On October 5, LASCO Traders sold goods worth $170,000 to Retailers Plus. LASCO uses the net method to record sales. Terms: 3/15, EOM On October 16, LASCO received payment by cheque from Retailers Plus for $70,000 worth of goods that were sold on October 5. On October 31, Retailers Plus issued a 60-day 5% note to LASCO Traders for the outstanding balance from the October 5 sales. Required: Prepare the necessary journal entry for the October 5 transaction. Dr. Answer 1 Question 1 Accounts Receivable $ Answer 2 Question 1 164900 Cr. Answer 3 Question 1 Sales Revenue $ Answer 4 Question 1 164900 Prepare the necessary journal entry for the October 16 transaction. Dr. Answer 5 Question 1 Cash $ Answer 6 Question 1 70000 Cr. Answer 7 Question 1 Accounts Receivable $ Answer 8 Question 1 70000 Prepare the necessary journal entry for the October 31 transaction. Remember: Items in this compound journal entry MUST be listed in their descending order of value for the purpose of being graded correctly by Moodle. Dr. Answer 9 Question 1 Notes Receivable $ Answer 10 Question 1 94900 Cr. Answer 11 Question 1 $ Answer 12 Question 1 Cr. Answer 13 Question 1 Accounts Receivable $ Answer 14 Question 1 94900

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

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On October 5, LASCO Traders sold goods worth $170,000 to Retailers Plus. LASCO uses the net method to record sales. Terms: 3/15, EOM On October 16, LASCO received payment by cheque from Retailers Plus for $70,000 worth of goods that were sold on October 5. On October 31, Retailers Plus issued a 60-day 5% note to LASCO Traders for the outstanding balance from the October 5 sales. Required: Prepare the necessary journal entry for the October 5 transaction. Dr. Answer 1 Question 1 Accounts Receivable $ Answer 2 Question 1 164900 Cr. Answer 3 Question 1 Sales Revenue $ Answer 4 Question 1 164900 Prepare the necessary journal entry for the October 16 transaction. Dr. Answer 5 Question 1 Cash $ Answer 6 Question 1 70000 Cr. Answer 7 Question 1 Accounts Receivable $ Answer 8 Question 1 70000 Prepare the necessary journal entry for the October 31 transaction. Remember: Items in this compound journal entry MUST be listed in their descending order of value for the purpose of being graded correctly by Moodle. Dr. Answer 9 Question 1 Notes Receivable $ Answer 10 Question 1 94900 Cr. Answer 11 Question 1 $ Answer 12 Question 1 Cr. Answer 13 Question 1 Accounts Receivable $ Answer 14 Question 1 94900

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