STARLIGHT CINEMA RECORDS WEEKLY CONCESSION SALES. WEEK 1 SHOWS: POPCORN $2,840, BEVERAGES $1,965, CANDY $1,195. PRESENT THE TOTAL REVENUE. CONCESSION ACCOUNTING - 6 POINTS] [GENERAL
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Starlight Cinema
![STARLIGHT CINEMA RECORDS WEEKLY
CONCESSION SALES. WEEK 1 SHOWS:
POPCORN $2,840, BEVERAGES $1,965,
CANDY $1,195. PRESENT THE TOTAL
REVENUE.
CONCESSION
ACCOUNTING - 6 POINTS]
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- a. Record Navis, Incorporated's sales for a month at $75,000. The items sold cost $62,500. Navis records sales at the total invoice amount. b. Record the return of $7,500 of the above sales within the 30-day return period. c. Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Complete this question by entering your answers in the tabs below. Required A Required B Required C Record the receipt of payment on the remainder of the month's sales, assuming that customers purchasing $50,000 took advantage of a 2 percent cash discount for early payment. None of the customers taking advantage of the cash discount were among those that returned their purchases. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first…A credit sale of $4,000 is made on April 25, terms 2/10, n/30, on which a return of $250 is granted on April 28. What amount is received as payment in full on May 4? $3,675 O $3.750 O $3,920 O $4,000Gp for the period
- h) During January, 50 units costing $25 per unit were sold on account for selling price of $35 per unit. Calculations: Debit Credit Db Cr Debit Credit Db CrSpencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $56,000 and $64,000, respectively. Analysis of Spencer's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale In month of following sale 50% 20% 70% 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers' accounts in June.Spencer Consulting, which invoices its clients on terms 2/10, n/30, had credit sales for May and June of $245,000 and $280,000, respectively. Analysis of Spencer's operations indicates that the pattern of customers' payments on account is as follows (percentages are of total monthly credit sales): Receiving Discount Beyond Discount Period Totals In month of sale 50% 20% 70% In month of following sale 15% 10% 25% Uncollectible accounts, returns, and allowances 5% 100% Determine the estimated cash collected on customers' accounts in June. $Answer
- following to answer question For the next few weeks, the company is offering a 20% trade discount when providing services of $10,000 or more to its customers to encourage customers to buy more services. The company also offers 2/10,n30 on all credit sales. All credit sales are invoiced at the end of the month. The company provided the following services this month; amounts are shown before trade discounts have been deducted: Provides $12,000 services for Customer A- on account-pays within 10 days • Provides $7,000 services for Customer B-on account-pays within 10 days Provides $20,000 services for Customer C-on account-pays within 30 days Provides $8,000 services for Customer D-received payment last month . 1. $ What amount of Service revenue should the company record for Customer A?A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is: a) $700 b) $686 c) $685 d) $650Provide the journal enteies with subsidairy record
- On December 10, Year 1, Cantlay Inc. made $500,000 in sales on account to various customers. The cost of the merchandise sold is $350,000. Cantlay estimates that 4% of the merchandise will be returned. Cantlay allows customers to return merchandise for a credit or refund within 30 days of purchase. On December 20, Cantlay gave $16,000 credit to various customers related to the return of merchandise. Assume that Cantlay uses a perpetual inventory system. Required: Question Content Area 1. Prepare the journal entries to record the sale on December 10, the return of merchandise on December 20, and any adjusting entry necessary on December 31.16.0n 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: Gross method and Net methodOswego Clay Pipe Company sold $46,000 of pipe to Southeast Water District 45 on April 12 of the current year with terms 1/10,n/30. Oswego uses the gross method of accounting for sales discounts. What entry would Oswego make on April 18, assuming the customer made the correct payment on that date? Account Title Debit Credit Cash Sales 45,540 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Accounts receivable Sales 45,540 460 Account Title Debit Credit Cash 45,540 Sales discounts 460 Accounts receivable 46,000 Account Title Debit Credit Cash 46,000 Sales discounts 460 Accounts receivable 46,000 Sales discounts forfeited 460
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