On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales tax percentage is 7%.Journalize this transaction. If an amount box does not require an entry, leave it blank.March 25

Answered: On March 25, Osgood Company sold…

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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14 )
On December 1, Macy Company sold merchandise with a selling price of $10,000 on account to Mrs. Jorgensen, with terms 1/10, n/30. On December 3, Mrs. Jorgensen returned merchandise with a selling price of $400. Mrs. Jorgensen paid the amount due on December 9. What journal entry did Macy Company prepare on December 9 assuming the gross method is used? A) Debit Cash for $9,504, debit Sales Discounts for $96, and credit Accounts Receivable - Mrs. Jorgensen for $9,600. B) Debit Sales Revenue for $9,504, debit Sales Discounts for $96, and credit Accounts Receivable - Mrs. Jorgensen for $9,600. C) Debit Sales Revenue for $9,600, credit Sales Discount for $96 and credit Cash for $9,504. D) Debit Cash for $9,504 and credit Accounts Receivable - Mrs. Jorgensen for $9,504.
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On September 12, Vander Company sold merchandise in the amount of $9,600 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,900. Jepson uses the periodic inventory system and the gross method of accounting for purchases. The journal entry that Jepson will make on September 12 is: Multiple Choice О Account Title Debit Credit Purchases 5,900 Accounts Receivable 5,900 О Account Title Debit Credit Purchases 9,600 Accounts payable 9,600 Account Title Debit Credit Accounts payable 5,900 Merchandise inventory 5,900 Account Title Debit Credit Merchandise inventory 9.600
A seller uses a perpetual inventory system and on April 4 it sells $5,000 in merchandise with a cost of $2,400 to a customer on credit terms of 3/10, n/30.
Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $3,400 (that had cost $2,513) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $8,400 (that had cost $5,443) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list Journal entry worksheet 1 2 3 4 Sold merchandise for $8,400 and accepted the customer's Continental Card. Continental charges a 2.5% fee. Note: Enter debits before credits. General Journal Debit Credit Date April 12 Cash Credit card expense Sales
A sale of merchandise on account for $12,000 is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received?At the time of sale (b) What is the amount of the sale?$fill in the blank 2 (c) What is the amount of the increase to Accounts Receivable? If required, round your answers to nearest whole value.$fill in the blank 3 (d) What is the title of the account in which the $960 (12,000 x 8%) is credited?Sales Tax Payable
February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15, n/45. Which of the following entries correctly applies the indicated method to receive the appropriate customer payment on February 12? Gross Price Method Cash 8,148 Accounts Receivable 8,148 Net Price Method Cash 8,400 Sales Revenue 252 Accounts Receivable 8,148 Gross Price Method Cash 8,400 Accounts Receivable 8,400 Net Price Method Cash 8,148 Accounts Receivable 8,148
23. Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the merchandise sold is $38,500. The Batson Co. paid the invoice within the discount period. Prepare the entries that both Sampson and Batson Companies would record for the above.
17
Peron Company uses a perpetual inventory system and the net method of recording invoices. The company purchased merchandise on November 4 at a $2,000 invoice price with terms of 2/10, n/30. Note: Enter debits before credits. Date 11/04 General Journal Debit Credit
2

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On March 25, Osgood Company sold merchandise on account, $4,100, terms n/30. The applicable sales tax percentage is 7%. Journalize this transaction. If an amount box does not require an entry, leave it blank. March 25