repare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 3,000 barrels with a sales price of $30 per barrel to customer Luck’s Vineyards. Luck’s Vineyards paid with cash. The cost for this sale is $22 per barrel. Jul. 3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $18 per barrel. Jul. 5 Sold 1,400 barrels with a sales price of $35 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $19 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any discounts.

repare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 3,000 barrels with a sales price of $30 per barrel to customer Luck’s Vineyards. Luck’s Vineyards paid with cash. The cost for this sale is $22 per barrel. Jul. 3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $18 per barrel. Jul. 5 Sold 1,400 barrels with a sales price of $35 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $19 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any discounts.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PA: Review the following transactions, and prepare any necessary journal entries for Renovation Goods....

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Prepare journal entries for the following transactions from Barrels Warehouse.Jul. 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck’s Vineyards. Luck’s Vineyards paid with cash. The cost for this sale is $18 per barrel.Jul. 3 Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel.Jul. 5 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction.Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees.Jul. 13Paramount Apparel paid its account in full with a cash payment, less any discounts.
Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 5,000 barrels with a sales price of $40 per barrel to customer Luck’s Vineyards. Luck’s Vineyards paid with cash.The cost for this sale is $20 per barrel. Jul. 3 Sold 1,500 barrels with a sales price of $32 per barrel to customer Paramount Apparel.Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 per barrel. Jul. 5 Sold 1,400 barrels with a sales price of $35 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card.The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. Jul. 8 MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Jul. 13 Paramount Apparel paid its account in full with a cash payment, less any discounts.…
8. Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash. The cost for this sale is $18 per barrel. Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 Sold 1,400 barrels with a sales price of $31 per barrel to customer Melody Sharehouse, Melody paid using her MoneyPlus credit card. The cost for this sale is $18 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction. MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees. Paramount Apparel paid its account in full with a cash Jul. 3 per barrel. Jul. 5 Jul. 8 Jul. 13 раyment, less any discounts.
8. Prepare journal entries for the following transactions from Barrels Warehouse. Jul 1 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's Vineyards. Luck's Vineyards paid with cash The cost for this sale is $18 per barel. Sold 1,200 barrels with a sales price of S32 per barrel to customer Paramount Apparel. Paramount paid using its in house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $17 Sold 1,400 barrels with a sales price of S31 per barrel to customer Melody Sharehouse Melody paid using her Money Plus credit card The cost for this sale is S18 Jul 3 per barrel Jul 5 barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% per usage fee based on the total sale per transaction. MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees Paramount Apparel paid its account in full with a cash payment, less any discounts. Jul 8 Jul. 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 0C Apr. 10 To…
Prepare journal entries for the following transactions from Lumber Wholesale. Aug. 9 Sold 48,320 pounds of lumber with a sales price of $5.50 per pound to customer Homes Unlimited. Homes Unlimited paid with cash. The cost for this sale is $1.35 per pound. Aug. 10 Sold 34,700 pounds of lumber with a sales price of $6.75 per pound to customer Barry Njegren. Njegren paid using his in-house credit account. Terms of the sale are 4/15, n/35. The cost for this sale is $1.20 per pound. Aug. 11 Sold 50,330 pounds of lumber with a sales price of $4.60 per pound to customer Goodson Houses. Goodson paid using its American credit card. The cost for this sale is $1.40 per pound. American Credit Card Company charged Lumber Wholesale a 2.5% usage fee based on the total sale per transaction. Aug. 14 American Credit Card Company made a cash payment in full to Lumber Wholesale for the transaction from August 11, less any usage fees. Aug. 25 Barry Njegren paid his account in full with a cash…
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…
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 3.5% usage fee based on the total sale per transaction. The cost for this sale is $1,700 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 2.4% usage fee based on the total sale per transaction. The cost for this sale is $29 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…
A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case. The customer pays with a Merill credit card. Merill charges a usage fee to the company of 5% of the total sale. What is the sales entry for this purchase?
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.
On March 1, Bates Board Shop sells 300 surfboards to a local lifeguard station at a sales price of $400 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. A. the initial sale B. the subsequent customer payment on March 10
Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of $7 per deck to Padma Singh. The cost to Fun Cards is $4 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 2% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.

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Jul. 1	Sold 3,000 barrels with a sales price of $30 per barrel to customer Luck’s Vineyards. Luck’s Vineyards paid with cash. The cost for this sale is $22 per barrel.
Jul. 3	Sold 1,200 barrels with a sales price of $32 per barrel to customer Paramount Apparel. Paramount paid using its in-house credit account. Terms of the sale are 3/10, n/30. The cost for this sale is $18 per barrel.
Jul. 5	Sold 1,400 barrels with a sales price of $35 per barrel to customer Melody Sharehouse. Melody paid using her MoneyPlus credit card. The cost for this sale is $19 per barrel. MoneyPlus Credit Card Company charges Barrels Warehouse a 2% usage fee based on the total sale per transaction.
Jul. 8	MoneyPlus Credit Card Company made a cash payment in full to Barrels Warehouse for the transaction from July 5, less any usage fees.
Jul. 13	Paramount Apparel paid its account in full with a cash payment, less any discounts.