Z-Mart uses the perpetual inventory system and has its own credit card. Z-Mart charges a per-month interest fee for any unpaidbalance on its store credit card at each month-end.Apr. 30 Z-Mart sold merchandise for $1,000 (that had cost $650) and accepted the customer's Z-Mart store credit cardMay31 Z-Mart recorded $4 of interest earned from its store credit card as of this month-end.Prepare journal entries to record the above credit card transactions of Z-Mart.View transaction listJournal entry worksheet3<1z-Mart sold merchandise for $1,000 and accepted the customer's Z-Mart storecredit cardNote: Enter debits before credits.CreditDateGeneral JournalDebitAccounts receivableApr 301,0001,000 View transaction listJournal entry worksheet<123z-Mart recorded $4 of interest earned from its store credit card as of thismonth-end.Note: Enter debits before credits.DebitDateGeneral JournalCreditCost of goods soldMay 314Record entryClear entryView general journal

Accounts receivable:Accounts receivable is the amount of cash owed to the company by the customer…

Answered: Z-Mart uses the perpetual inventory…

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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Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables. Question Content Area Mar. 17: Received $3,240 from Shawn McNeely and wrote off the remainder owed of $5,020 as uncollectible. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Mar. 17 - Select - - Select - - Select - - Select - - Select - - Select - Question Content Area July 29: Reinstated the account of Shawn McNeely and received $5,020 cash in full payment. If an amount box does not require an entry, leave it blank. Date Account Debit Credit July 29 - Select - - Select - - Select - - Select - July 29 - Select - - Select - - Select - - Select -
Journal entry worksheet
On March 8th, Gates Gems returned merchandise they received on account from Diamonds Direct in the amount of $440. What is the journal entry to record this transaction? Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases, $440 Debit Accounts Payable/Diamonds Direct, $440; credit Purchases Returns and Allowances, $440 Debit Purchases, $440; credit Accounts Payable/Diamonds Direct, $4400 Debit Accounts Receivable/Diamonds Direct, $440; credit Purchases Returns and Allowances $440
Problem Record the following transactions in general journal form for Ford Education Outfitters and Romero Textbooks, Inc. a. Ford Educational Outfitters bought merchandise on account from Romero Textbooks, Inc., invoice no. 10594, $1,875.34; terms net 30 days; FOB destination. Romero Textbooks, Inc., paid $93.80 for shipping. b. Ford Education Outfitters received credit memo no. 513A from Romero Textbooks, Inc., for merchandise returned, $135.78.
Required information [The following information applies to the questions displayed below.] The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms n/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31. a. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000. No further returns are expected c. Just three days later SRU paid SSG, which settled all amounts owed. . Prepare…
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
Purchase-Related Transactions Stylon Co., a women's clothing store, purchased $28,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30 using the net method under a perpetual inventory system. Stylon returned merchandise with an invoice amount of $4,200, receiving a credit memo. a. ournalize Stylon’s entry to record the payment within the discount period of 10 days. If an amount box does not require an entry, leave it blank b. Journalize Stylon’s entry to record the payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank.
Sold merchandise that cost $800 to art co. For $1200 under credit terms of 2/15, n/60,FOB shipping point, invoice dated July 19. How do I getCash credit/debitSales discounts. credit/debitAccounts receivable-Art. credit/debit
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Score $250 vork i Saved Exercise 4-7 Recording sales, purchases, shipping, and returns-buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $25,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $16,750. Sydney pays $675 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,100 of the $25,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $737. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions. Complete this…
Complete the following: (Use Table 7.1) Invoice Date goods are received Terms Last day of discount period Final day bill is due (end of credit period) June 18 1/10, n/30

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