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Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 5.13AE
LO 1, 2
(Learning Objectives 1, 2: Apply GAAP for proper revenue recognition; account for sales allowances) Lakewood Jewelry sells to retailers who then resell the products. Lakewood does not offer sales discounts for early payment; it asks that customers pay in full within 15 days or at the point of sale with a credit card. The company had the following selected transactions during July:
July 2 | Sold $50,000 of merchandise to Oceanside Jewels on account. |
July 3 | Sold $10,000 of merchandise to Brilliant Crystals, which paid by credit card. The credit card company charges Lakewood a fee of 2% on credit card sales. |
July 16 | Oceanside Jewels paid the balance of what it owed for the purchase on July 2. |
July 17 | Sold $65,000 of merchandise to Precious Stones on account. |
July 19 | Precious Stones noticed that some of the merchandise received was damaged, so it returned $5,000 worth of merchandise to Lakewood. |
July 30 | Precious Stones paid the balance of what it owed for the purchase on July 17. |
Requirements
1. Journalize Lakewood’s July transactions. (You do not need to record the cost of goods sold.)
2. Calculate the gross sales revenue for the month.
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Chapter 5 Solutions
Financial Accounting (12th Edition) (What's New in Accounting)
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