repare journal entries for the following transactions from Barrels Warehouse.Jul. 1Sold 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. 3Sold 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. 5Sold 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. 8MoneyPlus 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.

Under the system of accounting, any transaction which is monetary and financial in nature once…

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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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The April 30 cash register reading for LULU Hypermarket shows sales of RO22,000 and sales taxes of RO 1,100 (sales tax rate of 5%), the journal entry for this transaction is Select one: O a. Sales Revenue 22,000 Cash 22,000 O b. Cash 23,100 Sales Revenue 22,000 Sales tax payable 1,100 O C. Sales Revenue 23,100 Cash 22,000 Sales tax payable 1,100 直 0 اكتب هنا ل لبحث
Collins Book Distributors distributes books to retail stores and extends credit terms of 2/10, n/30 to all its customers. During the month of June, the following merchandising transactions occurred: June Purchased 170 books on account for $6 each from Alpha Publishers, terms 3/10, n/30. 6 Received $60 credit for 10 books returned to Alpha Publishers. 6. Paid Alpha Publishers for balance due. 17 Sold 140 books on account to Cozy Bookstore for $11 each. 24 Received payment in full from Cozy Bookstore. 28 Sold 10 books on account to Ivy Bookstore for $11 each. 30 Granted Ivy Bookstore $22 credit for 2 books returned total cost was $12. Journalize the transactions for the month of June for Collins Book Distributors, using a perpetual inventory system. Assume the purchase cost of each book sold was $6.
Keiler Motorcycle Shop completed the following transactions during the month of October. Keiler uses a perpetual inventory system. Any freight paid was paid with cash. Oct. 3 Purchased 20 bikes at a cost of $1,150 each from the Lyons Bike Company, under credit terms 1/30, n/45. FOB shipping point. 4 The correct company paid $150 cash freight for above shipment 6 Sold 10 bikes to Doug's Bicycle for $1,500 each, terms 1/15, n/30. Terms FOB destination. Note: There are a total of 9 pages, including the cover page Page 4 of 9 7 Received credit from the Lyons Bike Company for the return of 2 defective bikes. 13 Issued a credit to Doug's Bicycle for the return of one bike from Oct 6 sale. 17 Purchased with cash Office Supplies from the Office Depot in the amount of $200. 20 Doug's Bicycle paid their account in full 24 Paid Lyons Bike Company.
Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 27 bushels of flowers to a customer for $1,200 cash; cost of sale $630. Oct. 21 Sold 60 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company. Oct. 31 Received payment in full from the October 21 sale. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
Sunland Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sunlands’ ledger showed Cash of $8,900 and Common Stock of $8,900. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,900, terms 1/10, n/30. 2 Sold merchandise on account for $5,300, terms 2/10, n/30. The cost of the merchandise sold was $4,200. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed on May 2. 10 Paid Black Wholesale Supply in full, less discount. 11 Purchased supplies for cash $900. 12 Purchased merchandise for cash $3,900. 15 Received $230 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $3,300, terms 2/10, n/30. 19 Paid freight on May 17 purchase $250. 24 Sold merchandise for cash $5,500. The cost of the merchandise sold was $4,100. 25 Purchased…
16.On October 17, Conrad Beauty Supplies bought $42,000 of goods with terms of 1/10, n/30. One-half of the bill was paid on October 24, and the rest of the bill was paid on October 31. Assume that the seller has agreed to grant discounts on partial payments.Required: Prepare journal entries for October 24 using the: 1. Gross Method2. Net Method
Following are the merchandising transactions for Dollar Store. Nov. 1 Dollar Store purchases merchandise for $1,500 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and November 5, for a cash refund. 10 Dollar Store pays $75 cash for transportation costs for the November 1 purchase. 13 Dollar Store sells merchandise for $1,620 with terms n/30. The cost of the merchandise is $810. 16 Merchandise is returned to the Dollar Store from the November 13 transaction. The returned items are priced at $210 and cost $105; the items were not damaged and were returned to inventory. returns $100 of defective merchandise purchased on November 1, and paid for on Journalize the above merchandising transactions for the Dollar Store assuming it uses a perpetual inventory system and the gross method. View transaction list Journal entry worksheet 2 3 4 5 6 7 > Dollar Store purchases merchandise for $1,500 on…
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 14 sets of dishes at a price of $700 per set to customer Emma Purcell. The cost per set is $460 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $650 per set on credit, at a cost to Dish Mart of $430 per set. Terms of the sale are 10/15, n/60, invoice date March 9. Mar. 13 Emma discovers 8 of the dish sets are damaged from the March 9 sale and returns them to Dish Mart for a full refund. Mar. 14 Dish Mart sells 7 sets of dishes to Emma for $670 per set on credit, at a cost to Dish Mart of $410 per set. Terms of the sale are 10/10, 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 dishes but keeps them since Dish Mart granted an allowance of $220 per…
The following transactions occurred over the months of September to December at Nicole's Getaway Spa (NGS). September Sold spa merchandise to Ashley Welch Beauty for $1,850 on account; the cost of these goods to NGS was $920. October Sold merchandise to Kelly Fast Nail Gallery for $478 on account; the cost of these goods to NGS was $210. November Sold merchandise to Raea Gooding Wellness for $320 on account; the cost of these goods to NGS was $200. December Received $1,230 from Ashley Welch Beauty for payment on its account. Required: 1. Prepare journal entries for each of the transactions. Assume a perpetual inventory system. 2. Estimate the Allowance for Doubtful Accounts required at December 31, assuming the only receivables outstanding at December 31 arise from the transactions listed above. NGS uses the aging of accounts receivable method with the following uncollectible rates: one month, 3%; two months, 5%, three months, 20%; more than three months, 30%. 3. The Allowance for…
On April 20, Barrio Bikes purchased 30 bicycles at a cost of $100 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, Barrio Bikes pays in full for the purchase. Prepare the journal entry or entries to recognize the purchase and subsequent payment if Barrio Bikes uses: the perpetual inventory system the periodic inventory system

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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.