Required: Record the following transactions of Fashion Park in a general journal, Fashion Park must charge 6 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.) DATE TRANSACTIONS 20x1 Sold merchandise for cash, $2,540e plus sales tax. The cost of merchandise sold was $1,540. The customer purchasing merchandise for cash on April 2 returhed $278 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $170. Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 fon $1,090 plus tax, terms n/30. The cost of the merchandise sold was $650. Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $170 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $130. April 2 4 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. 30

Required: Record the following transactions of Fashion Park in a general journal, Fashion Park must charge 6 percent sales tax on all sales. The company uses the perpetual inventory system. (Round your intermediate calculations and final answers to the nearest whole dollar value.) DATE TRANSACTIONS 20x1 Sold merchandise for cash, $2,540e plus sales tax. The cost of merchandise sold was $1,540. The customer purchasing merchandise for cash on April 2 returhed $278 of the merchandise; provided a cash refund to the customer. The cost of returned merchandise was $170. Sold merchandise on credit to Jordan Clark; issued Sales Slip 908 fon $1,090 plus tax, terms n/30. The cost of the merchandise sold was $650. Accepted return of merchandise from Jordan Clark; issued Credit Memorandum 302 for $170 plus tax. The original sale was made on Sales Slip 908 of April 4. The cost of returned merchandise was $130. April 2 4 Received payment on account from Jordan Clark in payment of her purchase of April 4, less the return on April 6. 30

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

Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $24,000 of merchandise, which cost $18,200, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,400 of merchandise, which cost $3,200, on an assortment of bank credit cards. These cards charge a 4% fee.Please use the numbers in my question and place correct solution on journal sheet as rrequested in the assignment please.
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system). Sold $21,000 of merchandise, which cost $15,800, on Mastercard credit cards. Mastercard charges a 5% fee. Sold $5,100 of merchandise, which cost $3,050, on an assortment of bank credit cards. These cards charge a 4% fee.
The question is in the photo. Thanks!
Maraton Inc. imports gourmet coffee and sells it to local restaurants. All sales are made on account with terms net 30. Maraton Inc. uses the perpetual inventory method and the first-in first out costing method. At the beginning of the year, Maraton Inc. had the following account balances 1. Accounts receivable balance of $3,000 and an allowance for doubtful accounts of $800. All the amounts were owed from A Ltd. 2. Opening inventory of 100 units at $50 per unit. The company had the following transactions during the fiscal year ended December 31, 2023: Date Feb. 15 Mar 15 May 1 May 30 Aug 1 Sep 25 Transaction Purchase 300 units at $55 per unit on credit. Received $2,000 from A Ltd. Wrote off the remaining balance as uncollectible. Sold 300 units to B Ltd. on account at $110 per unit B Ltd. paid the balance owed from the May 1 sale. Purchased 300 units at $70 per unit on credit. Sold 300 units to C Ltd. on account at $120 per unit. Nov 15 Purchased 200 units at $60 per unit for cash.…
Maraton Inc. imports gourmet coffee and sells it to local restaurants. All sales are made on account with terms net 30. Maraton Inc. uses the perpetual inventory method and the first-in first out costing method. At the beginning of the year, Maraton Inc. had the following account balances 1. Accounts receivable balance of $3,000 and an allowance for doubtful accounts of $800. All the amounts were owed from A Ltd. 2. Opening inventory of 100 units at $50 per unit. The company had the following transactions during the fiscal year ended December 31, 2023: Date Transaction Feb. 15 Purchase 400 units at $55 per unit for cash. Mar 15 May 1 May 30 Aug 1 Sep 25 Received $2,500 from A Ltd. Wrote off the remaining balance as uncollectible. Sold 300 units to B Ltd. on account at $110 per unit B Ltd. paid the balance owed from the May 1 sale. Purchased 300 units at $70 per unit on credit. Sold 300 units to C Ltd. on account at $120 per unit. Nov 15 Purchased 200 units at $65 per unit on credit.…
Norfolk Sporting Goods purchases merchandise with a catalog list price of $14,300. The retailer receives a 21% trade discount and credit terms of 2/10, n/30. What amount should Norfolk debit to the merchandise inventory account (Round your answer to the nearest dollar)? a.$11,071 b.$14,300 c.$226 d.$11,297
The Comet Company, Inc. uses the perpetual inventory system. Their credit terms are 2/10, n/30. They sell one product at a price of $500 and it costs Comet $300. Requirement: Prepare journal entries for the Comet Company, Inc. for the transactions listed below. On May 1, Comet sold 10 items of merchandise inventory to J. Miller on account. On May 2, Comet collected $23,520 cash from customer sales on credit in the prior month, all within the discount period. On May 3, Comet sold 5 items of merchandise to S. Wendell on account. On May 9, Comet receives payment from S. Wendell on the May 3 sale. On May 12, Comet receives payment from J. Miller on the May 1 sale. On May 14, S. Wendell returns one of the items purchased on May 3 for a cash refund because it was defective.
The following T-accounts are from the ledger of Hall Company. Inventory Accounts Payable 6,000 6,000 The accounts indicate that Hall Group of answer choices paid its supplier for the inventory at the time of purchase. returned $6,000 of merchandise to a supplier. is entitled to a purchase discount if payment is made within ten days. purchased inventory using credit,
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.
On June 5, Staley Electronics purchases 200 units of inventory on account for $19 each, with terms 2/10, n/30. Staley pays for the inventory on June 12. Required: 1. Record transactions for the purchase of inventory and payment on account using a perpetual system. 2. Now assume payment is made on June 22. Record the payment on account.
The options for the blue shaded discerption tabs are: Accounts payable, accounts receivable, cash, cost of goods sold, inventory, sales revenue, sales returns and allowances, sales discounts.