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Prepar Oct. 3 Sold 2 couches with a sales price of $2,200 per couch to customer Norman Guzman. Norman G with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.50% usa on the total sale per transaction. The cost for this sale is $1,800 per couch. Oct. 6 Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. Th sale is $800. Oct. 9 Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Ma paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.40% usage fee bas total sale per transaction. The cost for this sale is $32 per light. Oct. 12 Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less a fees. Oct. 15 Fund Max made a cash payment of 25% of the total due to Forest Furniture for the transaction

Prepar Oct. 3 Sold 2 couches with a sales price of $2,200 per couch to customer Norman Guzman. Norman G with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.50% usa on the total sale per transaction. The cost for this sale is $1,800 per couch. Oct. 6 Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. Th sale is $800. Oct. 9 Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Ma paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.40% usage fee bas total sale per transaction. The cost for this sale is $32 per light. Oct. 12 Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less a fees. Oct. 15 Fund Max made a cash payment of 25% of the total due to Forest Furniture for the transaction

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Sold 2 couches with a sales price of $2,200 per couch to customer Norman Guzman. Norman Guzman paid with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.50% usage fee based on the total sale per transaction. The cost for this sale is $1,800 per couch. Oct. 6 Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. The cost of the sale is $800. Oct. 9 Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Montgomery paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.40% usage fee based on the total sale per transaction. The cost for this sale is $32 per light. Oct. 12 Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less any usage fees. Oct. 15 Fund Max made a cash payment of 25% of the total due to Forest Furniture for the transaction from October 9th, less any usage fees. Oct. 25 Fund Max made a cash payment of the remainder due to Forest Furniture for the transaction from October 9, less any usage fees.
Transcribed Image Text:Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Sold 2 couches with a sales price of $2,200 per couch to customer Norman Guzman. Norman Guzman paid with his Draw Plus credit card. The Draw Plus credit card charges Forest Furniture a 3.50% usage fee based on the total sale per transaction. The cost for this sale is $1,800 per couch. Oct. 6 Sold 4 end chairs for a total sales price of $1,250 to April Orozco. April paid in full with cash. The cost of the sale is $800. Oct. 9 Sold 18 can lights with a sales price of $50 per light to customer James Montgomery. James Montgomery paid using his Fund Max credit card. Fund Max charges Forest Furniture a 2.40% usage fee based on the total sale per transaction. The cost for this sale is $32 per light. Oct. 12 Draw Plus made a cash payment in full to Forest Furniture for the transaction from Oct 3, less any usage fees. Oct. 15 Fund Max made a cash payment of 25% of the total due to Forest Furniture for the transaction from October 9th, less any usage fees. Oct. 25 Fund Max made a cash payment of the remainder due to Forest Furniture for the transaction from October 9, less any usage fees.
If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. Accounts Receivable: Draw Plus Credit Card Expense Sales Revenue Oct. 3 - Sale on credit Oct. 3 - Cost of goods sold Cost of Goods Sold Merchandise Inventory Oct. 6 - Sale on cash Cash Sales Revenue Oct. 6 - Cost of goods sold Cost of Goods Sold Merchandise Inventory Oct. 9 - Sale on credit Accounts Receivable: Fund Max Credit Card Expense Sales Revenue Oct. 9 - Cost of goods sold Cost of Goods Sold Merchandise Inventory Oct. 12 Cash Accounts Receivable: Draw Plus Oct. 15 Cash Accounts Receivable: Fund Max Oct. 25 Cash Accounts Receivable: Fund Max
Transcribed Image Text:If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. Accounts Receivable: Draw Plus Credit Card Expense Sales Revenue Oct. 3 - Sale on credit Oct. 3 - Cost of goods sold Cost of Goods Sold Merchandise Inventory Oct. 6 - Sale on cash Cash Sales Revenue Oct. 6 - Cost of goods sold Cost of Goods Sold Merchandise Inventory Oct. 9 - Sale on credit Accounts Receivable: Fund Max Credit Card Expense Sales Revenue Oct. 9 - Cost of goods sold Cost of Goods Sold Merchandise Inventory Oct. 12 Cash Accounts Receivable: Draw Plus Oct. 15 Cash Accounts Receivable: Fund Max Oct. 25 Cash Accounts Receivable: Fund Max
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