Utilizing the revenue journal below, journalize the following five transactions of Porshe Creations:a. On March 20, Porshe sells 30 cell phone covers to Xtreme at $5.00 per cover on Invoice No. 897.b. On March 21, Porshe sells 10 cell phone covers to Sidekick for $8.00 per cover on Invoice No. 918.c. On March 22, Porshe sells 23 cell phone covers to Rock-On at $4.50 per cover on Invoice No. 948.d. On March 26, Porshe sells 210 cell phone covers to Micro at $4.00 each on Invoice No. 969.e. On March 29, Porshe sells 12 cell phone covers to Charmers for $8.50 each on Invoice No. 987.If required, round your answers to two decimal places.Page: 15POST.REF.DATEACCOUNT DEBITEDINVOICE NO.ACCTS. REC. DR. FEES EARNED CR.122343.

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: Utilizing the revenue journal below,…

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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eBook Consider the following transaction: On March 6, Fun Cards sells 570 card decks with a sales price of $9 per deck to Padma Singh. The cost to Fun Cards is $3 per deck. Prepare a journal entry under each of the following conditions. Assume MoneyPlus charges a 3% fee for each sales transaction using its card. A. Payment is made using a credit, in-house account. B. Payment is made using a MoneyPlus credit card.
Please read the questions carefully the First question is asking for journal entry.
Blue Company sells one product. Presented below is information for January for Blue Company. Jan. 1 11 Jan. 4 4 13 20 27 Jan. 4 Date Jan. 11 Jan. 13 Jan. 13 Blue uses the FIFO cost flow assumption. All purchases and sales are on account. Jan. 20 Assume Blue uses a perpetual system. Prepare all necessary journal entries. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Jan. 27 Jan. 27 V V Inventory > Sale V Purchase Sale Purchase Sale Accounts Receivable Account Titles and Explanation Sales Revenue (To record the sale) Cost of Goods Sold Inventory Purchases (To record the cost of inventory) Accounts Payable Accounts Receivable Sales Revenue (To record the sale) Cost of Goods Sold Inventory 164 units at $6 each 132 units at $9 each 169 units at $6 each 106 units at $10 each Purchases 122 units at $4…
GameGirl, Incorporated, has the following transactions during August. August 6 Sold 60 handheld game devices for $150 each to DS Unlimited on account, terms 3/10, net 60. The cost of the 60 game devices sold was $130 each. August 10 DS Unlimited returned four game devices purchased on August 6 since they were defective. August 14 Received full amount due from DS Unlimited. Required:Prepare the transactions for GameGirl, Incorporated, assuming the company uses a perpetual inventory system. The items returned on August 10 were considered worthless to GameGirl and were discarded. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
The following data was obtained from the records of ABC Inc., for the current year. Sales during the year were 210 units. Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $ 12 January 31 Purchases 53 units at $14 IF THE TAX RATE IS 30%, HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO?
A retailer buys merchandise from a supplier with an invoice amount of $12,600. The terms of the sale are 5/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day? $ hi also the 5 is highlighted red i dont know what that mean
The problem is stated in the picture. Here is the question: 1. How much is the gross profit for the year?
3. On March 3, Greentree Appliances sells $480,000 of its receivables to Naomi Factors, Inc. Naomi Factors assesses a finance charge of 6% of the amount of receivables sold. Prepare the entry on Greentree Appliance's books to record the sale of the receivables. List two advantages to Greentree to using a factor. Date Account Titles and Explanation Ref Debit Credit EXTRA CREDIT: List two advantages to Greentree due to using a factor.
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…
ABC is a Wholesale Merchandise trader. He uses periodic inventory system. He received an order from the customer and asking for 100 numbers of Desktop computers. The business is ready to give offers @ 10% trade discount on the invoice price if the customer place an order before 27th April 2021. Selling Price of the product is OMR 120 each. Which of the following journal entry is Correct in the books of ABC Merchandise business assuming that the order was placed by the customer on 25th April 2021? a. Debit Accounts payable OMR 10,800 Credit Merchandise Inventory OMR 10,800 b. Debit Accounts receivable OMR 12,000 Credit Sales OMR 12,000 c. Debit Accounts receivable OMR 10,800 Credit Sales 10,800 e d. Debit Purchase OMR 12,000 Credit Accounts payable OMR 10,800 Credit Discount 1,200
Which of the following interprets the interest coverage ratio of RED Merchandising? It takes 3.2 times to earn the interest charges payment. It takes 2.9 times to earn the interest charges payment. It takes 3.9 times to earn the interest charges payment. It takes 2.6 times to earn the interest charges payment.

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