The Giles Agency offers a 8% trade discount when providing advertising services of $1,000 or more to its customers. Audrey'sAntiques decides to purchase advertising services of $1,800 (not including the trade discount), while Michael's Motors purchases only$530 of advertising. Both services are provided on account.Record both transactions for The Giles Agency, accounting for any trade discounts. (If no entry is required for a particulartransaction/event, select "No Journal Entry Required" in the first account field.)View transaction listJournal entry worksheet1cesRecord the services provided to Michael's Motor for $530.Note: Enter debits before credits.Transaction2General JournalDebitCreditView general journalRecord entryClear entry

Journal Entry for the Giles AgencyTransactionGeneral JournalDebitCredit1Accounts Receivable$1,656…

Answered: The Giles Agency offers a 8% trade…

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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Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: • Lamplight purchases 25 light fixtures for $25 each on August 1, invoice date August 1, with no discount terms. Lamplight returns 5 light fixtures (receiving a credit amount for the total purchase price per fixture of $25 each) on August 3. • Lamplight purchases an additional 15 light fixtures for $10 each on August 19, invoice date August 19, with no discount terms. • Lamplight pays $130 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $9,900. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
On July 10, 2020, Cheyenne Music sold CDs to retailers on account and recorded sales revenue of $658,000 (cost $506, 660). Cheyenne grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Cheyenne and were granted credit of $80,000. Prepare Cheyenne's journal entries to record (a) the sale on July 10, 2020, and (b) $80,000 of returns on October 11, 2020, and on October 31, 2020. Assume that Cheyenne prepares financial statement on October 31, 2020. (To record sales) (To record cost of goods) (To record sales returns) (To record cost of goods returned)
Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required: Hide Prepare the journal entry assuming the payment is made after 10 days (after the discount period). Account and Explanation Debit Credit Record collection of accounts receivable
George Moss, owner of Moss Interiors, is negotiating for the purchase of Oriole Galleries. The following balance sheet of Oriole is given in an abbreviated form as follows. Cash Land Assets Buildings (net) Equipment (net) Copyrights (net) Total assets 1. 2. $115,000 71,000 201,500 176,000 31,000 $594,500 Moss and Oriole agree that: Oriole Gallaries Balance Sheet As of December 31, 2025 Liabilities and Stockholders' Equity Accounts payable Notes payable (long-term) Total liabilities Common stock Retained earnings Total liabilities and stockholders' equity Land is undervalued by $28,000. Equipment is overvalued by $4,000. $212,400 24,800 $49,800 307,500 357,300 237,200 $594,500 Oriole agrees to sell the gallery to Moss for $381,000. Prepare the entry to record the purchase of Oriole Galleries on Moss's books. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for…
On July 10, 2020, Tamarisk Music sold CDs to retailers on account and recorded sales revenue of $657,000 (cost $538,740). Tamarisk grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Tamarisk and were granted credit of $84,200.Prepare Tamarisk’s journal entries to record (a) the sale on July 10, 2020, and (b) $84,200 of returns on October 11, 2020, and on October 31, 2020. Assume that Tamarisk prepares financial statement on October 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) No. Date Account Titles and Explanation Debit Credit (a) enter an account title to record sales on July 10, 2017 enter a debit amount…
Gordon's Grocers purchases bread from Buddy’s Bread Company at $1.45 per loaf. Gordon's recently engaged in a customer service contract with Buddy's to purchase 20,000 loaves of Buddy's bread. Buddy offered credit to Gordon's at terms of 2/10, n/30. Buddy expects Gordon to pay within the discount period. Required: Question Content Area Prepare the journal entry to record the sale using the net method Hint: In calculating your answer, use one minus the discount rate (eg. 1 - 0.02 = .98)
Dineshbhai
Instructions: Please show work and detailed explanations on how you got your answer. 1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023. 3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note. 3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.
Gorge Dealers is not registered for VAT and uses a periodic inventory system. Gorge Dealers entered into the following transactions during July 2021. The business does not expect to award any settlement discounts nor to qualify for any settlement discounts. All occurrences of settlement discount discounts are therefore incidental in nature. Day Transaction 1 Paid the rent for July 2021 to GB Properties via EFT, R15 000. 3 Sold goods on credit to A. Apple, for R8 000, cost of sales was R6 000. Invoice CNV1025 was issued. 4 Send inventory that was bought from a creditor on 28 June worth R2 000 back to Bargain Wholesalers, CN201 was issued. Bought inventory on credit from Bulk Traders for R15 000.Invoice BT105 was received. 7 The owner took stationery worth R120 for his own use. JV301 was issued. 12 Send office furniture bought on credit on 25 June for R25 000 back to the supplier, The Office, CN202 was issued. 13 Paid R14 500 via EFT to a creditor, Bulk Traders, towards settlement of the…

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