cost of $40 per door. Shipping charges are an extra $3.25 cash per door and are not subject to discount. Terms of the purchase are FOB Destination. Oct. 20 Custom Kitchens Inc. pays in full for their purchase from October 6.
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Instructions May 1. Sold merchandise on account to Taiwan Palace Co., $43,440. The cost of the merchandise sold was $22,060. Aug. 30. Received $9,980 from Taiwan Palace Co, and wrote off the remainder owed on the sale of May 1 as uncollectible. Dec. 8. Reinstated the account of Taiwan Palace Co. that had been written off on August 30 and received $33,460 cash in full payment. Required: Journalize the above transactions in the accounts of Arizona Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables. 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 journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
A retailer returned 1,965 defective items to the manufacturer and received a credit for the retail price of $0.86 or 86e per item less 2 8 of the retail price. What was the amount of the credit received by the retailer? a discount of 11 The credit received by the retailer is $ (Round to the nearest cent as needed.) al
DO IT! 5-2 On October 5, Wang Company buys merchandise on account from Davis Company. The selling price of the goods is $4,800, and the cost to Davis Company is $3,100. On October 8, Wang returns defective goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Wang Company. DO ITI 5-3 Assume information similar to that in DO ITI 5-2: On October 5, Wang Com- pany buys merchandise on account from Davis Company. The selling price of the goods is $4,800, and the cost to Davis Company is $3,100. On October 8, Wang returns defective goods with a selling price of $650 and a fair value of $100. Record the transactions on the books of Davis Company. DO IT! 5-4 The trial balance of Beads and Bangles at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400, Interest Revenue $5,000, Freight-Out $1,800, Utilities Expense $7,700, and Salaries and Wages Expense…
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