Prepare journal entries for the following transactions from Barrels Warehouse.Jul.Sold 2,000 barrels with a sales price of $40 per barrel to customer Luck's Vineyard:Vineyards paid with cash.The cost for this sale is $20 per barrel.Jul.Sold 1,400 barrels with a sales price of $32 per barrel to customer Paramount Appa3Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30for this sale is $19 per barrel.Jul.Sold 1,400 barrels with a sales price of $30 per barrel to customer Melody Sharehopaid using her MoneyPlus credit card.The cost for this sale is $17 per barrel. MoneyPlus Credit Card Company charges BiWarehouse a 2% usage fee based on the total sale per transaction.Jul.MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse8transaction from July 5, less any usage fees.Jul.Paramount Apparel paid its account in full with a cash payment, less any discounts.13If an amount box does not require an entry, leave it blank.88Jul. 1To record sale of barrels88Jul. 1To record cost of saleJul. 3To record sale of barrelsJul. 3To record cost of saleJul. 5To record sale of barrelsII II II IIII II II 1IO paid using her MoneyPlus credit card.The cost for this sale is $17 per barrel. MoneyPlus Credit Card Company charges BWarehouse a 2% usage fee based on the total sale per transaction.Jul.MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehous8transaction from July 5, less any usage fees.Jul.Paramount Apparel paid its account in full with a cash payment, less any discounts13If an amount box does not require an entry, leave it blank.Jul. 1To record sale of barrelsJul. 1To record cost of saleJul. 3To record sale of barrelsJul. 3To record cost of saleJul. 5To record sale of barrels88Jul. 5To record cost of saleJul, 8To record cash payment, less usage feeJul. 13To record cash payment, less discountII II II III II II IIIII II II III II II III

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Prepare journal entries for the following transactions from Barrels Warehouse. Jul. Sold 2,000 barrels with a sales price of $40 per barrel to customer Luck's Vineyard: 1 Vineyards paid with cash. The cost for this sale is $20 per barrel. Jul. Sold 1,400 barrels with a sales price of $32 per barrel to customer Paramount Appi 3 Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30 for this sale is $19 per barrel. Jul. Sold 1,400 barrels with a sales price of $30 per barrel to customer Melody Shareho 5 paid using her MoneyPlus credit card.

Prepare journal entries for the following transactions from Barrels Warehouse. Jul. Sold 2,000 barrels with a sales price of $40 per barrel to customer Luck's Vineyard: 1 Vineyards paid with cash. The cost for this sale is $20 per barrel. Jul. Sold 1,400 barrels with a sales price of $32 per barrel to customer Paramount Appi 3 Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30 for this sale is $19 per barrel. Jul. Sold 1,400 barrels with a sales price of $30 per barrel to customer Melody Shareho 5 paid using her MoneyPlus credit card.

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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