Prepare journal entries for the following transactions of Dulce Delights. Apr. 10 Sold 350 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia paid using her in-house credit account; terms 2/10, n/30. The cost for this sale to Dulce Delights is $4.50 per bucket. Apr. 13 Sold 310 ice cream buckets with a sales price of $13.50 per bucket to customer Selene Arnold. Selene paid using her Max credit card. The cost for this sale to Dulce Delights is $4.50 per bucket. Max Credit Card Company charges Dulce Delights a 5% usage fee based on the total sale per transaction. Apr. 20 Livia Diaz paid her account in full with a cash payment, less any discounts. Apr. 25 Max Credit Card Company made a cash payment in full to Dulce Delights for the transaction from April 13, 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. Apr. 10 To record sale of ice cream buckets Apr. 10 To record cost of sale Apr. 13

Prepare journal entries for the following transactions of Dulce Delights. Apr. 10 Sold 350 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia paid using her in-house credit account; terms 2/10, n/30. The cost for this sale to Dulce Delights is $4.50 per bucket. Apr. 13 Sold 310 ice cream buckets with a sales price of $13.50 per bucket to customer Selene Arnold. Selene paid using her Max credit card. The cost for this sale to Dulce Delights is $4.50 per bucket. Max Credit Card Company charges Dulce Delights a 5% usage fee based on the total sale per transaction. Apr. 20 Livia Diaz paid her account in full with a cash payment, less any discounts. Apr. 25 Max Credit Card Company made a cash payment in full to Dulce Delights for the transaction from April 13, 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. Apr. 10 To record sale of ice cream buckets Apr. 10 To record cost of sale Apr. 13

Name: Prepare journal entries for the following transactions of Dulce Delig
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Prepare journal entries for the following transactions of Dulce Delights.Apr. 10Sold 350 ice cream buckets with a sales price of $12 per bucket to customer Livia Diaz. Livia paid using herin-house credit account; terms 2/10, n/30. The cost for this

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Small Musical Shop uses the perpetual inventory system. On April 2, Small Musical sold merchandise for $50,000 to a customer on account with terms of 2/15, n/30. The allowance and returns on this sale amounted to $2,000 and $8,000, respectively. The inventory return was worth $4,320. The cost of goods sold was $27,000. On April 20, Small Musical received payment from the customer. Calculate the amount of gross profit.
Use the following information for the Quick Study below. (Algo) (11-14) Skip to question [The following information applies to the questions displayed below.]Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a perpetual inventory system. Also, on December 15, Monson sells 15 units for $27 each. Purchases on December 7 10 units @ $13.00 cost Purchases on December 14 20 units @ $19.00 cost Purchases on December 21 15 units @ $21.00 cost QS 5-11 (Algo) Perpetual: Assigning costs with FIFO LO P1 Required:Determine the costs assigned to the December 31 ending inventory based on the FIFO method.
July 9 A customer purchases 40 pairs of crutches at a sales price of $40 per pair. The cost to Pharmaceutical Supplies per pair is $16. The terms of the sale are 5/10, n/30, with an invoice date of July 9. July 12 The customer who made the July 9 purchase returns 8 of the pairs to the store for a full refund, claiming they were the wrong size. The crutch pairs were returned to the store's inventory at $16 per pair. July 18 The customer pays in full for the remaining crutches, less the return. A. Review the above transactions and prepare the journal entries if Pharmaceutical Supplies uses the perpetual inventory system. If an amount box does not require an entry, leave it blank. July 9 Sale on credit Accounts Receivable Accounts Receivable Sales Sales July 9 Cost on sale Cost of Goods Sold Cost of Goods Sold Merchandise Inventory Merchandise Inventory July 12 Sales return Sales Returns and Allowances Sales Returns and Allowances…
Ja alize the following sales transactions for Klein Company. Explanations are not required. April 1. Klein company sold merchandise inventory for $230. The cost of the inventory was $145. The customer paid cash. Cline company was running a promotion in the customer receive a $15 award at the time of sale that can be used at a future date on any Cline company merchandise. May 15. The customer uses the $15 award when purchasing merchandise inventory for $60. The cost of the inventory was $23. The customer paid cash.
I need to know the gross profit using FIFO and LIFO for this problemI need to know the gross profit using FIFO and LIFO for this problem
Enter the transactions below into the General Journal and then update the Ledger accounts as required. Transactions January 2 Sold 100 Lunch in a Box meals on credit to School Snackers for $990 (including GST). January 3 Made a cash sale of $650 (net of GST) to Philip Heathers when they bought 10 Cake it Away desert kits. Received a cheque from Delicious Deserts as full payment of their account. January 5 Purchased 50 Cake it Away desert kits from Flavour and Thensome. Each kit costs $30 and there is a delivery charge of $100. All amounts are net of GST. January 7 Sold 20 Gourmet Dinner Just Heat It meals to Help Those in Need for $25 each plus a delivery fee of $50. The total GST charged was $55 January 9 Issued Cheque number 1034 to Prepared for Good. The cheque amount was $2024 and a discount of $176 (including GST of $16) was received for early payment. January 11 Purchased 200 Ultimate BBQ Flavours packs on…
Journalize the following sales transactions for Lucy's Boutique. Explanations are not required. The company estimates sales returns at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount.) (Click the icon to view the transactions.) Mar. 3: Lucy sold $63,000 of women's clothes on account, credit terms are 3/10, n/30, to Maria's Dresses. Cost of goods is $35,000. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts Debit Credit Mar, 3 More Info Now journalize the expense related to the March sale-Cost of goods, $35,000. Date Accounts Debit Credit Mar. 3 Lucy sold $63,000 of women's clothes on account, credit terms are 3/10, n/30, to Maria's Dresses. Cost of goods is $35,000. Mar. 3 Lucy granted a sales allowance of $100 for the clothes sold on March 3. Maria's Dresses did not return the inventory. Mar.…
Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaid balance on its store credit card at each month-end. Apr. 30 -Mart sold merchandise for \$1,001 (that had cost $650) and accepted the customer'a -store credit card. May 31 -Mart recorded $4 of interest earned from its store credit card ap of this month-end.
Review the following sales transactions for Dish Mart and record any required journal entries. Note that all sales transactions are with the same customer, Emma Purcell. Mar. 5 Dish Mart made a cash sale of 15 sets of dishes at a price of $800 per set to customer Emma Purcell. The cost per set is $520 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/15, n/60, invoice date March 9. Mar. 13 Emma returns eight of the dish sets from the March 9 sale to Dish Mart for a full refund. Dish Mart returns the dish sets to inventory at their original cost of $520 per set. Mar. 14 Dish Mart sells 5 sets of dishes to Emma for $800 per set on credit, at a cost to Dish Mart of $520 per set. Terms of the sale are 5/10, n/60, invoice date March 14. Mar. 15 Emma discovers that 3 of the dish sets from the March 14 purchase, and 7 of the dish sets from the March 5 sale are missing a few…
Please don't give image format PLEASE ANSWER CLEARLY AND PLEASE USE COMMON ACCOUNT TITLES. THANK YOU.
Please provide answer in text (Without image), every entry should have narration please
Travel Warehouse Ltd. distributes suitcases to retail stores. At the end of June, Travel Warehouse's inventory consisted of 60 suitcases purchased at $50 each. Travel Warehouse uses a perpetual inventory system. During the month of July, the following merchandising transactions occurred: July 2. July 3. July 6. July 7. July 9. July 11. July 13. July 16. July 17. July 20. July 27. Purchased 75 suitcases on account for $60 each from Trunk Manufacturers Ltd., terms 2/10, n/30. Received a $240 credit from Trunk Manufacturers after returning four suitcases because they were damaged. Sold 55 suitcases on account to Satchel World Inc. for $90 each, with an average cost of $50, terms 2/15, n/45. Issued a $270 credit for three suitcases returned by Satchel World because they were the wrong model. The suitcases were returned to inventory. Sold three suitcases this time the right model number on account to Satchel World Inc. for $100 each, with an average cost of $60, terms 2/15, n/45. Paid Trunk…