October 2 bought 125 bags of sugar at 3,200 each from miwa sugar ltd. Sold 80 bags of sugar at ksh 5,300 each to salim broithers.
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- Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 4.5% service charge for sales on its credit card. Access deducts a 3.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $500 of merchandise on credit (that had cost $250) to Natara Morris. 5 Sold $6,800 of merchandise (that had cost $3,400) to customers who used their Zisa cards. 6 Sold $5,616 of merchandise (that had cost $2,808) to customers who used their Access cards. 8 Sold $4,890 of merchandise (that had cost $2,445) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $395 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 5.5% service charge for sales on its credit card. Access deducts a 4.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris. 5 Sold $7,100 of merchandise (that had cost $2,840) to customers who used their Zisa cards. 6 Sold $6,152 of merchandise (that had cost $2,461) to customers who used their Access cards. 8 Sold $4,300 of merchandise (that had cost $1,720) to customers who used their Access cards. 13 Wrote off the account of Abigail McKee against the Allowance for Doubtful Accounts. The $739 balance in McKee’s account stemmed from a credit sale in October of last year. 18 Received Morris’s check in full payment for the purchase of June 4. Required:Prepare journal…The following transactions were selected from among those completed by Hailey Retailers in the current year: Nov. 20 Sold two items of merchandise to Customer B, who charged the $600 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. 25 Sold 14 items of merchandise to Customer C at an invoice price of $3,600 (total); terms 2/10, n/30. 28 Sold 12 identical items of merchandise to Customer D at an invoice price of $7,800 (total); terms 2/10, n/30. 30 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Dec. 06 Customer D paid the account balance in full. 30 Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. I just need help with the journal entry on Dec. 06 and also computing the net sales.
- Cullumber's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,300 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $2,800. The cost of the books sold was $1,800. 6 Received $200 credit for books returned to Binsfeld Publishers. 9. Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,500. The cost of the merchandise sold was $1,500. Purchased books on account for $2,500 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 Sold books on account to Baeten Bookstore for $1,200. The cost of the merchandise sold was $970. 30 Granted Baeten Bookstore $170 credit for books returned costing $102. Journalize the…A small retailer allows customers to use two different credit cards in charging purchases. The CC Bank Card assesses a 4.6% service charge for credit card sales. The VIZA Card assesses a 3.8% charge on sales for using its card. This retailer also has its own store credit card. As of Feb 28 month-end, the retailer earned $65 in net interest revenue on its own card. Prepare journal entries to record the following selected credit card transactions. Feb. 2 Sold merchandise for $3,000 (that had cost $1800) and accepted the customer’s CC Bank Card. Feb. 6 Sold merchandise for $2200 (that had cost $1500) and accepted the customer’s VIZA Card. Feb 28 Recognized the $65 interest revenue earned on its store credit card for January.Culver’s Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General…
- Culver’s Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,060 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkle Bookstore for $1,120. The cost of the books sold was $760. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkle Bookstore. 17 Sold books on account to Bell Tower for $1,300. The cost of the merchandise sold was $770. 20 Purchased books on account for $740 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,270. The cost of the merchandise sold was $840. 30 Granted General…Blossom Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,065 (including freight) from Catlin Publishers, terms 2/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,500. The cost of the merchandise sold was $700. 6 Received $65 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,900, terms of 2/10, n/30. The cost of the merchandise sold was $750. 20 Purchased books on account for $800 from Priceless Book Publishers, terms 1/15, n/30. 24 Received payment in full, less discount from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,250. The cost of the merchandise…Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price of $15 per doll to Rosemary Cummings The cost to Darling Dolls is $5 per doll. Prepare a journal entry under each of the following conditions. Assume Gentry charges a 3.5% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a Gentry credit card.
- Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.Kaseys Cake Shop made 20,000 in sales of wedding cakes in July. All of these sales were on bank credit cards. The credit card company charges a 3.5% collection fee. Prepare Kaseys journal entry to record the credit card sales.Powell Warehouse distributes hardback books to retail stores and extends credit terms of 4/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,760 (including freight) from Catlin Publishers, terms 4/10, n/30. 3 Sold books on account to Garfunkel Bookstore for $1,750. The cost of the merchandise sold was $850. 6 Received $60 credit for books returned to Catlin Publishers. 9 Paid Catlin Publishers in full. 15 Received payment in full from Garfunkel Bookstore. 17 Sold books on account to Bell Tower for $1,750. The cost of the merchandise sold was $700. 20 Purchased books on account for $850 from Priceless Book Publishers, terms 3/15, n/30. 24 Received payment in full from Bell Tower. 26 Paid Priceless Book Publishers in full. 28 Sold books on account to General Bookstore for $1,950. The cost of the merchandise sold was $980. 30 Granted General…
