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The following transactions were selected from among those completed by Hailey Retailers in the current year: November 20 November 25 November 28 November 30 December 6 December 30 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Sold 14 items of merchandise to Customer C at an invoice price of $3,300 (total); terms 2/10, n/30. Sold 12 identical items of merchandise to Customer D at an invoice price of $8,160 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Note: Enter debits before credits. Date November 20 General Journal Debit Credit > Record entry Clear entry View general journal

The following transactions were selected from among those completed by Hailey Retailers in the current year: November 20 November 25 November 28 November 30 December 6 December 30 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Sold 14 items of merchandise to Customer C at an invoice price of $3,300 (total); terms 2/10, n/30. Sold 12 identical items of merchandise to Customer D at an invoice price of $8,160 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet < 1 2 3 4 5 6 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Note: Enter debits before credits. Date November 20 General Journal Debit Credit > Record entry Clear entry View general journal

FINANCIAL ACCOUNTING
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 Hailey Retailers in the current year: November 20 November 25 November 28 November 30 December 6 December 30 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Sold 14 items of merchandise to Customer C at an invoice price of $3,300 (total); terms 2/10, n/30. Sold 12 identical items of merchandise to Customer D at an invoice price of $8,160 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Note: Enter debits before credits. Date November 20 General Journal Debit Credit View general journal Record entry Clear entry
Transcribed Image Text:The following transactions were selected from among those completed by Hailey Retailers in the current year: November 20 November 25 November 28 November 30 December 6 December 30 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Sold 14 items of merchandise to Customer C at an invoice price of $3,300 (total); terms 2/10, n/30. Sold 12 identical items of merchandise to Customer D at an invoice price of $8,160 (total); terms 2/10, n/30. Customer D returned one of the items purchased on the 28th; the item was defective and credit was given to the customer. Customer D paid the account balance in full. Customer C paid in full for the invoice of November 25. Required: 1. Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. 2. Compute Net Sales. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry for each of these transactions. Do not record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Sold two items of merchandise to Customer B, who charged the $590 (total) sales price on her Visa credit card. Visa charges Hailey a 2 percent credit card fee. Note: Enter debits before credits. Date November 20 General Journal Debit Credit View general journal Record entry Clear entry
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