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 $ Answer 2 Question 1 Cr. Answer 3 Question 1 $ Answer 4 Question 1 Prepare the necessary journal entry for the October 16 transaction. Dr. Answer 5 Question 1 $ Answer 6 Question 1 Cr. Answer 7 Question 1 $ Answer 8 Question 1 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 $ Answer 10 Question 1 Cr. Answer 11 Question 1 $ Answer 12 Question 1 Cr. Answer 13 Question 1 $ Answer 14 Question 1
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 $ Answer 2 Question 1 Cr. Answer 3 Question 1 $ Answer 4 Question 1 Prepare the necessary journal entry for the October 16 transaction. Dr. Answer 5 Question 1 $ Answer 6 Question 1 Cr. Answer 7 Question 1 $ Answer 8 Question 1 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 $ Answer 10 Question 1 Cr. Answer 11 Question 1 $ Answer 12 Question 1 Cr. Answer 13 Question 1 $ Answer 14 Question 1
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....
Related questions
Question
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
$
Answer 2 Question 1
Cr. Answer 3 Question 1
$
Answer 4 Question 1
Prepare the necessary journal entry for the October 16 transaction.
Dr. Answer 5 Question 1
$
Answer 6 Question 1
Cr. Answer 7 Question 1
$
Answer 8 Question 1
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
$
Answer 10 Question 1
Cr. Answer 11 Question 1
$
Answer 12 Question 1
Cr. Answer 13 Question 1
$
Answer 14 Question 1
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