Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Sold 2 couches with a sales price of $2,450 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 $30 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. Oct. 3 – Sale on credit Accounts Receivable: Draw Plus Accounts Receivable: Draw Plus Credit Card Expense Credit Card Expense Sales Revenue Sales Revenue Oct. 3 – Cost of goods sold Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Oct. 6 – Sale on cash Cash Cash Sales Revenue Sales Revenue Oct. 6 - Cost of goods sold Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Oct. 9 - Sale on credit Accounts Receivable: Fund Max Accounts Receivable: Fund Max Credit Card Expense Credit Card Expense Sales Revenue Sales Revenue Oct. 9 - Cost of goods sold Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Oct. 12 Cash Cash Accounts Receivable: Draw Plus Accounts Receivable: Draw Plus Oct. 15 Cash Cash Accounts Receivable: Fund Max Accounts Receivable: Fund Max Oct. 25 Cash Cash Accounts Receivable: Fund Max Accounts Receivable: Fund Max

Prepare journal entries for the following transactions from Forest Furniture. Oct. 3 Sold 2 couches with a sales price of $2,450 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 $30 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. Oct. 3 – Sale on credit Accounts Receivable: Draw Plus Accounts Receivable: Draw Plus Credit Card Expense Credit Card Expense Sales Revenue Sales Revenue Oct. 3 – Cost of goods sold Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Oct. 6 – Sale on cash Cash Cash Sales Revenue Sales Revenue Oct. 6 - Cost of goods sold Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Oct. 9 - Sale on credit Accounts Receivable: Fund Max Accounts Receivable: Fund Max Credit Card Expense Credit Card Expense Sales Revenue Sales Revenue Oct. 9 - Cost of goods sold Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory Oct. 12 Cash Cash Accounts Receivable: Draw Plus Accounts Receivable: Draw Plus Oct. 15 Cash Cash Accounts Receivable: Fund Max Accounts Receivable: Fund Max Oct. 25 Cash Cash Accounts Receivable: Fund Max Accounts Receivable: Fund Max

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

Prepare journal entries for the following transactions from Forest Furniture.

Oct. 3	Sold 2 couches with a sales price of $2,450 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 $30 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.

Oct. 3 – Sale on credit	Accounts Receivable: Draw Plus	Accounts Receivable: Draw Plus
	Credit Card Expense	Credit Card Expense
	Sales Revenue	Sales Revenue
Oct. 3 – Cost of goods sold	Cost of Goods Sold	Cost of Goods Sold
	Merchandise Inventory	Merchandise Inventory
Oct. 6 – Sale on cash	Cash	Cash
	Sales Revenue	Sales Revenue
Oct. 6 - Cost of goods sold	Cost of Goods Sold	Cost of Goods Sold
	Merchandise Inventory	Merchandise Inventory
Oct. 9 - Sale on credit	Accounts Receivable: Fund Max	Accounts Receivable: Fund Max
	Credit Card Expense	Credit Card Expense
	Sales Revenue	Sales Revenue
Oct. 9 - Cost of goods sold	Cost of Goods Sold	Cost of Goods Sold
	Merchandise Inventory	Merchandise Inventory
Oct. 12	Cash	Cash
	Accounts Receivable: Draw Plus	Accounts Receivable: Draw Plus
Oct. 15	Cash	Cash
	Accounts Receivable: Fund Max	Accounts Receivable: Fund Max
Oct. 25	Cash	Cash
	Accounts Receivable: Fund Max	Accounts Receivable: Fund Max

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

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.