The following transactions were selected from among those completed by Bennett Retailers in November and December:Nov. 20 Sold 20 items of merchandise to Customer B at an invoice price of $5,600 (total); terms 3/10, n/30.25 Sold two items of merchand:ise to Customer C, who charged the $700 (total) sales price on her Visa credit card.Visa charges Bennett Retailers a 2 percent credit card fee.28 Sold 10 identical items of merchandise to Customer D at an invoice price of $9,100 (total); terms 3/10, n/30.29 Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to thecustomer.6 Customer D paid the account balance in full.20 Customer B paid in full for the invoice of November 20.DecRequired:Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card Discounts are treated as contra-revenues; compute netsales for the two months ended December 31. (Do not round your intermediate calculations. Round your answer to the nearestwhole dollar amount.)$Net sales153,205

In the above table, the net sales for the month of november and december has been calculated by…

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

See similar textbooks

Similar questions

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.…
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 $900 per set to customer Emma Purcell. The cost per set is $450 to Dish Mart. Mar. 9 Dish Mart sold 30 sets of dishes to Emma for $850 per set on credit, at a cost to Dish Mart of $420 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 $870 per set on credit, at a cost to Dish Mart of $420 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…
Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned $9,000 of the merchandise, receiving a credit memo. Journalize Warwick’s entries to record (a) the purchase, (b) the merchandise return, and (c) the payment within the discount period of ten days, and (d) payment beyond the discount period of ten days. Refer to the Chart of Accounts for exact wording of account titles. For grading purposes use December 31 as the date for all transactions. Chart of Accounts CHART OF ACCOUNTS Warwick’s Co. General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment…
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…
Domestic
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 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…
i need the answer quickly

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS