PA1. 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul.1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul.3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Jul.5 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per www w w transaction. Jul.8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul.13 Paramount Apparel paid its account in full with a cash payment, less any discounts.
PA1. 9.1 Prepare journal entries for the following transactions from Barrels Warehouse. Jul.1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Jul.3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Jul.5 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per www w w transaction. Jul.8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul.13 Paramount Apparel paid its account in full with a cash payment, less any discounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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6
DATE
DESCRIPTION
REF.
DEBIT
CREDIT
1 20--
2||Jul.
7
8
1
2
9.
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13
10
4
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11
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41"
Transcribed Image Text:POST.
6
DATE
DESCRIPTION
REF.
DEBIT
CREDIT
1 20--
2||Jul.
7
8
1
2
9.
3
13
10
4
14
11
5
12
16
13
1
17
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3
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
Transcribed Image Text:PA1. 9.1 Prepare journal entries for the following transactions from Barrels Warehouse.
Jul.1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's
Vineyards paid with cash. The cost for this sale is $18 per barrel.
Jul.3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel.
Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for
this sale is $17 per barrel.
Jul.5 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse.
Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus
Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per
transaction.
Jul.8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the
transaction from July 5, less any usage fees.
Jul.13 Paramount Apparel paid its account in full with a cash payment, less any discounts.
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