On October 4, 2008, Terry Corporation had credit sales transactions of P2,800 from merchandise having cost P1,900. The entries to record the day's credit transactions include a * debit of P2,800 to Merchandise Inventory. O credit of P2,800 to Sales. debit of P1,900 to Merchandise Inventory. credit of P1,900 to Cost of Goods Sold.
Q: Abbey Co. sold merchandise to Gomez Co. on account, $10,400, terms 2/15, net 30. The cost of the…
A: Gross profit: It implies to the profit that is earned by the business after subtracting it's direct…
Q: Journalize the entries to record the sale on December 31. B. Journalize the entries to record the…
A: Given information is: Scheduled Co. Sold merchandise on account to Bernard Retail Inc. for $15,000,…
Q: Puzzle Company sold merchandise on credit with a list price of $75,000. Terms were 3/10, n/30. Which…
A: Under net price method accounts receivable and sales revenue will be recorded after considering…
Q: Merchandise with a sales price of $4,600 is sold on account with terms 2/10, n/30. The journal entry…
A: Journal: It is the first step of recording financial transactions. It is used to prepare the…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the…
A: Net sales = Total sales - Sales return = $42000 - $4000 = $38000 Cost of goods sold =Original cost…
Q: Love Co. sold merchandise to Kind Co. on account, P35,000, terms 2/15, net 45. The cost of the…
A: Cost of goods sold less return=Cost of goods sold-Return=P 24,500-P1,700=P 22,800
Q: On March 1, Sather Co. sold merchandise to Boone Co. on account, $28,200, terms 2/15, n/30. The cost…
A: Discount = Sales on account x rate of discount = $28,200 x 2% = $564
Q: On March 6, Monty Company returned $81,500 of the merchandise purchased on March 2. The cost of the…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
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: Webber Co. uses the gross method to record sales made on credit. On June 1, 20X5, it made sales of…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
Q: credit of P2,800 to Sales.
A: Corporation had credit sales transactions of p2800 from merchandise having cost p1900. The entries…
Q: Abbey co. Sold merchandise to gomez co. On account, $46000, terms 2/15, net 45. The cost of…
A: Gross profit is the profit earned by the entity after considering the cost of merchandise sold. It…
Q: Merchandise with a sales price of $2,800 is sold on account with terms 2/10, n/30. The journal entry…
A: Journal entry is mandatory requirement of the process of accounting. It is done to record the…
Q: Restin Co. uses the gross method to record sales made on credit. On June 1, 2017, it made sales of…
A: Sales = $50,000 Discount on sales = Sales x discount rate = $50,000 x 3% = $1,500 Net Amount…
Q: Merchandise with a sales price of $3,000 is sold on account with terms 2/10, n/30. The journal entry…
A: Journal entries refer to the recording of transaction in an appropriate way. With the help of…
Q: The following transactions are for Skysong Company. 1. On December 3, Skysong Company sold…
A: Journalize the given entries:
Q: On October 4, 2006, an Corporation had credit sales transactions of $4,800 from merchandise having…
A: When sales are made to customers, then the sales and cost of goods sold transactions are recorded in…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $35,100, terms 2/15, net 45. The cost of the…
A: Gross profit margin is the profit arrived after considering all direct costs relating to the sale of…
Q: Corinto Co. sold merchandise to Genesis Co. on account, P18,000, terms 2/15, net 45. The cost of the…
A: Solution:- Calculation of net sales:-
Q: The Stationery Company purchased merchandise on account from a supplier for $9,300, terms 1/10,…
A: Journal Entry :— It is an act of recording transactions in books of account when transaction…
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…
Q: Merchandise with a sales price of $5,700 is sold on account with terms 2/10, n/30. The journal entry…
A: Discount = Sales x cash discount rate = $5,700 x 2% = $114
Q: February 1, Adams Company sold merchandise on credit with a list price of $8,400. Terms were 3/15,…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Sales related transactions including the use of credit cards Journalize the entries for the…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would…
A: Sale of goods on credit Accounts receivable a/c or debtors a/c debit $20,000 To sales a/c $20,000…
Q: On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the…
A: JOURNAL ENTRY IS USED TO RECORD THE BUSINESS TRANSACTIONS . TO RECORD RETURNS WE USE PURCHASE…
Q: On March 1, Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost…
A: Journal: Recording of a business transactions in a chronological order.
Q: Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The…
A: Discount amount (if payment is made within discount period) = Sales x rate of discount
Q: Brightstone Company sold P1,800 of merchandise on account to Light Saver, Inc. on September 1 with…
A: In the given case the sales returns must be deducted from the accounts receivable balance and the…
Q: On 5 December 2020, Manal Trading company sold goods to a customer on account for 37800 OMR. Which…
A: Accounts receivables: Accounts receivables can be defined as the account that hold up the amount due…
Q: Assume the following information: merchandise is sold on account to customer for P120,000, FOB…
A: Under FOB Shipping arrangement, the responsibility of seller is to deliver the goods to the shipping…
Q: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…
A: Required journal entries are given below:
Q: Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If…
A: The perpetual inventory system is updated and shows balances after each transection. So merchandise…
Q: Abbey Co. sold merchandise to Gomez Co. on account, $29,800, terms 2/15, net 45. The cost of the…
A: Gross Profit = Net Sales - Cost of Goods Sold
Q: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.The following transactions were completed by Nelsons Hardware, a retailer, during September. Terms on sales on account are 1/10, n/30, FOB shipping point. Sept. 4Received cash from M. Alex in payment of August 25 invoice of 275, less cash discount. 7Issued Ck. No. 8175, 915.75, to Top Tools, Inc., for invoice. no. 2256, recorded previously for 925, less cash discount of 9.25. 10Sold merchandise in the amount of 175 on a credit card. Sales tax on this sale is 8%. The credit card fee the bank deducted for this transaction is 5. 11Issued Ck. No. 8176, 653.40, to Snap Tools, Inc. for invoice no. 726, recorded previously on account for 660. A trade discount of 15% was applied at the time of purchase, and Snap Tools, Inc.s credit terms are 1/10, n/45. 15Received 95 cash in payment of August 20 invoice from N. Johnson. No cash discount applied. 19Received 1,165 cash in payment of a 1,100 note receivable and interest of 65. 22Voided Ck. No. 8177 due to error. 26Received and paid telephone bill, 62; Ck. No. 8178, payable to Southern Telephone Company. 30Paid wages recorded previously for the month, 3,266, Ck. No. 8179. Required 1. Journalize the transactions for September in the cash receipts journal, the general journal (for the transaction on Sept. 10th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
- A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journalOn October 4, 2008, Terry Corporation had eredit sales transactions of P2,80o from merchandise having cost P1.900. The entries to record the day's credit transactions include a * debit of P2,800 to Merchandise Inventory. credit of P2,800 to Sales. debit of P1,900 to Merchandise Inventory. O credit of P1,900 to Cost of Goods Sold.
- On October 4, 2008, Terry Corporation had credit sales transactions of P2,800 from merchandise having cost P1,900. The entries to record the day's credit transactions include aOn October 4, 2006, an Corporation had credit sales transactions of $4,800 from merchandise having cost $2,880. The entries to record the day’s credit transactions include a a. debit of $4,800 to Inventory. b. credit of $4,800 to Sales Revenue. c. credit of $2,880 to Cost of Goods Sold. d. debit of $2,880 to Inventory.On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440
- Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the following transactions: a. Sold merchandise for cash, $22,060. The cost of the merchandise sold was $13,240. (Record the sale first.) fill in the blank 36fbb5ffffdef81_2 fill in the blank 36fbb5ffffdef81_3 fill in the blank 36fbb5ffffdef81_5 fill in the blank 36fbb5ffffdef81_6 fill in the blank 36fbb5ffffdef81_8 fill in the blank 36fbb5ffffdef81_9 fill in the blank 36fbb5ffffdef81_11 fill in the blank 36fbb5ffffdef81_12 b. Sold merchandise on account, $13,920. The cost of the merchandise sold was $8,350. (Record the sale first.) fill in the blank e95153f82fd6002_2 fill in the blank e95153f82fd6002_3 fill in the blank e95153f82fd6002_5 fill in the blank e95153f82fd6002_6 fill in the blank e95153f82fd6002_8 fill in the blank e95153f82fd6002_9 fill in the blank e95153f82fd6002_11 fill in the blank e95153f82fd6002_12…B1.Ameen LLC sold goods of OMR 7150 on account. The entry to record the sales the entry will be Select one: a. Debit to Accounts Payable A/C and Credit to Purchases A/C. O b. Debit to Purchases A/C and Credit to Accounts Payable. O c. Debit to Sales A/C and Credit to Accounts Receivable. O d. Debit to Accounts Receivable A/C and Credit to Sales A/C.