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.
Chapter10: The Basics Of Capital Budgeting: Evaluating Cash Flows
Section10.4: Internal Rate Of Return (irr)
Problem 6ST
Related questions
Question
![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
14
8
18
15
9
19
16
10
10
17
11
11
18
12
3
12
19
13
13
20
14
14
21
15
15
22
16
16
23 17
17
24
18
18
25
19
19
26
20
20
27
21
21
28
22
5
22
29
23
23
30
24
24
31
25
25
32
26
26
33
27
5
27
34
28
28
35
29
29
36
30
30
37
31
31
38
32
8
32
39
33
33
40
34
34
41
35
35
42 36
36
43
37
13
37
44 38
38
45
39
39
46 40
40
47
41
41](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0293f966-d428-4854-9c39-f6ab5fe6cfef%2F427c5dee-8a29-4d59-9f90-1b3ab39b23d8%2Fms4bk7n_processed.png&w=3840&q=75)
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
14
8
18
15
9
19
16
10
10
17
11
11
18
12
3
12
19
13
13
20
14
14
21
15
15
22
16
16
23 17
17
24
18
18
25
19
19
26
20
20
27
21
21
28
22
5
22
29
23
23
30
24
24
31
25
25
32
26
26
33
27
5
27
34
28
28
35
29
29
36
30
30
37
31
31
38
32
8
32
39
33
33
40
34
34
41
35
35
42 36
36
43
37
13
37
44 38
38
45
39
39
46 40
40
47
41
41
![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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0293f966-d428-4854-9c39-f6ab5fe6cfef%2F427c5dee-8a29-4d59-9f90-1b3ab39b23d8%2Ftge4pwzh_processed.png&w=3840&q=75)
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.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you