Please Provide answer as per required The following transactions were selected from among thosecompleted by Bear's Retail Store in 2010:20Nov. Sold two items of merchandise to Cheryl Jahn, who paidthe $400 sales price in cash. The goods cost Bear's $300.Sold 20 items of merchandise to Vasko Athletics at aselling price of $4,000 (total); terms 3/10, n/30. The goodscost Bear's $2,500.252829Dec.630Sold 10 identical items of merchandise to Nancy's Gym ata selling price of $6,000 (total); terms 3/10, n/30. Thegoods cost Bear's $4,000.Nancy's Gym returned one of the items purchased on the28th. The item was in perfect condition, and credit wasgiven to the customer.Nancy's Gym paid the account balance in full.Vasko Athletics paid in full for the invoice of November25, 2010Assuming that Sales Returns and Sales Discounts are reported ascontra-revenues, compute Net Sales for the two months endedDecember 31, 2010.

Step 1: Definition of Net Sales :- Net Sales is the total revenue from sales after deducting…

Answered: The following transactions were…

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 following transactions were selected from among those completed by Bear’s Retail Store:Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price incash. The goods cost Bear’s $300.25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,000(total); terms 3/10, n/30. The goods cost Bear’s $2,500.28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of$6,000 (total); terms 3/10, n/30. The goods cost Bear’s $4,000.29 Nancy’s Gym returned one of the items purchased on the 28th. The item was inperfect condition and credit was given to the customer.Dec. 6 Nancy’s Gym paid the account balance in full.30 Vasko Athletics paid in full for the invoice of November 25.Required:Assuming that Sales Returns and Sales Discounts are reported as contra-revenues, compute NetSales for the two months ended December 31.
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Record the following transactions for adcok 1.on April 12 sold$11000 of merchandise to milton inc ..term 2/10,n/30 2.on April 15 Milton returned $2000 of merchandise 3.on April 22 Milton paid for the merchandise
The following transactions were selected from among those completed by Bear's Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $2,200 sales price in cash. The goods cost Bear's $1,200. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $7,600 (total); terms 3/10, n/30. The goods cost Bear's $4,300. November 28 Sold 10 identical items of merchandise to Nancy's Gym at a selling price of $8,000 (total); terms 3/10, n/30. The goods cost Bear's $4,900. November 29 Nancy's Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy's Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Prepare journal entries to record the transactions, assuming Bear's Retail Store records discounts using the gross method in a perpetual inventory…
The following transactions were selected from among those completed by Bear’s Retail Store: November 20 Sold two items of merchandise to Cheryl Jahn, who paid the $470 sales price in cash. The goods cost Bear’s $350. November 25 Sold 20 items of merchandise to Vasko Athletics at a selling price of $4,500 (total); terms 3/10, n/30. The goods cost Bear’s $2,750. November 28 Sold 10 identical items of merchandise to Nancy’s Gym at a selling price of $6,500 (total); terms 3/10, n/30. The goods cost Bear’s $4,250. November 29 Nancy’s Gym returned one of the items purchased on the 28th. The item was in perfect condition and credit was given to the customer on account. No further returns are expected. December 6 Nancy’s Gym paid the account balance in full. December 30 Vasko Athletics paid in full for the invoice of November 25. Required: Compute the Net Sales to be reported over the two months. (Do not round intermediate calculations. Round your answer to 2 decimal…
Avila Co. sold $10,000 of merchandise to Beasley Corp. on account with terms of 1/10, n/30. The merchandise cost Avila $8,200. What is the entry to record the sale on Avila's books? Debit Accounts Receivable for $10,000; Credit Sales for $10,000; Debit Cost of Goods Sold for $8,200; Credit Inventory for $8,200 Debit Accounts Receivable for $10,000; Credit Inventory for $8,200; Credit Sales for $1,800 Debit Sales for $10,000; Credit Accounts Receivable for $10,000; Debit Inventory for $8,200; Credit Cost of Goods Sold for $8,200 Debit Sales for $9,900; Credit Accounts Receivable for $9,900; Debit Cost of Goods Sold for $8,200; Credit Inventory for $8,200
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,060 purchase with cash. The goods cost Evergreen Company $630. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $5,060 on terms 3/10, n/30. The goods cost Evergreen Company $3,530. July 20 Sold merchandise to Otto's Ottomans at a selling price of $3,030 on terms 3/10, n/30. The goods cost Evergreen Company $1,930. July 23 Received cash from Claudio's Chair Company for the amount due from July 15. July 31 Received cash from Otto's Ottomans for the amount due from July 20. Required: Compute the amount of Net Sales to be reported for the month ended July 31 (Round your answer to 2 decimal places.) Net Sales
Abbey Co. sold merchandise to Gomez Co. on account, $42000, terms 2/15, net 45. The cost of the merchandise sold is $18000. Abbey Co. issued a credit memo for $4000 for merchandise returned that originally cost $2200. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? Add your answer
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $2,000 purchase with cash. The goods cost Evergreen Company $1,100. July 15 Sold merchandise to Claudio's Chair Company at a selling price of $7,000 on terms 3/10, n/30. The goods cost Evergreen Company $4,500. July 16 Sold merchandise to Otto's Ottomans at a selling price of $4,000 on terms 3/10, n/30. The goods cost Evergreen Company $2,400. July 23 Received cash from Claudio's Chair Company for the amount due from July 15. July 31 Received cash from Otto's Ottomans for the amount due from July 16. Required: Prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the gross method in a perpetual inventory system. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No ✓ 2 3 Date July 12 July 15…
Manji
The following transactions were selected from the records of Evergreen Company:July 12 Sold merchandise to Wally Butler, who paid the $1,000 purchase with cash. Thegoods cost Evergreen Company $600.15 Sold merchandise to Claudio’s Chair Company at a selling price of $5,000 onterms 3/10, n/30. The goods cost Evergreen Company $3,500.20 Sold merchandise to Otto’s Ottomans at a selling price of $3,000 on terms 3/10,n/30. The goods cost Evergreen Company $1,900.23 Collected payment from Claudio’s Chair Company from the July 15 sale.Aug. 25 Collected payment from Otto’s Ottomans from the July 20 sale.Required:Assuming that Sales Discounts are reported as contra-revenue, compute Net Sales for the twomonths ended August 31.

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