Calculate rahul net sales Rahul's Department Store is a merchandising company that uses the periodicinventory system. Selected account balances are listed below:SalesPurchasesInventory (Beginning)Inventory (Ending)$175,000$90,000$23,000$17,000Purchase returns and allowances $3,000Purchase discounts$7,000Transportation-in$4,000Sales discounts$8,000Sales returns and allowances$5,000Calculate Rahul's net sales.

Explanation of Sales:Sales refer to the total revenue earned by a business from selling goods or…

Answered: Rahul's Department Store is a…

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 credit card sales transactions (the company uses the perpetual inventory system). 1. Sold $29,000 of merchandise, which cost $22,200, on Mastercard credit cards. Mastercard charges a 5% fee. 2. Sold $5,900 of merchandise, which cost $3,450, on an assortment of bank credit cards. These cards charge a 4% fee. View transaction list Journal entry worksheet 1 2 3 Transaction 1-a. Sold $29,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. Note: Enter debits before credits. 4 General Journal Debit Credit
Jones Company, a customer, has been authorized to return $1,000 of goods purchased on account. The journal entry to record this transaction is a. Sales Returns and Allowances 1,000 Accounts Receivable 1,000 b. Sales 1,000 Sales Returns and Allowances 1,000 c. Accounts Receivable 1,000 Sales Returns and Allowances 1,000 d. Sales Returns and Allowances 1,000 Inventory 1,000
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $38,000 of merchandise, which cost $29,400, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $6,800 of merchandise, which cost $3,900, on an assortment of bank credit cards. These cards charge a 4% fee.
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $40,000 of merchandise, which cost $31,000, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $7,000 of merchandise, which cost $4,000, on an assortment of bank credit cards. These cards charge a 4% fee. Journal Entry Worksheet 1.Sold $40,000 of merchandise on Mastercard credit cards. Mastercard charges a 5% fee. 2.Record the cost of the sale, $31,000. 3.Sold $7,000 of merchandise on an assortment of bank credit cards. These cards charge a 4% fee. 4.Record the cost of the sale, $4,000.
Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $3,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following journal entries correctly records the sales revenue? A. Sales Revenue 6,720 Accounts Receivable 6,720 B. Accounts Receivable 6,720 Sales Revenue 6,720 C. Accounts Receivable 3,500 Sales Revenue 3,500 D. Sales Revenue 6,720 Cost of Goods Sold
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Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions of Levine Company. Apr. 8 Sold merchandise for $8,400 (that had cost $6,000) and accepted the customer’s Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $5,600 (that had cost $3,500) and accepted the customer’s Continental Card. Continental charges a 2.5% fee.
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Levine Company uses the perpetual inventory system. Apr. 8 Sold merchandise for $4,200 (that had cost $3,104) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. 12 Sold merchandise for $3,600 (that had cost $2,333) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. (Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 1 2 3 4 > Sold merchandise for $4,200 and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. Note: Enter debits before credits. Date General Journal Debit Credit Apr 08
Advanced Computer Parts uses the perpetual inventory system and the net method of recording sales revenue. On May 5, Advanced sold merchandise with a cost of $1,500 for $5,000 to a customer on account with terms of 4/10, n/30. Which of the following journal entries correctly records the payment received from the customer on May 30? OA. Cash Accounts Receivable OB. Cash Accounts Receivable OC. Cash OD. Cash Accounts Receivable Sales Discounts Forfeited Sales Discounts Forfeited Accounts Receivable 4,800 5,000 5,000 4,800 200 4,800 5,000 4,800 200 5,000
nces Levine Company uses the perpetual inventory system. April 8 Sold merchandise for $8,500 (that had cost $6,282) and accepted the customer's Suntrust Bank Card. Suntrust charges a 4% fee. April 12 Sold merchandise for $9,800 (that had cost $6,350) and accepted the customer's Continental Card. Continental charges a 2.5% fee. Prepare journal entries to record the above credit card transactions of Levine Company. Note: Round your answers to the nearest whole dollar amount. View transaction list View journal entry worksheet i No 1 2 3 4 Date April 08 April 08 April 12 April 12 Cash Credit card expense Sales Cost of goods sold Merchandise inventory Cash Credit card expense Sales Cost of goods sold Merchandise inventory General Journal Debit 8,160 340 6,000 9,555 245 6,350 Credit 8,500 6,000 9,800 6,350 Ⓒ
Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the following information: Total merchandise purchases for the year 7,000,000 Merchandise inventory at December 31 1,400,000 Collection from customers 4,000,000 All merchandise was marked to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible. What is the balance of accounts receivable on December 31, 2018?

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