Problem 1: Prepare journal entries for the following transactions from Angled Pictures. Customer LeShaun Rogers purchased 167 picture frames at a sales price of $28 per frame with her American credit card. The cost to Angled Pictures for the sale is $19 per frame. American credit card charges Angled Pictures a fee of 3% of the sale. American remits payment to Angled Pictures, less any fees. Jun. 21 Jun. 30 Solution Jun. 21 To record sale of picture frames, 3% credit card fee, Jun. 21 To record cost of sale Jun. 30 To record cash payment, less credit card fee

Problem 1: Prepare journal entries for the following transactions from Angled Pictures. Customer LeShaun Rogers purchased 167 picture frames at a sales price of $28 per frame with her American credit card. The cost to Angled Pictures for the sale is $19 per frame. American credit card charges Angled Pictures a fee of 3% of the sale. American remits payment to Angled Pictures, less any fees. Jun. 21 Jun. 30 Solution Jun. 21 To record sale of picture frames, 3% credit card fee, Jun. 21 To record cost of sale Jun. 30 To record cash payment, less credit card fee

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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Journal entry worksheet 1 2 3 4 Sydney accepts delivery of $27,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $18,090. Record Sydney's entry for this transaction. Note: Enter debits before credits. Date May 11 General Journal Debit Credit >
Buyer/Seller Entries #1 Jan. 2 Stephon Company sells $5,000 of merchandise to Blast Company vwith the terms 1/10 n/30, FO Destination. The cost of the merchandise sold was $3,000. Seller Debit Credit Buyer Debit Credit Jan. 4. Stephon Company pays $100 to have the merchandise from the Jan. 2nd sale shipped to the buyer. Seller Debit Credit Buyer Debit Credit Jan. 9 Blast Company returns $1,500 of the merchandise. The cost of the merchandise returned was $800. Seller Debit Credit Buyer Debit Credit Jan. 12 Blast Company pays for the Jan. 2nd purchase. Seller Debit Credit Buyer Debit Credit y purchaseda
Please provide answer in text (Without image), every entry should have narration please
Chapter 11 Homework еBook Show Me How Print Item Trade Discount and Cash Discounts Instructions Chart of Accounts Calculations General Journal Instructions Merchandise was purchased on account from Grant's Distributors on June 12. The purchase price was $4,000, less a 10% trade discount and credit terms of 2/10, n/30. Required: 1. Calculate the net amount to record the invoice, less the 10% trade discount. 2. Calculate the amount to be paid on this invoice within the discount period. 3. Journalize the purchase of the merchandise on June 12 and the payment on June 22 (within the discount period) in a general journal. %3D
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Current Attempt in Progress Crane's Book Warehouse distributes hardback books to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,800 from Binsfeld Publishers, terms 2/10, n/30. 3 Sold books on account to Reading Rainbow for $3,000. The cost of the books sold was $1,500. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $2,400. The cost of the merchandise sold was $1,440. 222 20 Purchased books on account for $2,400 from McGinn Publishers, terms 1/15, n/30. 24 Received payment in full from Rapp Books. 26 Paid McGinn Publishers in full. 28 30 220 Sold boo on account to Baeten Bookstore for $1,400. The cost of the merchandise sold was $970. Granted Baeten Bookstore $130 credit for books returned…
Please read the questions carefully the First question is asking for journal entry.
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Hi can you post this transaction for me please
Score $250 vork i Saved Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this…