On March 5, Blowout Sales makes $22,500 in sales on account. The cost of the merchandise sold is $16,825. Journalize the sales and recognition of the cost of merchandise sold.
Q: Journalize the following sales transactions for Middleton. Journalize the following sales…
A: Journal entry records the accounting transactions of a business in a journal book. All the business…
Q: On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit…
A: Perpetual inventory system: The method or system of maintaining, recording, and adjusting the…
Q: Tomorrows Electronic Center began July with 90 units of merchandise inventory that cost $60 each.…
A: It is important for businesses to carefully evaluate their inventory needs and select the method…
Q: d on the following data, determine the cost of merchandise sold for November: Merchandise…
A:
Q: On September 12, Vander Company sold merchandise in the amount of $7,600 to Jepson Company, with…
A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…
Q: The following were selected from among the transactions completed by Harrison Company during…
A: Journal is a book of accounts in which monetary events are recorded. Monetary events which are…
Q: On June 3, Swifty Company sold to Chester Company merchandise having a sale price of $5,200 with…
A: Using gross method, the sales are recorded at the gross price. The discount is recorded at the time…
Q: Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising.…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: PURCHASES JOURNAL
A: Definition: Merchandise: It is a practice which contributes to sale of products to retailers,…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: Journal entry is the first step of bookkeeping . All transactions incurred during the period are…
Q: On June 3, Sunland Company sold to Chester Company merchandise having a sale price of $5,200 with…
A: Gross Method: Under the gross method, the sales transaction is recorded at a gross price i.e.,…
Q: Apr. 1 Sold merchandise for $3,800, with credit terms n/30; invoice dated April 1. The cost of the…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Contemporary Electronic Center began October with 90 units of merchandise inventory that cost $60…
A: The objective of the question is to calculate the ending inventory and cost of goods sold (COGS)…
Q: Boston Cycles started March with 12 bicycles that cost $42 each. On March 16, Boston purchased 40…
A: The inventory valuation method used to evaluate the closing inventory and cost of goods sold on the…
Q: The following transactions were selected from the records of Evergreen Company: July 12 Sold…
A: Net Sales is a figure computed after deducting sales discount and sales return and allowances. After…
Q: Prepare journal entries to record each of the following sales transactions of a merchandising…
A: The procedure of entering business transactions for the first moment in the books of accounts is…
Q: The following were selected from among the transactions completed by Harrison Company during…
A: The objective of this question is to journalize the transactions completed by Harrison Company…
Q: McGovern Distributing is a merchandising company. Record each of the following transactions related…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…
A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random…
Q: On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account,…
A: Net Payment made = Inventory Purchased - Inventory returned = $252,510 - $30,380 = $222,130
Q: he following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory…
A: The objective of the question is to analyze the given transactions and determine their effects on…
Q: ournalize the entries to record the following selected transactions. Refer to the Chart of Accounts…
A: Sales tax on sale = $64,300*5% Sales tax on sale = $3,215
Q: On May 1, Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms net 45. The cost of…
A: Journal Entry :— It is an act of recording transaction in books of account when it is occurred.…
Q: The chart of accounts of Pharoah Company includes the following selected accounts. 112…
A: The question is based on the concept of Financial Accounting.
Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:…
A: Cost of goods sold is an expense account, which will be reported on the income statement.
Q: On March 2, Oriole Company sold $ 929,000 of merchandise on account to Cheyenne Company, terms 4/10,…
A: Sales discount = (Sales - sales return) x discount rate = (929000-92900)*4% = $33,444
Q: Axel Company and Rod Company completed the following merchandising transactions in the month of…
A: The journal entries are prepared to record the transactions in regular basis. The perpetual…
Q: On November 11, Holy Grounds Coffee sold $1,872 of coffee beans on account to a customer, terms of…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Prepare the journal entry Apr. 8 Sold merchandise for $1,900, with credit terms of 1/10, n/30;…
A: Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…
Q: Required: Compute the amount of Net Sales to be reported for the month ended July 31. (Round your…
A: Sales revenue refers to the amount received by the company from selling goods and services to the…
Q: On March 12, Fret Company sold merchandise in the amount of $9,400 to Babson Company, with credit…
A: A perpetual inventory system is used to track the flow of inventory in real time through a business,…
Q: Instructions Journalize the entries to record the transactions of Amsterdam Supply Co.
A: In order to keep track of inventory, a perpetual inventory system uses computerized point-of-sale…
Q: On June 3, Larkspur Company sold to Chester Company merchandise having a sale price of $6,000 with…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account…
A: Journal refers to an account in which all the financial transactions occurred in the business are…
Q: Use a tabular summary to record the following transactions for Larkspur Co. (Omit recording cost of…
A: A tabular summary refers to a statement that displays the effect of a financial transaction on the…
Q: On September 12, Ryan Company sold merchandise in the amount of $6,400 to Johnson Company, with…
A: The periodic inventory system is a system in which the updates to the inventory and cost of goods…
Q: Journalize the following transactions for Iron Sports Corp.: March 1 Iron Sports Corp. sold $64,200…
A: Perpetual inventory system is that system under which all transactions related to inventory are…
Q: On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment…
A: Cost of goods sold is the cost of units sold during the period. It is calculated as the beginning…
Q: The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold…
A: Inventory refers to the stock that the company held for the resale purpose or the goods that are not…
Q: The cost of all merchandise sold was 60% of the sales price. During January, Ayoade completed the…
A: Sales Journal: The Sales Journal is a journal used to record all the credit sales by the company.…
Q: On June 3, Marigold Company sold to Chester Company merchandise having a sale price of $3,800 with…
A: Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited and Giver will…
Q: On March 2, Blossom Company sold $960,000 of merchandise on account to Pina Company, terms 3/10,…
A: ACCOUNTS RECEIVABLEAccounts Receivable are reported under the Current Assets section of the Balance…
On March 5, Blowout Sales makes $22,500 in sales on account. The cost of the merchandise sold is $16,825. Journalize the sales and recognition of the cost of merchandise sold.
![](/static/compass_v2/shared-icons/check-mark.png)
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
- on june 3, concord comoany sold to chester merchandise having a sale price of $5,500 with terms 2/10,n/60,F.O.B. shipping point. An invoice totalling $99, terms n/30, was received by chester on june 8 from john booth transportservice for the freight cost. on june 12, the company received a check for the balance due from chester company. prepare journal entries on the concord company books to record all the events noted above under each of the following basis. (1) sales and receivable are entered at gross selling price. (2). sales and receivable are entered at net cash discounts.On March 1, Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 as a price adjustment prior to Balboa Co. paying the original invoice on March 29. Journalize Showcase Co.’s entries for (a) the sale, including the cost of the merchandise sold; (b) the credit memo; and (c) the receipt of the check for the amount due from Balboa Co. 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.On March 2, Sandhill Company sold $815,000 of merchandise on account to Monty Company, terms 4/10, n/30. The cost of the merchandise sold was $521,000On March 6, Monty Company returned $81,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $60,300 (Those are for reference, part one and part two) The picture is part 3 and needs to be answered
- On March 3, Bluebird Sales makes $4,350 in cash sales of general merchandise that has a cost of $1,512. Bluebird uses a perpetual inventory system. (a) Journalize the sale. Mar. 3 (b) Journal the cost of merchandise sold. Mar. 3Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sunlands’ ledger showed Cash of $8,900 and Common Stock of $8,900. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,900, terms 1/10, n/30. 2 Sold merchandise on account for $5,300, terms 2/10, n/30. The cost of the merchandise sold was $4,200. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $3,900. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $3,300, terms 2/10, n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased…Prepare a sales journal and then record the following sales transactions. July 7 Sold merchandise costing $400 to J. Dahl for $600, terms 2/10, n/30, invoice no. 704. 12 Sold merchandise costing $100 to R. Lim for $150, terms n/30, invoice no. 705.
- John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $5,500. Freight charges of $550 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $850 and John's account was credited by the supplier. 3. Merchandise costing $3,050 was sold for $5,700 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 4 5 Record the merchandise purchased on account for $5,500. Note: Enter debits before credits. Transaction General Journal Debit Credit 1a Record entry Clear entry View general journal 1b Record the payment of freight charges for $55o. 2. Record the return of merchandise purchased on account costing $850. 3a. Record the sale of merchandise for…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.On December 28, 20Y3, Silverman Enterprises sold $20,000 of merchandise to Beasley Co. with terms n/30. The cost of the goods sold was $12,000. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,000 and the merchandise originally cost Silverman Enterprises $2,350. Question Content Area a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3, sale. If an amount box does not require an entry, leave it blank. b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank.
- On December 28, 20Y3, Silverman Enterprises sold $17,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the goods sold was $11,900. On December 31, 20Y3, Silverman prepared its adjusting entries, yearly financial statements, and closing entries. On January 3, 20Y4, Silverman Enterprises issued Beasley Co. a credit memo for returned merchandise. The invoice amount of the returned merchandise was $4,400 and the merchandise originally cost Silverman Enterprises $2,450. a. Journalize the entries by Silverman Enterprises to record the December 28, 20Y3 sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. 20Y3 Dec. 28 20Y3 Dec. 28 b. Journalize the entries by Silverman Enterprises to record the merchandise returned by Beasley Co. on January 3, 20Y4. If an amount box does not require an entry, leave it blank. 20Y4 Jan. 3 20Y4 Jan. 3 c. Journalize the entry to record the receipt of the amount due by Beasley…The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $1,850 on account; the cost of these goods to NGS was $920. October Sold merchandise to Kelly Fast Nail Gallery for $478 on account; the cost of these goods to NGS was $210. November Sold merchandise to Raea Gooding Wellness for $320 on account; the cost of these goods to NGS was $200. December Received $1,230 from Ashley Welch Beauty for payment on its account. Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system. 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 3%; two months, 5%, three months, 20%; more than three months, 30%. 3. The Allowance for…Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the goods sold was $15,731. Abbey Co, issued a credit memo for $3,600 for merchandise returned that originally cost $1,484. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? O s11,429 O $14,957 O $14.247 O $3,600 Previous Next 6:26 PM 38 3/22/2021
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)